The world is a gaggle of geese playing football. As a recruiter, will you let the ball roll or run behind it?
One can easily compare the marketplace to an orchestra with new notes rolling out every year, and recruiters are expected to keep dancing to their tune to avoid getting kicked out of the competition.
The best way to do so is to stay abreast with the latest recruiting trends. (Or maybe the future ones too!)
Don’t worry! We have done all the digging for you already. Just read on to find out what the hiring industry will look like in 2023.
Recruiters will have to Stay on Heel to Catch Moonlighters
The recent Great Resignation period allowed many employees to tiptoe their way into moonlighting, which indeed took the entire recruitment industry by storm.
When the popularity of remote work culture lowered the employee engagement rate and affected their usual payment structure, it only fueled candidates into taking up more work opportunities.
Even though the economy is still struggling, a recession is expected, and there are massive layoffs, moonlighting doesn’t seem to be taking a backseat any time soon.
2023 may witness more moonlighters than ever.
Recruiters gear themselves up and take action to redesign their companies’ work culture and employee management strategies.
Here are three quick tips to consider:
- Data shows that 86% of moonlighting occurs due to employees’ dissatisfaction with their working conditions. Strengthening HR policies to ensure every employee feels contended working with the company can boost retention.
- Job recognition, performance appraisals, promotions, and incentives have always been the cornerstone of effective employee management. But as the competition to hire talents escalates, recruiters must understand the significance of employee loyalty and take steps to promote it further.
- Throwing new challenges to your employees can entice them into looking for new learning opportunities and keep them motivated to work. Job rotation can help them build new connections, and enhance their productivity and engagement within the company, eventually shadowing their urge to moonlight.
Uberization of the Workforce
Gone are the days when candidates used to button up their shirts to the neck only to go work at the companies. Now is the era of freelancers or the gig economy, which is catching up like wildfire in the marketplace.
Companies are increasingly breaking free from traditional practices and starting to leverage what the uberized workforce has to offer. Undoubtedly, this will continue to grow in 2023.
Sources claim that by 2023, multinational companies will have 30% of their workforce made of on-demand workers.
If appropriately managed, this workforce will be a win-win situation for both workers and the company. And this is where the role of recruiters will pop up – the on-time hiring, powerful analysis, and management of freelancers.
Embracing the gig economy will transform contingent workforce sourcing, and recruiters must always be ready to align their hiring practices to meet their client’s variable needs, maybe every fortnight. (That’s an exaggeration, but there you got it!)
An Influx of New Job Titles
The rise of technology has impacted many industries, especially those highly driven by manual labor, like the wholesale and retail industries. But at the same time, many new job titles related to AI, Big Data, and Blockchain have surged.
Cognizant’s IT Experts have predicted new roles like AI-assisted healthcare technician, Cybercity analyst, Data Detective, etc., will be in high demand by the end of 2023.
Many recruiters have already started to build their talent pools for such roles that are yet to come. So if you are already not in the queue, now you know where to start!
IQ and EQ are Important, but LQ will Become the Center of Attention
In 2017, Jennifer Carpenter prioritized a candidate’s learning quotient while screening applicants. Since then, this concept has been the talk of the town.
A candidate’s ability to grasp new information quickly, adapt to them, and make the most of it will be the most sought-after skill in 2023.
Understanding the constantly changing market needs, learning new skills, and leveraging them in work will be one of the key factors in the recruiter’s candidate selection checklist. Furthermore, creative and critical thinking will be given weightage beyond resumes.
Complete Algorithm-Assisted Recruitment Process
AI has never been more present in the recruitment industry than now. Nevertheless, it is still growing and needs improvements. From 19% in 2019 to 30% in 2022, the utilization of AI and Automation will only increase in the coming years.
We have come to a stage where AI handles the majority of tasks at almost each hiring stage, from selection to onboarding.
Recruiters can write job ads, click a button and let AI carry everything from there. They don’t even have to read every CV. Instead, algorithm-assisted recruitment allows them to source the best candidates, track them and engage with them.
Screening, Reference checks, scheduling interviews, following up, and many more – AI has put a massive burden off the recruiter’s shoulders so they can focus on more critical aspects of recruitment.
Metaverse will Sniff its Way into Recruitment in More Ways than Imagined
Many companies have started adopting the metaverse, where they can interact with their employees and other networks through avatars in private and public environments.
The recruitment industry is still catching up. One such example is the metaverse job fair hosted by Hirect.
Organizing job fairs where recruiters and all attendees are avatars, displaying job ads in the gaming setups, attending exhibitions in the digital workspace without physical presence, etc., is possible because of metaverse technology.
Soon enough, candidates will be able to upload their CVs to a blockchain where their credentials will be discovered through verified references. Interviews will take place in the metaverse with advanced interactive elements in it.
But before anything, the main question is, are companies and recruiters ready to embrace this technology?
Given that metaverse is developed in the tech sphere, the tech industry will likely be the first to adopt it. (Tech recruiters! It will be your call soon. Better fasten up the seatbelts.)
EVP will Morph into Much Bolder Forms
To this date, “Our Employees are the greatest asset” is the quote that circulates in every industry as appreciation towards employees. But in 2023, just quoting this statement won’t work.
Recruiters must develop bolder strategies to strengthen EVP and improve their work culture so their employees can genuinely feel appreciated. They will have to get more personal with their interaction to stand out from their competitors.
Apart from monetary gains, an improved work culture, growth opportunities, and other employee benefits will ensure that your employee is satisfied and will work with you for an extended period.
Recruiters must ensure that the employees feel valued and not mere cogs in the wheel turning up daily for a paycheck at the month’s end.
We Might See a “New” LinkedIn Rolling Out
LinkedIn is undoubtedly the most prominent social networking platform for any professional out there, and it is still growing. There is a chance that it will keep on dominating the market until it becomes so big that it misses a trick.
That will be when “New” LinkedIn will make its entry. (Maybe the new software altogether or the updated version of the existing LinkedIn, it’s difficult to say right now!)
However, if LinkedIn wants to retain its top position in the online market, it will have to up its game. Introducing and optimizing features such as crowd verification, endorsements verification, etc., will be helpful for the users.
But if not LinkedIn, the competitor will have to develop something different as a USP, possibly around users and their likely behavioral preferences (maybe some psychometrics or NLP?)
Whatever it will be, recruiters are going to benefit only if they keep their eyes peeled for the market trends and jump in whatever helps grow their business.
Remote Work will Continue to Dominate the Recruiting Trends
This pointer must not come as a surprise at all. Remote recruiting is going to be there next year too.
In fact, according to Upwork, 22% of the American workforce will be completely remote by 2025. Most candidates today prefer working either full-time remotely or in a hybrid work model. Thanks to the Covid-19 pandemic!
While remote hiring has helped recruiters to expand their sourcing horizons and hire a global workforce, in 2023, they must take concrete steps to mitigate security and productivity issues for better hiring results than this year.
The (Re)Evaluation of Big Data will be the Focal Point
The big data trend in the past has been focused on producing and obtaining data, but in 2023, the emphasis will be on its evaluation.
Recruiters will depend more and more on gathering feedback from their candidates to develop better hiring strategies for the subsequent recruiting cycles.
They will start utilizing the predictive nature of technology to lock down feedback loops from clients and candidates. They will look for “What does the data have to say?” than simply amassing tons of it.
AI tools that can analyze the potential tenure of candidates will most likely be trendy next year.
Employee Advocacy will be the Major Employer Branding Strategy
Employee advocacy is not a new term, but it will be a mainstream concept in 2023.
Companies have started to recognize the power their employees hold, and they will not hold themselves back from utilizing this untapped network.
From providing great referrals for filling a talent pipeline to posting testimonials on social media, employees can contribute positively to the employer brand if utilized appropriately.
Recruiters must provide candidates with a platform to express their opinions and suggestions. But remember, these suggestions must be prioritized to improve employee loyalty.
The more the employees feel heard, the more authentic and trusted advocates they will be.
Textual Resumes will Become Less and Less Prominent
Gone are the days when printed resumes piled up on a recruiter’s desk. At present, candidates can submit their job applications online through various channels.
This shift from print to digital resumes made it easier for candidates to apply to multiple job openings and for recruiters to screen them quickly.
But what else could be there in store for us? Better resume formats.
Studies show that visuals are processed 60000 x faster than text – a clear indication of why video resumes will be trendy in the coming year.
But this trend will also come with a problem: Unconscious bias. There are high chances candidates will be assessed not only on their expertise but also their appearance, color, gender, etc.
Given that Diversity and Inclusion were the most talked about topics of 2022, will video resumes be a boon or bane? Time will tell.
Gear up for 2023
“The recruitment industry will evolve drastically in the next few decades – it will probably be an understatement given that what we recruiters expected to experience in 2030 is already here in 2022.”
We, or nobody, can build a golden checklist to guarantee that everything will be sorted if you prepare according to these 12 trends (or whatever other recruiters forecasted).
These are just the catalyst to bring you into action!
You constantly need to study the market and adapt your hiring practices according to its changing needs to remain at the top among your competitors.
We hope this article turbocharged you to build better-recruiting strategies for 2023. Don’t keep this only to yourself. Share it with your team members, and go wild together.