Now past the halfway mark in 2023, a lot has changed since the beginning of the year. In January, 92% of businesses told Monster they plan to hire in 2023. Meanwhile, 96% of workers told Monster they were looking for a new job, but in June, only 32% said they’d started a new role.
Jason Leverant, president and chief operating officer at AtWork Group, says this can mean a few different things. “First, it indicates that the available talent that are currently looking for a new job don’t match the available jobs from various perspectives,” he says, which can be a sign of the growing skills gap. “Second, it also might indicate a disconnect between what employers are offering and what employees want. If employees aren’t seeing jobs that meet their needs from a compensation or benefits perspective, they aren’t likely to change roles.”
Below, we paired key takeaways from Monster’s mid-year check-in with expert advice, to help employers better navigate the ever-changing hiring landscape and finish the year strong.
Advertise Salary and Benefits to Attract Top Talent
Of the workers that are finding jobs, Monster’s mid-year poll found that about half (49%) said the reason they left their previous employer was because they were not making the salary they desired or did not receive an expected salary increase. This isn’t surprising considering earlier this year, 81% of workers said their wages were not keeping up with the rising cost of living, while 55% said they haven’t received a raise in over a year.
Amid inflation and rising interest rates, failure to pay employees a fair and livable wage can cost employers big time. Those concerned about attracting and retaining talent should ensure pay rates are competitive and find ways to better support employees during turbulent economic times. Employers should also keep in mind that pay isn’t the only form of compensation candidates look at. Beyond pay, today’s candidates are also looking for jobs that offer paid time off, flexible work, healthcare benefits, retirement contributions, and more.
Leverant says promoting pay and these types of benefits offerings to candidates in job ads and during the interview process can help employers attract top talent to their teams. “Including pay and benefits data in the job postings is a surefire way to increase the number of applicants to a position”, he says. “The only caveat is that the pay and benefits meet or exceed the average pay for similar positions in the market.” To ensure wages are competitive, employers can use Monster’s salary tool to quickly calculate average pay for the positions and markets in which they are hiring.
Provide Career Growth Opportunities to Retain High Performers
When it comes to hiring and managing existing workforces, it’s important to provide employees with opportunities to learn and develop within their careers. If there’s not a long-term plan in place, then high-performing workers likely won’t stick around for the long haul. This is especially true for younger, Gen Z workers and recent graduates—43% of whom said they would quit a job that didn’t offer opportunities for growth and advancement.
“Employers should highlight growth prospects in job postings and interviews,” says Norbert Marek, people and culture partner at HR Hints. “Providing a clear path for advancement can help attract ambitious individuals looking for long-term growth. Employers can also support their workers’ learning and development by offering mentorship programs, creating personalized development plans, providing access to training resources and courses, and fostering a culture of continuous learning. These initiatives demonstrate a commitment to employee growth and development, which can lead to higher job satisfaction and retention.”
Additionally, Leverant says, “Upskilling is another way to do this. By offering real, tangible opportunities for your employees to develop new skills and enhance the skills they already have, they build stronger ties to your organization. It helps with attraction, engagement, and retention.”
Ramp Up Hiring Efforts to Tap Larger Candidate Pool
Despite New Year’s resolutions to find a new job, Monster poll data suggests that the beginning of the year may not be the best time for employers to hire. At least that appears to be the case this summer, with the majority of workers saying they are more likely to look for a new job now than they were at the beginning of the year. In fact, 83% of poll respondents said they are actively looking for a new job, with monthly job search activity up 2% on Monster in June.
“The winter is expensive for the majority of workers,” says Gareth Whyatt, co-founder of The Sterling Choice recruitment firm. “Not to mention, the dreaded January month when most people are trying to get over the added financial weight from Christmas spending. Generally, by summer, people are feeling more positive, the weather has improved, we are all feeling good. Companies need to make the most of this time. Moving jobs is a huge decision and one that some people will only make five times in their lives. Companies need to be active in the job market when the population is happier and more open to options. Studies have shown that despite the classic ‘new year, new me,’ spring and summer is a time that psychologically we are more open to change and growth.”
For employers who are ready to hire today or are taking a wait-and-see approach, Monster has the tools and expert advice to help manage recruitment in today’s uncertain market. Download Monster’s latest eBook, Confident or Cautious: What is Your Recruitment Strategy for Managing in Uncertainty? to better understand what candidates want from employers and how to navigate today’s hiring landscape.