Rethinking Hiring Trends in 2022
From what we have seen in our work as a boutique search firm, 2021 has been an active candidate’s market. But this may change in the coming year with the return to in-person work on the horizon.
The push to get back into office spaces continues as cities see higher rates of vaccination and lower rates of infection. However, the individuals who comprise the workforce, especially millennial and Gen Z employees, are making their priorities known. Companies that initially refused to budge on the return to in-person work early in the year launched “The Great Resignation” of 2021. The young workforce has proven that, even in a time of economic uncertainty, a higher paycheck is worth sacrificing for a position that allows a healthy work life balance.
According to an international survey conducted this fall by Workhuman (a workplace management software company), top talent is looking for flexibility, appreciation, and a communicative, inclusive corporate culture that provides a sense of psychological safety. Psychological safety is a symptom of a healthy and diverse work environment, wherein employees feel that they can bring their whole selves to the job. Employees reporting higher levels of psychological safety at work feel at ease sharing new ideas to peers and higher-ups, and are more likely to stay with the company long-term.
And companies are on the hunt for top-tier talent that will commit to their brand. Hiring is up 69% from last year according to Daniel Roth, the editor in Chief of LinkedIn. Yet many businesses are struggling to find just the right person for the job. This is in part because, as always, companies are unwilling to compromise on quality talent in making new hires.
However, the influx of fresh talent receiving multiple offers in their search may mean decision-makers have to step up and concede to some employee concerns to secure the best candidate. Companies that increase starting wages, offer better benefits, expedite the hiring process, or allow a hybrid model, with some days in office and some days remote, are more likely to nab top talent. Many candidates are weighing multiple offers, especially in the financial services industry, which has doubled hiring activity in the last year.
Still, the expansion is showing signs of a slowdown. As companies adjust to the new labor market demands, unemployment rates may taper off in the second half of 2022. This means that distinctive candidates will be settling into their new roles.
Are you looking to fill out your team with new, outstanding talent? GOBU Associates can assist in the hiring process, matching top-quality diversity candidates that fit your high-level business needs across all industries in strategy, transformation, business development, and more. Feel free to contact one of our Team Members like Lil, Mo, or Haley for a conversation about your business needs and where we come in with the best candidates on the market.