What does the future hold for hiring landscapes?

As the hiring landscape shifts, what changes does your organisation need to make in order to adapt successfully and stand out from the crowd?

CREDIT: This is an edited version of an article that originally appeared on Robert Half

As we look towards 2023, competition and the demand for talent remains fierce, but the barriers, and reasons for switching employers, have changed significantly.

According to Robert Half’s 2023 salary survey of 54% of business leaders, a challenging hiring landscape is expected next year. Employers that continue to rely on traditional remuneration to attract and retain employees, including pay, titles and the promise of career opportunities, will continue to struggle to attract and retain talent in the modern workforce.

With 49% only hiring to fill vacated positions, around a third are still expanding their businesses and looking for new talent – but how will these businesses stand out?

Traditional factors – such as decent pay, job title and holiday allocation – are still important but are now seen as the bare minimum and, with a decreasing trend in pay and market competitiveness, standing out by identifying and highlighting other benefits has never been more important. Today, even when employers successfully hire workers from peers in the industry, it only creates a reshuffle of talent and contributes to pay competition.

In particular, the modern workforce takes climate action and responsibility seriously, and this is often is one of the main factors considered when looking at potential employment opportunities. Traditionally, Environmental, Social and Governance (ESG) standards were something considered by investors when deciding in which companies to put money into; now, a company’s approach to ESG often forms a central part of its strategy and values. Demonstrating sustainability, along with an inclusive and diverse working environment, is key to making both existing employees and potential candidates feel valued.

Providing additional benefits such as a performance-related bonus, health insurance or a matched pension scheme will also prove beneficial in terms of attracting and retaining quality candidates as this demonstrates your commitment to supporting your employees through such times as a cost-of-living crisis or inflationary period.

Flexible working arrangements continue to be a pull for candidates looking to secure their dream role. Demonstrating trust in relation to start times, part-time working arrangements and working from home can ease pressure on families and people who may have caring responsibilities; this can be a big incentive for employees to remain with an organisation, too, as they feel valued and trusted to do their jobs regardless of time spent on the clock, or where they work from.