The last two years have brought forth unprecedented disruptions in the world of business and employment. People have started questioning how, when, and even why we work.
As we look to the upcoming year, talent acquisition experts from global RPO (Recruitment Process Outsourcing) solutions provider Korn Ferry offer their thoughts on what 2023 will bring to the job market.
Due to the uncertain job market, most employees no longer strive to move to higher positions in the firm. Most of them instead seek a “lattice movement” where they transfer to other areas and departments to earn more skills in various parts of the company.
Korn Ferry experts hinted at their support for this trend, adding that employers should focus more on developing their current workforce, offering regular training and certification programs to reskill or upskill internal candidates.
Investing in internal mobility, they stated, will not only help organizations to attract top talent and develop more diverse pipelines but also fill open roles and critical skill gaps amid stalled hiring.
The complicated job market also caused recruiters and employers to look for workers that would likely stick around for a long time. Korn Ferry said that this is the reason why talent acquisition and talent management teams should work together “very closely” from the start of the hiring process, career development, and succession.
By partnering together, recruiters and talent managers can better identify career paths for professionals, then provide the right training and development to move them along their career journey successfully.
This type of management would also help new hires feel valued and respected, as well as signal that their employer is invested in their success.
Others will look for short-term hires
Others, however, would increasingly look for interim executives and professionals to meet scaling workforce needs. And there are several benefits to this approach.
Interim or contract workers are often highly skilled, mission-oriented, and project-based individuals who assimilate quickly into new environments. They can bring unique skill sets and experiences needed for finite projects, during mergers and acquisitions, or to temporarily fill roles during a leave of absence or while the company searches for a permanent employee.
Aside from that, 2023 will likely bring more people seeking flexible opportunities. In such a dynamic landscape, Korn Ferry recommends companies maintain a 70/30 full-time-employees-to-interim worker mix.
Improving company culture
Korn Ferry believes that more companies will turn to hybrid arrangements to attract top talent. Implementing this arrangement will allow employees to enjoy the freedom of remote work while reaping the benefits of being in the office — like training or impromptu brainstorming sessions.
This, of course, is not one size fits all: the hybrid environment will depend on an organization’s needs, roles, and people and should be based on data, employee sentiment, and individual cases. Some may need teams to meet in person on the same day each week, while others may ask employees to be in the office only a few times a month.
From work-life balance to work-life integration
In 2023, more candidates are expected to look for companies that promote work-life integration. An offshoot concept from work-life balance, this new approach refers to employees that are putting in hours when it’s most convenient to take care of personal responsibilities when needed.
Watching the clock will become less important as managers assess success by the output of employees and not the timeframe of their workday.
Boomerang employees inbound
With an uncertain economy and shrinking retirement accounts, many retirees and professionals who quit their jobs will try to make a comeback at their old workplaces. This can actually be a bonus for companies as they welcome back former workers who have institutional knowledge and proven skill sets.
In 2023, organizations will start to put more effort into the offboarding process, maintaining professional relationships with employees who leave and making sure those employees know the door is open if they choose to return.
And by investing in digital workforce performance technology, talent acquisition professionals can keep track of former workers to discover who may have the right skills and experiences to fill high-demand roles.
Workforce planning is getting smarter
Korn Ferry said that talent acquisition bosses will need to be more deliberate in their demand planning, removing silos and collaborating with business leaders across functions to truly understand their needs for the coming year.
The use of AI and predictive analytics will become more prolific in forecasting to help identify the right roles, skills, and geographies to focus on the changing business.
Recruiters can also expect a slowdown in hiring as employers start to make more calculated decisions that have a lasting impact on their companies.
If the forecasted downturn would, in fact, happen in 2023, companies will need to take a much more measured approach to right-sizing their workforce.
Talent acquisition professionals should conduct scenario-based workforce planning to prepare for any economic conditions. It will also be critical to focus not only on the downturn but also on the recovery, so organizations can bounce back quickly and dynamically.