From inflation forcing companies to rethink their methods of recruitment to candidates being more open to new job opportunities, 2023 was a year of change for employers and job seekers alike.
Every Friday in 2023, we posted a LinkedIn poll to gain valuable hiring insights from our followers. We appreciate your participation, as it helps us better understand how we can best place highly qualified candidates in the right positions.
This blog post will recap key themes in the 2023 poll results. Explore our employer poll and candidate poll pages to learn even more about hiring trends.
In the meantime, ensure you understand the true cost of hiring an employee at your organization in 2024. Simply fill out the free cost-to-hire calculator to discover how to spark change at your company.
Part A - Employer Polls
Part B - Candidate Polls
Part A - Employer Polls
Theme 1: How inflation changed companies’ hiring priorities in 2023 and plans for 2024
In 2023, there was uncertainty and contradictions about how inflation would affect companies and if there would be a potential recession. Many companies believed inflation would affect hiring, with some noting they would focus more on hiring for contract-to-hire roles. Eliminating positions and reducing hiring budgets were some other strategies noted for combating inflation.
What does inflation have in store for 2024? Forbes predicts inflation will decrease from 3.2% in 2023 to 2.4% in 2024 and 2.2% in 2025.1 We will continue polling our followers on inflation in 2024 to see how these trends continue or change.
In the meantime, our inflation resource breaks down the impact of this economic force and strategies to overcome it.
Theme 2: How companies are changing their retention strategies to keep top talent on their team
Competition for top talent poses a real threat to businesses; securing accepted job offers is only half of the battle. The other, often more difficult, half is incentivizing your top employees to stay at your company. Improving benefits packages, creating training programs, and providing additional team members as support were all identified as strategies employers use or plan to implement to keep their best people.
According to SHRM’s 2022 Employee Benefits report, health-related benefits are one of the most important, with almost 90% of HR professionals surveyed voting for this benefit as very or extremely important; retirement savings and planning benefits received the second highest ranking, followed by leave, family care, and flexible work.2
We will keep an eye on retention strategies for 2024 and beyond in this year’s poll series so you can work to boost your retention program and reduce turnover at your company.
Part B - Candidate Polls
Theme 1: Candidates were on the hunt for new jobs in 2023
Many employees quit their jobs by choice in 2023. The U.S. Bureau of Labor Statistics (BLS) reported that around 3.9 million Americans quit their jobs in January 2023, and about 3.4 million Americans quit their jobs in December 2023.3
According to our polls, dissatisfaction with their current job is a big reason why many people search for new jobs, followed by their previous position being eliminated and wanting to try something new. Another poll found more than 40% of respondents are unhappy and looking for jobs, compared to just 10% being very happy and not looking for jobs. Looking into 2024, a poll found more than half of respondents voted for starting a new job as their biggest 2024 career goal.
In 2024, we will continue to monitor this trend and dive deeper into why people are dissatisfied with their jobs and what employers can do to help them be happier and more productive.
Theme 2: Candidates won’t compromise on compensation and other benefits like remote work
Perhaps a significant factor in people quitting their jobs in 2023 is not feeling fairly compensated or having their desired benefits.
Pew Research Center found many people are uncomfortable asking for a higher salary, but their findings show that a pay increase can pay off.5 According to the report, of those who did ask for a higher salary, 28% received their requested salary, 38% received a salary higher than the original offer but less than their counteroffer, and 35% received their original offer.4
According to a report from Buffer, remote work is a must-have benefit for many candidates5:
- 98% of respondents want to work remotely at least part of the time for the rest of their lives.
- 98% recommend working from home to others.
- 68% have had a very positive experience working from home.
In 2024, we will continue to poll candidates to see what qualities are most important to them in employers and if they feel compensation and benefits quality are improving, decreasing, or staying the same.
Spark Change in Your Recruitment Process with Sparks Group
Connect with our recruiting experts for help finding and placing quantity and quality hires. If you’re a candidate, explore the job board to find the right job in your chosen industry.
Sources
1Forbes, Inflation Outlook For 2024, January 3, 2024.
2SHRM, 2022 Employee Benefits.
3U.S. Bureau of Labor Statistics, Job Openings and Labor Turnover Summary.
4Pew Research Center, When negotiating starting salaries, most U.S. women and men don’t ask for higher pay, April 5, 2023.
5Buffer, State Of Remote Work 2023.
