Talent Intelligence Brief | Summer 2022
As we move into the second half of 2022, the seas of change in the world of recruiting continue to move and there are a few trends that are worth keeping an eye on. While some of these topics may be familiar, there’s a lot of new data out there about the future of the workplace. Here are the hiring trends that we’ve found to be at the forefront of the recruiting world as we navigate the rest of the year:
The Great Regret?
Looks like the Great Resignation is far from over. 74% of US employees are either actively looking or are open to new opportunities in the next 6-12 months, the majority of which are either Gen Z or Millennials. They’re seeking more opportunities to grow their career and have a solid mentor to learn from.
To complicate matters even more, a recent survey showed that almost half of those who made a move as part of the Great Resignation are having a case of buyer’s remorse and are already looking elsewhere. Is this a window of opportunity for their previous employers to draw them back? Maybe so!
What are companies doing to keep or attract talent in this market? Some are simply forgoing layoffs while others are keeping current talent by investing in them with immediate comp increases. A recent survey from PWC shows that:
workers with special or niche skillsets are feeling more confident – more than 1/3rd will be looking for a raise, while 1/5th will be seeking a new employer.
while pay and raises to combat inflation are the number one factor in employee retention right now, employees are also heavily focused on having fulfilling work and a place where they can be their true, authentic selves.
45% of the workforce must do essential work in a physical location which makes them feel less fulfilled and empowered than those who work remotely.
employees want transparency around where companies stand on their worker’s health and well-being as well as workplace diversity.
These “Boomerang Employees” as they’re called, accounted for 4.5% of all new hires in 2021 — up from 3.9% in 2019. What are you doing to ensure that your employees feel appreciated for what makes their work satisfying so they can be the most productive?
We love PTO but do we love RTO?
While many employers feel it’s time to return to the office, there’s a tug of war when it comes to returning to a physical office location. We know of Elon Musk’s infamous ultimatum that Tesla employees must return to the office or lose their jobs and know that two thirds of other employers want their employees back in the office. The challenge is that half of employees will look elsewhere if push comes to shove. This is magnifying a disconnect between employee and employer desires. One of the most telling statistics shows that while remote jobs made up 20% of all postings on LinkedIn, they received 50% of all applications.
In some well-known companies, employees are signing open letters in protest of return to office. But why? Are they just being stubborn? Selfish? Reasons seem to go beyond that to lingering covid fears, high gas prices and long commutes, and frankly wanting to be treated like a responsible adult.
While it’s looking like WFH might be more of a permanent fixture, a looming recession might tip the scales back in employers favor and allow them to enforce at least partial RTO.
Unless leaders of in-office organizations share their value proposition with employees supporting the case for working in office, they’ll likely see their employee and candidate pools shrinking – and their competition benefitting.
Here's a real-life example of this disconnect. The comments make for a more interesting read than the article (in our opinion).
The Dating Game: first impressions and good breakups
At Inside Talent, we survey the candidates we work with to continually improve our service and to help our clients learn from candidates’ experiences to improve their own processes.
Do you know what kind of impressions your hiring managers are making with candidates? Too many interviewers fly by the seat of their pants. A Leadership IQ study found that only 7% of HR executives strongly agreed that their company’s hiring managers are consistent in how they interview candidates.
To add insult to injury, many companies are rejecting candidates in a way that’s burning a bridge for a future relationship, not to mention that damage that’s done to the employer brand. Not getting a job you really want isn’t fun, and receiving a super impersonal, automated message doesn’t make up for it. You don’t want that to happen to you. So why do we keep doing it to our candidates?
Here are 5 hiring statistics employers should know in 2022:
56% of people ranked a strong workplace culture as more important than salary
85% of job seekers research company reviews and ratings when deciding to apply for a job
58% of job seekers have declined an offer due to poor candidate experience
80% of candidates said a positive experience influenced their decision to accept an offer
84% of job seekers said that responsiveness after applying influenced their decision to accept
There’s a lot to think about here but none of it is impossible or extensive to implement. Communicating well with both your employees and prospective employees is your best approach if you want to sail through the rest of the year.
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Photo credit: Joseph Barriento