As the end of 2022 draws near, there’s always the question of what the next year will bring. Will the market perform better, or worse next year? What are some new technologies or improvements that we will see? There is constant development and change in the business world and companies need to be prepared to incorporate these trends into their business.
So what are some of the hiring trends you should expect to see in 2023?
Continued Talent Shortage
During the pandemic, employers were facing a major issue of having a talent shortage. People were leaving their jobs, switching to a different job, or retiring early. This caused many companies to face situations where they have a high demand for employees, yet there are not enough talented people looking for work. There is a low unemployment rate, and “nine out of ten companies expect a lack of suitable candidates to limit their growth.”
This is very daunting as so many companies compete for a limited pool of applicants, but a few key tools that will be helpful are: job boards and quick decisions.
- Job boards are a great way to publicize a vacancy in your company and is one of the first places candidates will look at to find a job that they want. It’s not only a great way to advertise your job opening, but a great way to attract candidates who might not have considered your company before.
- Since there is such a large talent shortage, quick decisions can help you secure top candidates. Give candidates quicker turnarounds so that they understand you value them and really want them in the company.
Increased Importance of Employer Branding in Hiring
As mentioned above, the talent shortage will cause much trouble to companies who are trying to hire qualified candidates. According to a study conducted by Employee Cycle, “It wouldn’t even matter if they receive a higher salary, 75% of candidates say they wouldn’t work for a company with a bad reputation.”
Think about your company’s employer branding. What’s the culture like? How does the company treat its employees? Are all of these important parts of the employer branding being clearly communicated to candidates? Many of these uncertainties prevent qualified employees from applying for job openings. To mitigate these problems, the employer brand is an essential part of the solution. The company’s brand reflects the company’s mission, values, and culture and is a great way for job seekers to find the answer to their questions about fit. These will be an important part of the hiring trends and continue into 2023.
To solidify the company’s brand, employers can actively respond to reviews, share any major updates that may be happening in the company, and update the company’s profiles on various social media such as LinkedIn, Instagram, or Facebook. It would be even better if the company’s brand can be seen through blogs, videos, etc. and is authentic.
Changes in Remote Work to impact hiring
As COVID restrictions are easing up in most countries, trends for remote work, hybrid work, and in-person work are shifting. Depending on the industry, remote work is still prevalent. For example, in the beginning of this year, Airbnb restructured and decided that employees have the flexibility to live and work anywhere in the world. This was major news and Airbnb is one of the first companies to declare that they will continue to support remote work even after the easing of pandemic restrictions.
In other industries, however, work is returning to how it was before the pandemic. In early 2022, Microsoft conducted a study and found that “50% of leaders say their company already requires, or plans to require, full-time in-person work in the year ahead.”
Increased Reliance on Soft Skills
Soft skills are more important than ever in our world today full of changing regulations and environments. Soft skills are more relationship-based skills and the top five in their ranks of importance are communication, creative thinking, interpersonal skills, teamwork, and time management.
Quality work in today’s challenging work environments is difficult. This is why soft skills are increasingly being valued and talked about. Technical skills are important, but soft skills are needed in whatever role you take on, whether it be a researcher or an investment banker. Even if employees are not in a client facing role, employees with soft skills will have an easier time collaborating with the team or communicating their findings.
Increased AI Implementation
Artificial intelligence’s reach has been expanding across all industries. It is being implemented into many more departments and areas of business and one important area is recruiting.
In recruiting, many companies like Interviewer.AI have successfully made the hiring process more efficient and more effective. Interviewer.AI uses artificial intelligence to screen candidates and help you sift out a pool of talented candidates. The AI goes through each candidate’s resume and matches the words within the resume to the job description to see their fit. Then, candidates are invited to take an asynchronous video interview and are ranked based on a score.
This ranking is completely transparent, and hiring managers can see exactly how and why candidates are ranked the way they are. In this way, hiring managers can spend their time focusing on the candidates at the top of the rankings. This is a great way to ensure that all candidates are considered and that their applications aren’t lost in the shuffle.
In conclusion, the next year in HR tech will bring new technologies and improvements. We can expect to see new tools for recruitment, training, and performance management. These new tools will help organizations to better manage their workforce and improve the quality of their employees. Additionally, we can expect to see more emphasis on data analytics and artificial intelligence in HR tech. These changes will help organizations to better understand their employees and make better decisions about hiring, development, and retention.
Interviewer.AI is a technology platform purposely built to support Recruiters and HR teams in finding top talent for their companies. Interviewer.AI is a state-of-the-art video recruiting software that uses AI (Artificial Intelligence) to screen in advance and shortlist the candidates that meet the criteria set. HR teams use the software to make the recruitment process more efficient and shorten the hiring cycle. Learn more about how Interviewer.AI can help your business.
Increase your hiring team’s efficiency using a combination of resume scoring, skill assessment, and asynchronous video interviews.
Hannah Ng is a Junior at Boston College studying Finance and Business Analytics. She is currently an intern at Singapore for Interviewer.AI during the summer of 2022.
Besides work, she is also very interested in hair styling and is responsible for her family’s hairstyles as a hobby.