In these uncertain times, expanding your team may seem like a daunting task. Economic instability has compelled businesses to tighten their belts, leaving you with a reduced hiring budget. Meanwhile, the Great Resignation persists, as employees leave their jobs en masse in search of better opportunities. As a result, job seekers have more options than ever before, and you need to meet their increasingly specific expectations to attract top talent while keeping your existing workforce happy and intact.
In the face of these challenges, many companies are grappling with a crucial question: Is it wise to hire now?
Despite the obstacles, the answer is sounding yes.
Businesses that continue to bring inqualified candidates and retain their top talent are best positioned to weather these uncertain times and emerge stronger on the other side. While it may require some creative thinking and strategic planning, expanding your team can help your organization thrive in the long run.
📊💼Labor Market Trends: How Hiring Challenges Define 2023
In the current job market, layoffs have been making headlines thanks to tech giants like Amazon and Meta making significant workforce cuts in recent months. However, the reality is that layoffs represent only a small part of today's employment picture.
To understand why, let's take a step back to November 2022. Despite the big tech layoffs making front-page news, the numbers paint a different picture. In fact, November saw a near-historic low of 1.4 million layoffs in the United States. Meanwhile, a staggering 4.2 million U.S. workers voluntarily quit their jobs, marking 18 straight months in which more than 4 million employees left their jobs.
This trend is showing no signs of slowing down anytime soon. Consider these numbers: in the first quarter of 2023, 61% of U.S. employees were considering quitting their jobs this year, and 95% remained confident about their career prospects even in the face of layoffs.
U.S. employees feel confident that they can quickly find a new job if they decide to leave their current role. The U.S. Chamber of Commerce reports that there are over 10 million unfilled job openings in the country, but only 5.7 million unemployed workers. This means that there are nearly two job openings for every person seeking work, giving job seekers a significant advantage in the current job market.
🌍🌏🌎What about across the globe?
Employers around the world are facing significant hiring challenges in 2023. Consider these numbers from countries in North America and Europe:
In Canada, 75% of employers anticipate hiring challenges that will cause them significant worry this year.
In the United Kingdom, a whopping 6.5 million people are expected to quit their jobs in 2023.
In Ireland, just 45% of employers feel that they have the talent needed to achieve their growth goals for the year.
These statistics make it clear that high turnover and talent shortages are not unique to the United States. With talent continuing to leave jobs at an unprecedented rate and markets across the globe experiencing talent shortages, HR managers face significant obstacles when it comes to hiring and retaining workers.
👔 Why Hiring Right Now Is Still a Good Idea
As companies struggle to retain top talent and fill open positions, hiring now is no longer just a temporary fix but a necessity. Bringing in top talent today can set your organization up for continued success, even in the face of skills shortages and limited hiring budgets. Here are three reasons why investing in hiring now can boost your outlook for tomorrow:
Firstly, your people are the engine of your company. Your workforce is your most valuable asset, and they drive the innovation that propels your company forward. By continuing to invest in people, you give your company the momentum it needs to power through uncertain times. Your employees' unique qualities and contributions define your company culture and keep morale high, making them invaluable to your success.
Secondly, hiring sets you apart from your competitors. When other companies pause their hiring efforts due to reduced budgets or talent shortages, you have a significant opportunity to gain an edge. By continuing to hire while others stand still, your company can boost its ability to innovate and drive revenue, creating distance between you and your competitors.
Finally, adding top talent today positions you to thrive tomorrow. While economic uncertainty may create short-term financial pressure, it is crucial to not lose sight of how today's decisions will impact tomorrow's outlook. Hiring top talent now means your company will be better equipped to hit the ground running when more normal economic conditions resume. While other employers are scrambling to fill open roles, you will already have the talented individuals you need to continue driving your business forward.
🤝💼How to Hire and Retain Talent During Uncertain Times
In these challenging times, hiring top talent under limited budgets and retaining existing top performers is critical. Here are three strategies to bring in top talent and retain your current workforce:
1. Go global and expand your hiring pool. If you face a talent shortage in your local market, consider crossing borders to tap into a world of qualified job seekers. The global labor market is rich with talent, even as local labor shortages persist. Hiring globally can help you find candidates with the right skills within your budget. Additionally, it spreads opportunities worldwide, lifts local economies, and prevents brain drain by providing people with access to well-paying jobs without leaving their homes.
2. Boost your total rewards strategy. Revamp your approach to total rewards to keep your talent happy and motivated. Offering better supplemental medical benefits can attract and retain top talent by prioritizing employees' well-being. Holistically healthy employees are more likely to feel engaged, productive, and continue working for you in one year. Equity awards give talent an ownership stake in your business, increasing their incentive to invest in their jobs and contribute to your company's success. Perks like flexible work spaces give your team control over when and where they work, helping them improve their work-life balance and stay productive.
3. Let talent work from anywhere. The distributed workforce is here to stay and by 2025, more than 75% of workers will expect hybrid or remote work. Future-proof your hiring strategy by giving employees the freedom to work wherever they want, whether in the office, across the world, or anywhere in between. This helps attract and retain top talent and provides flexibility to work in a way that suits their lifestyle and needs.
🌟👥Partner with a World-Class Provider to Hire Top Talent Anywhere
Amidst the current uncertainty, hiring top talent from around the world, enhancing your total rewards program, and establishing a distributed workforce can seem like daunting tasks. However, the key to success lies in partnering with the right provider. A world-class partner can help you navigate the intricacies of global hiring, provide valuable insights for improving your rewards strategy, and equip you with the necessary tools and technology to support remote work. By teaming up with a trusted provider, you can attract and retain the best talent, boost employee engagement and productivity, and stay ahead of the competition.
Partnering with ChaadHR, a global EOR, takes the hassle out of hiring a remote team. Whether you need talent across state lines or international borders, we provide compliant hiring, payroll, and management solutions. With our cloud-based technology and human support in over 160 countries, you can realize your business vision without limits.