Talent Acquisition Trends 2023
As we look to 2023, Korn Ferry talent acquisition experts offer their thoughts on what the coming year will bring to the job market.
The last few years have seen unprecedented disruptions in how, when and even why we work. As we look to 2023, Korn Ferry talent acquisition experts offer their thoughts on what talent acquisition trends will bring to the job market in the coming year.
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Top Talent Acquisition Strategies for 2023
As a business and an employer, your main priority will be finding employees who can help your company reach its fullest potential. After all, what are businesses without their employees? Rarely successful, that’s for certain. However, recruiting the right talent can be tricky.
The hiring process is often rushed and largely overlooked by businesses, meaning the wrong candidates are sometimes taken on. It’s not that these candidates are necessarily bad at their roles, but they might not be the most well suited for the business culture or where the company is heading in the long term.
As we well know, the wrong recruitment decisions can be costly, both in terms of money and production – so any methods you can use to sharpen your hiring process should be explored in detail.
This is where talent acquisition strategies come into play. If you’re looking to hire top talent across 2023, keep reading as we share some essential tips on how you can implement talent acquisition strategies and build a strong, dependable team that will last.
Talent Strategy for Startups In 2023: Surviving Great Resignation
According to the U.S. Bureau of Labor Statistics, 4 million Americans quit their jobs in July 2021. McKinsey claims that from April to September 2021, more than 9 million Americas resigned. Hearing about the Great Recession, startups got ready to skim the cream and cherry-pick professionals with a product mindset and ample business experience.
While this is without a doubt a logical choice and an example of forward-thinking, there are more roadblocks on this path than you may have considered. Many clients my company works with experienced difficulties adjusting to the Great Resignation overlapping recession. I’ve figured diving into a sustainable talent strategy in 2022 may be handy
Talented teams make successful organizations. However, those talented individuals don’t typically come knocking at your door – you must proactively acquire them.
If you are committed to seeing better company performance, or eager for your company to outperform your competitors, by searching, finding, hiring and retaining the best talent available, then you need to adopt a talent acquisition (TA).
In this article, we’ll explain why, in today’s competitive environment and post COVID-19 times, talent acquisition is more important than ever before.
You’ll also learn how to get the most talented employees through best practices covered in this article.
What is talent acquisition?
Why is talent acquisition so important nowadays?
Talent acquisition vs recruitment
Talent acquisition process
Talent acquisition methods
Talent acquisition strategies
Talent acquisition metrics
Talent acquisition trends and best practices
What are the top talent acquisition trends that will dominate 2023?
The way we work has changed considerably over the past few years and this has had a significant impact on talent acquisition. As we head into 2023, change will continue to be the predominant headline in the talent space.
However, it will likely be at a slower pace than what we’ve experienced over the last couple of years, and it won’t necessarily be such a distinct change. Instead, it will be a refinement on the new ways of working that have been introduced over the last few years.
Transforming Your Talent Acquisition Strategy in 2023
Emerging trends in candidate expectations, competitive job advertising, and data-driven capabilities are creating new challenges and opportunities for employers. In this article, Textkernel’s CEO Gerard Mulder demonstrates how recruitment professionals can use data to engage talent more effectively and shares four tips to get your talent acquisition strategy on the path to lasting success in 2023 and beyond.
Talent acquisition professionals are facing mounting challenges as 2023 approaches. “HR leaders now work with unprecedented levels of uncertainty,” Gartner described in September 2022. “A new combination of economic pressures creates talent challenges that HR leaders must confront head on.”
Trendspotting — 8 factors that will influence talent acquisition in 2023
The year 2023 will be upon us before we know it; the current year and the two preceding it have been extraordinary ones for business as a whole and full of surprises for talent acquisition (TA) teams in particular.
Globally, an uncertain post-pandemic business environment coupled with major shifts in employees’ expectations translates into one learning: there is no guarantee that TA strategies that worked previously will continue to be effective in 2023.
How do recruiters stay competitive and successful in this hazy, shifting landscape? For one, it is a worthwhile exercise to look back and analyse your 2022 strategies across various metrics. Were your recruiting processes effective? Did your job descriptions resonate with candidates? How fruitful were your talent sources? Looking ahead, it is essential that you read the tea leaves, so to speak, on broad trends in recruitment and sync your recruitment strategies with them for 2023.
Here is a sampling of talent acquisition trends that business leaders worldwide are keenly watching and which we are likely to see in 2023:
The Talent Landscape In 2023: The Challenge Of Filling Skills Gaps
“It’s deja vu all over again.” (Yogi Berra)
Yogi’s right; we have seen this before – a situation where opportunities outstrip our capacity to fill them. As a matter of fact, we have seen a version of this story every year for at least the last eight years.
The difference is that today (in the US) the number of unfilled jobs has reached a high of 10,334,000 (adjusted for the recent job losses). What that means in terms of the impact on real hiring is that right now there are two jobs for every person available to work, and if you factor in necessary skills, experience, and capability, there are six open jobs for every person qualified to work in those roles.
In the UK there are 1.3M jobs that are unfilled. Unemployment is at historic lows in the US, Canada, UK, and more broadly across Europe. The talent gaps we are seeing are here to stay. Economists predict that difficulty finding talent will be with us for at least the next decade and beyond. Not having the talent to sustain and grow the business will cost global economies over $8.3 trillion dollars by 2030, according to Korn Ferry.
When C-level executives are asked about their concerns and constraints on the business, 71% of CEOs tell us that they believe talent shortages will continue. In the same Deloitte CEO study from October 2022, 50% of CEOs list the labor and skills shortage as a top disruptor
5 Biggest recruitment challenges in 2023 and how to overcome them
The workplace is going through a shift. A big one.
After a mass global disruption, organisations and its leaders are going through extreme change in the way we live and the way employees work, view and take on new opportunities. There’s no better time to take a minute to reflect, reset and change.
What was acceptable before 2020 is now a hindrance when it comes to the way we hire. So , let’s take a deep dive into the 5 biggest recruitment challenges we’re looking at facing in 2023 and what we can do to overcome them.
What Do We Mean By Recruitment Challenges?
Here’s the thing – the recruitment process is intricate, time-consuming and complex. Everyone needs to be on the same page – this takes structure and everyone working together to achieve synergy. Because of this, there will always be challenges to find the right person for a specific role and be able to retain them.
5 Biggest Recruitment Challenges in 2023
When it comes to recruitment, some obstacles will never change, but after the pandemic, it’s now harder for recruitment teams to find quality talent. On the flip side, not choosing the right person for the role may also ripple into that employee’s experience in the workplace, leading to consequences like higher turnover and absenteeism.
On that note, here are some of the biggest challenges recruitment is facing, and some tips to help overcome the hurdle.
Chinese companies going ‘toe to toe’ with MNCs on talent hunt
New research released in January has found that local companies in China are set to compete toe-to-toe with multinationals on talent development, salary, and future career opportunities.
According to a new Bain & Company analysis of LinkedIn China’s proprietary database, many executives are more willing to forego a predictable career path at a multinational company in favor of the steep learning curves and career trajectories that local companies provide.
In the past five years, only 10 percent of leaders in multinational companies have come from local firms, but almost one-third of leaders at local firms were employed at multinational companies within the same time frame. The companies that understand the impact of this unbalanced exit are rethinking their structure, roles, value proposition and ways of working to reverse the flow.
China’s economy and business landscape has changed over the last 20 years. In that time, thousands of Chinese nationals have been learning and refining their management skills in local and multinational companies. Locally owned companies have also matured and upped their game in their internal talent development programs, creating new opportunities for local talent. Meanwhile, the slowing growth rate in the industrial sector has given way to increased demand for service sector expertise, which presents a completely new management challenge in hiring and retaining top talent.
“Just a short time ago, multinational companies were considered the best place to build a career in China, due to leadership development opportunities, access to global best practices, attractive compensation packages, and culture, which won over many business leaders,” said James Root, a Bain partner and co-author of the report.
Bain added that locally owned companies have upped their game in terms of the experience, salary, and employee training and development they provide, in an effort to woo talent away from their multinational competitors. Further, their fast-growing operations present opportunities for China’s homegrown talent to rapidly take on leadership roles.
8 Global Talent Challenges That No One Talks About
We are living and working in a global economy. Working in human resources, we are not only faced with navigating the employment law changes and economic shifts in the United States, but also in the locations where our global talent resides – both virtually and in global offices. Global talent management is integral to any company doing business outside of the U.S., from HR policies to hiring and regulations based on the laws of the country in which we’re operating.
In human resources, global talent management refers to the use of HR actions to ensure access to needed talent by multinational enterprises competing in a global environment. It includes HR policies and practices related to planning and forecasting, as well as obtaining, selecting, motivating, developing, evaluating, retaining, and exiting employees consistent with a firm’s strategic direction. This is done while considering the evolving concerns of the workforce and regulatory requirements.
Each country not only has different employment laws, but different customs, cultural nuances, and business laws. For example, in China, your company offices must be owned and established by a citizen of the country. In most cases with other countries, you must have established relationships with banks and other entities in order to process payroll and compensate your employees.
There are eight key global talent challenges you’ll want to consider when it comes to global talent management:
Location planning and management
Attraction and selection
Training and development
Retention, cutbacks, and reduction