The workplace is ever-evolving. The notion that employers must adapt to successfully attract and retain top talent is not new. However, the many challenges that the post-pandemic economy has introduced to businesses are.
In addition to navigating recent trends such as remote or hybrid workforces, flexible schedules and other practices that prioritize a strong work/life balance, businesses are also traversing the current economic climate. While it’s true that these are uniquely challenging times, many companies are operating under misconceptions about the job market that are hindering their ability to build world-class teams.
Here are three big myths about hiring in 2023 that you should be aware of:
Myth #1: Layoffs are on the rise.
Employers are being plagued by headlines about a looming recession and major layoffs. As a result, many are hesitant to hire. However, major economic indicators suggest that we’re actually moving away from a recession.
The truth is that despite widespread belief, layoffs have been largely confined to the technology sector. And while the numbers alone are undoubtedly daunting, it’s critical that businesses maintain perspective and consider the bigger picture – as USA Today reports, “while the layoffs are alarming, they represent a relatively small share of tech companies’ workforces in 2022. And even with the layoffs, all five big-tech companies have bigger workforces now than before the pandemic.”
Myth #2: Unemployment rates are soaring.
Many businesses are also operating with the mindset that unemployment rates are on the rise, which leads to the assumption that they’ll have a sea of candidates to choose from.
However, the January jobs report indicates that the opposite is true as employment actually rose by 517,000 jobs in January. To boot, job growth was widespread, as we saw new jobs across the leisure and hospitality, professional and business services, and healthcare industries.
Myth #3: It’s an employer’s market.
The danger with blanket statements like “layoffs and unemployment rates are on the rise” is that it’s led many organizations to wrongfully assume that it’s an employer’s market. But as Michelle Meyer, Chief U.S. Economist at the Mastercard Economics Institute, stated in an article from CNBC, “The reality is it (the January jobs report) shows there’s still a lot of pent-up demand for workers where companies have really struggled to staff appropriately.”
Whether organizations are still recovering from the aftershocks of the pandemic, are navigating new needs, or are being tasked to do more with less, the fact of the matter is that these companies are looking to make great hires — with even more at stake.
Here’s how you can set your business up for success in today’s environment:
It’s simple, really – prioritize your hiring process – regardless of how many positions you’re looking to fill.
In fact, given just how much workplace needs have shifted, it’s never been more important to invest in technology that will help you identify the right people for the right jobs within your organization, which is exactly where MojoHire comes in.
We’re a Talent Intelligence driven, affordable and highly-impactful solution that works with your existing tech stack to help you address sourcing and hiring challenges. In just a few short weeks, MojoHire will be up and running, and will help you slash the time it takes to identify the right-fit talent, all the while creating a stronger candidate and hiring experience.
Feel free to schedule some time to meet directly with our team to learn more.