Navigating 4th Quarter Hiring Challenges
From the desk of Garrett Stephenson, President of Gateway Recruiting –
As we navigate the 4th quarter of 2023, the global hiring landscape presents challenges shaped by various economic and geopolitical headwinds. Businesses and job seekers are grappling with higher interest rates, geographic instability, return-to-office mandates, inflation, and the crucial issue of maintaining internal equity for current employees.
Higher Interest Rates:
One of the prominent economic headwinds impacting the 4th quarter hiring season is the prospect of higher interest rates. Central banks in many countries are contemplating rate hikes as a response to rising inflation concerns. While this is a necessary step to maintain economic stability, it can have immediate implications for businesses.
Higher interest rates mean increased borrowing costs for companies, potentially affecting their capacity to expand and invest. As a result, some businesses may take a cautious approach to hiring during this period, potentially slowing down the rate of job creation. Many employers will look to temporary or contract labor force to “bridge the gap” in these times of uncertainty.
Geopolitical instability remains a significant challenge for global hiring in 2023. Political tensions, conflicts, and natural disasters have disrupted economic activities in various regions, affecting both businesses and job seekers.
In regions experiencing instability, companies may postpone expansion plans and limit hiring efforts due to increased risks and uncertainties. This can lead to fewer job opportunities and increased competition for available positions.
Return to Office Mandates:
The ongoing pandemic recovery has introduced the complexities of return to office mandates into the 4th quarter hiring landscape. Organizations are adapting to new hybrid or in-person work arrangements, influencing hiring decisions and candidates’ preferences.
Fewer companies are offering fully remote options in their newly created positions, as of recent data from LinkedIn only 8% of positions offered in the US marketplace are offering complete remote options. This is becoming more on par with pre-pandemic levels.
We believe that hybrid model will be here to stay, but that most companies will start to follow the trend of bringing employees back into the office for work.
Inflation is another significant economic headwind in 2023, impacting both businesses and job seekers. Rising prices can erode the purchasing power of employees, affecting their overall financial well-being.
To address this challenge, businesses may need to consider adjusting compensation packages to account for the rising cost of living. Competitive compensation is crucial for attracting and retaining top talent in a competitive job market.
Maintaining internal equity among current employees is a critical issue this year. As businesses bring in new talent, they must ensure that existing employees do not feel undervalued or overlooked.
This balancing of the workforce within organization will be challenging with many long-term employees looking to leave for greener pastures. This must be considered when looking at merit increases and promotions for your valued workforce.
In conclusion, here at Gateway Recruiting have combined over 50 years of recruiting experience; we are here to help you navigate the challenges of bringing talent to your organization. Whether you are looking to augment your staff with contract/temporary/project workers or you are looking to hire full-time staff in difficult markets. We understand the challenges and how to execute and deliver. Partner with us to help you navigate the 4th quarter!
Contact me today, to discuss how we can help expand your talent pipeline and how we deliver!
I am more than excited to announce the launch of Gateway Recruiting’s campaign for Q4:
4th Quarter 4 Paws: Gateway Recruiting’s Mission to Support Furry Friends
Join Gateway Recruiting as we embark on our heartwarming ‘4th Quarter 4 Paws’ campaign, dedicated to making a meaningful impact on the lives of our furry companions.
Recruiting With Heart: Join Us in Supporting Our Furry Friends.
At Gateway Recruiting, we believe in the power of giving back and making a difference in our community. That’s why I’m excited to announce that for the entire fourth quarter, we will be donating a percentage of our Q4 profits to our local Humane Society.
Our mission is simple yet profound: to support and uplift those who can’t speak for themselves, our beloved furry friends. We believe that every season is an opportunity to do good, and this campaign is our way of turning that belief into action.
You may have noticed our team members proudly sporting new LinkedIn profile photo frames and banners. These updates are a visual representation of our commitment to this cause.
But we can’t do it alone!
We need your help to make a real impact. I invite you to join us on this heartwarming journey. If you want to learn more about our 4th Quarter 4 Paws campaign, I encourage you to click “Read More” above and uncover the remarkable details behind this initiative. Your support, whether it’s through sharing this article or actively participating in our campaign, means the world to us.
President, Gateway Recruiting
Phone: (830) 237 – 4443