Employers are cautiously optimistic about 2023, says a report from AppCast, the Network and the Boston Consulting Group. While about 43% are concerned about an economic downturn, 68% expect to increase hiring and 50% plan to give pay raises. In the meantime, job seekers are looking for new opportunities, and they’re aware of their bargaining power, with 72% of U.S. employees being approached regularly about new job opportunities. Some 46% of those are approached on a monthly or weekly basis.
Companies plan to increase hiring work tech budgets by about 47%, with 94% expecting to increase headcounts significantly, according to a study by WorkTech and Greenhouse. In fact, their research found that the majority of companies (71%) are planning to increase or maintain their budgets in 2023.
myInterview, developers of smart video interviewing software, said it has secured an $11 million Series A funding round. The investment will allow myInterview to expand its product offering to meet the growing demand for recruiting solutions that help better attract and engage talent on scale.
WorldatWork’s Pay Equity Study found an increase in the number of businesses acting on pay equity. The study revealed that 70% of organizations were taking action on pay equity in 2022, a 10% increase since 2019 and a 4% increase over 2021. Only 2% of organizations reported not having pay equity on their radar. Three-quarters of organizations said they have been doing pay equity analysis for three years or more compared to two-thirds in 2021.
As companies look to retain talent in the midst of an uneven post-pandemic recovery, W-2 company Bluecrew said American businesses spend a significant amount of money each year to recruit, employ and retain an hourly workforce. Findings from the company’s report, The True Cost of Recruitment and Employment, show that, on average, the annual turnover rate for hourly workers can be as high as 49%. As inflation drives many workers to look for better paying jobs or ways to supplement their current income, it can cost employers more than $6,700 to replace a single worker making $15 per hour.
Mark Feffer is executive editor of RecruitingDaily and the HCM Technology Report. He’s written for TechTarget, HR Magazine, SHRM, Dice Insights, TLNT.com and TalentCulture, as well as Dow Jones, Bloomberg and Staffing Industry Analysts. He likes schnauzers, sailing and Kentucky-distilled beverages.
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