Recruitment market changes in 2023

Written by Chris West

In 2022, there was a significant change in the job market. Job vacancies increased significantly. However, applications fell significantly. Jobseekers became empowered. Employers had to invest more time and energy into recruiting great employees. Recruiters/Employers need to rethink their recruitment strategy for 2023.

Here’s some changes we’ve seen change in the market:

An unstable economy

Business owners are becoming increasingly cautious because of economic uncertainty. However, even though the economy may be slowing down, that doesn’t necessarily translate into fewer job opportunities for people. It seems there are some signs suggesting that the job situation might not be entirely back to normal yet. Unemployment has dropped significantly since 2008, and for every job lost, no new jobs are being created elsewhere.

The Great Resignation Continues

Globally, there is an acute shortage of skilled workers. By 2030, there will be an estimated 85 million job vacancies because of a lack of skilled labour. Meanwhile, the Great Resignation continues, with 40 per cent of the world’s workforce planning to leave their current employers within the following year. People are job hopping to stay afloat during these tough economic times, and they're looking for jobs that offer them both flexible hours and good pay.

A generational shift in the workforce

Baby boomers are leaving their jobs at an unprecedented rate. Many people who had planned for their retirements brought them forward after the pandemic. Because of this, there was an increase in the number of retirees entering the workforce.

Hiring managers must change their hiring practices and adapt them to the new working environment. By 2023, traditional recruitment methods will no longer be effective.

However, the good news is that if you have an effective recruitment marketing plan and the right tools, knowledge, and skills to handle these challenges, your HR team can be ahead in 2023. Focus on candidate engagement, employer brand, and alternative sourcing. You don't just sit there waiting for job seekers to come knocking at your door; you've got to go out and actively seek them.


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