The American economy added 517,000 jobs in the month of January and at 3.4%, the unemployment was reported to be the lowest rate since May of 1969, according to the Bureau of Labor Statistics report released on February 3, 2023. Over the past three months, a monthly average of 356,000 jobs were added, which is results in the 2023 forecast of strong and steady growth. Although growth was across multiple industries, nearly one-third of new jobs are projected to be in healthcare and social assistance.
2023 will bring many new challenges for companies looking to retain and recruit talent. Although, 70% of people are planning to make a change in their careers (Change Statistics), this means that companies are going to need to develop a workplace strategy that incorporates current trends in talent acquisition.
Workplace Strategies for 2023
Flexibility – Employees are looking for flexibility in their work schedule, work location and employment status (full-time, part-time or contract). Remote work continues to be an important aspect of flexibility and the ability to attract top talent.
Work-life Balance has evolved into Work-life Integration – This means your work and personal life are truly integrated. Being able to fit work responsibilities into your life and along with all of your personal responsibilities. Being tied to a clock is less important and what is valued is the success of your work productivity, meeting goals and objectives versus the number of hours worked.
Job change focusing on Internal Recruitment. Meet hiring goals with internal transfers and development of transferable skills. Beyond saving cost of recruitment, it results in positive employee morale, showing the company values career progression within the organization.
Rehiring of former employees who bring institutional knowledge. A rehired employee can start adding value in much less time because they are familiar with your products and services. They know the company culture and many times, return to the company with a positive perspective in addition to new skills gained from other jobs since leaving your organization.
Relocation is not a one-size fits all and the companies who will be successful in 2023 will make employee concerns a top priority. It’s a statement that the candidate is a valuable asset to their organization. Candidates are more likely to accept an offer or transfer if they know the company is going to assist them with managing the stress and cost of a relocation.
Working with a relocation management company like InterLink Relocation Resources can help you explore the policy options and discover how this meaningful support can help your employees navigate this challenging market. InterLink’s policy consulting service is based on decades of industry experience, client culture, and market standards. In the end, getting the right talent in the right location at the right time is the common goal.
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