In this article, we discuss:
The labor landscape might as well be a tale of two cities.
Layoffs and hiring slowdowns tend to dominate the discourse on the economic outlook, but that isn’t putting a damper on what’s considered a strong labor market. The job market at the beginning of 2023 was stronger than expected, and the unemployment rate remains historically low.
What’s more, the delicate balance of labor supply and demand depends on the industry, an insight reflected in anonymized data from the Workday platform. For example, retail and manufacturing were the top industries with the most job requisitions in 2022, and the highest volumes of job applications were submitted to retail and financial services. Healthcare and education were among the lowest job applications per requisition.
Now put that backdrop against the high expectations of job seekers and the acceleration of skills-based hiring, and the new challenges for talent acquisition leaders are many. But change will be for the better.
After all, the future of work is about adaptability. Defining what that adaptability looks like in talent acquisition will take fully comprehending how the world has changed and embracing the technology that enables thriving in that change.
Candidate Experience Is the First Touchpoint for Employee Experience
Despite the mixed-signal economy, the labor landscape is still a job seeker’s market.
And after being in the driver’s seat for so long—as reflected in the past couple of years with the “Great Resignation” and “quiet quitting”—higher expectations around the candidate experience have become permanent.
The candidate experience starts before a candidate even applies for a job. It begins with the initial marketing and engagement outreach between the candidate and company to explore their goals and learn about new job opportunities. From there, the candidate experience continues through the recruiting process, including when candidates apply for the job and interview, the communication at all stages (even when a candidate is rejected), and staying in touch as new opportunities open up.
Job seekers are using the candidate experience to gauge workplace culture, a top consideration in the job search. If at any time the candidate senses a red flag that signals a workplace isn’t the right fit, job seekers aren’t afraid to “ghost” the recruiting process. What’s more, job seekers who have a negative experience in the interviewing process are likely to post about it online.
All of which makes clear that the employee experience starts long before the hire date, making recruiters a vital first touchpoint.