Recruiting has become a key strategic business function since the pandemic, according to research from LinkedIn. Hiring can help your company stay competitive, recognize and adapt to changing customer needs, and continue to grow.
“Recruiting professionals have never been able to make a bigger impact than right now. You used to be able to say, ‘These hires helped our company,’” said Brett Baumoel, Vice President of Global Talent Acquisition, Engineering at Microsoft. “Now you can say, ‘I changed the makeup of our company, I changed where we work, I changed what we look for, and I changed how we hire.’”
Many businesses that committed to hiring during the pandemic emerged stronger than they were before. Hiring remains an opportunity for small businesses despite lingering economic uncertainty. Here are four reasons companies should consider hiring in 2023.
Diversity remains a big opportunity
Improving employee diversity was a stated goal for many companies in 2021. LinkedIn’s research shows this hasn’t changed. In a survey of recruiters, said that diversity, equity, and inclusion (DEI) hiring is not being deprioritized — in fact, nearly 20% said it’s a higher priority now.
Companies are also starting to recognize the value of a nontraditional resume. “To fill critical roles in 2023, organizations will need to become more comfortable assessing candidates solely on the skills needed to perform in the role, rather than their credentials and prior experience,” wrote Harvard Business Review.
And, in fact, there’s plenty of data to show that hiring nontraditional and diverse employees can lead to better innovation, performance, and profitability. In 2023, companies that expand their hiring pipeline to include candidates from different backgrounds can gain a competitive advantage.
Quiet hiring becomes the answer to quiet quitting
At the end of 2022, the term “quiet quitting” started appearing in news headlines. Quiet quitting referred to the practice that rather than quitting outright, employees would simply do the bare minimum required in their jobs.
Quiet hiring is a term coined by Emily Rose McRae, Senior Director Analyst at Gartner.
“Hiring usually falls into one of three categories: backfilling old roles; creating new ones to help the company grow; or addressing an acute, immediate need. Quiet hiring is all about that third category, even if it doesn’t technically involve any new hiring at all,” explained CNBC.
McRae cited the example of Australian airline Qantas, which rotated baggage handlers in response to the company’s labor shortage last year. “The talent shortage that we talked about throughout 2022 hasn’t gone away,” McRae told CNBC. A rotational program or internal hiring can be the solution for many small companies.
Job-seekers are approaching 2023 by going ‘back to basics’ and betting on jobs with proven security.
CNBC
Employees are looking for less risky work
It’s a phrase that is said often: Small businesses are the backbone of America’s economy. But it’s a statement worth shouting from the rooftops — especially as many workers are seeking stable, predictable job opportunities.
“Recent mass layoffs around tech and finance are a result of companies over-hiring during a pandemic rebound around innovative (read: speculative) initiatives, like crypto and the metaverse. In response, job-seekers are approaching 2023 by going ‘back to basics’ and betting on jobs with proven security,” reported CNBC.
Many small businesses are perfectly positioned to provide secure job opportunities with professional growth potential. Flashy jobs are out; family businesses are in.
Rehiring employees is no longer taboo
A boomerang employee is someone who is rehired by the same company at a later date. Research from Cornell University shows that boomerang employees are becoming more common and are actually a great source of talent for businesses.
And following the "great resignation," 1 in 4 employees say they regret their decision to leave their company. It’s been a tight job market for a few years; if you are still looking for talent, try reaching out to former employees to see if they might be interested in coming back.
This story was originally written by Sean Ludwig.
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
Follow us on Instagram for more expert tips & business owners' stories.
CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.
