It’s probably no surprise that 2022 brought some (more) changes to employment with candidate behaviour and talent market trends shifting. This post will run through the biggest trends and four ways you can stand out in 2023.
Trends in Talent
With an increase in job vacancies and a corresponding fall in applications, employers were forced to work harder to make themselves attractive to the highest quality talent.
Despite the fact that economic uncertainty has many tightening their belts and putting pressure on businesses and government budgets alike, the job market is seeing a lot of turnover.
In just the first quarter of 2022 total employment rose to record levels as did the participation rate, similarly the unemployment rate fell to the lowest rate since 1974.
As a response to these record highs, sign on bonuses and higher salaries were seen more often than we’re used to.
Candidate Trends, Talent Shortages, and the Great Resignation
In what many are considering a candidate’s market, updated talent strategies are the first line of attack when looking to attract the best the talent pool has to offer.
Markets around the world are suffering from a shortage of skilled workers across industries – the resources sector is not alone!
A side effect of higher salaries being offered in order to attract the talent they seek during a cost-of-living increase is that people are more likely to job hop to keep up with that rising cost of living.
Four Keys for 2023
Think Outside the Box
Break down your talent needs and optimise your strategy in alignment with those needs. When thinking about your messaging keep the ideal candidate in mind, but don’t let that limit you if you come across someone uniquely talented.
Create a Pipeline
A talent pipeline is one of the best ways to keep your team functioning at its highest level. Through maintaining your contact with the talent you’re looking to onboard and retain you are actively improving your position when it comes to decision time.
Stand out From the Crowd
With so much competition for jobseeker attention it’s more important than ever to avoid being generic. When there are less qualified candidates than usual, making sure they’re looking at you is half the battle.
Up your Passive Talent Acquisition Efforts
By increasing your passive talent acquisition activities you can be working on your brand reputation even when you’re not actively hiring. Being a great organisation to work with helps not only with your current talent acquisition but all future acquisitions – and improves your retention rate.
