Prediction by Peter Petrella
Practice Leader, Executive Search, TalentRise
Talent Rise provides executive search, leadership coaching, and talent consulting firm for companies experiencing periods of growth, change, and transformation. Talent Rise joined Endeavor Western New York in 2020.
Strong, competent leadership is the foundation of all successful businesses, and startups and high-growth companies are certainly no exception. However, in today’s highly competitive talent market, employers are struggling to find and secure the executives they need to scale quickly and effectively. To attract and retain top talent in 2023, businesses will need to take additional steps to set themselves apart from the many other employers competing for candidates.
A record high number of Americans left their jobs in 2021, citing low pay, no opportunities for advancement, and feeling disrespected at work. But by now, many of those individuals have found employment elsewhere. And with concerns about the economy hanging over workers’ heads, they may be less inclined to make another career change and instead will opt for the stability and security of their existing jobs.
On the other hand, workers who are comfortable taking on new roles will be looking for highly competitive pay and benefits, as well as an organizational culture that matches their personal values and professional goals. Coming out of The Great Resignation, we saw employees place greater emphasis on company culture, and we expect that trend to continue.
The labor market will stay competitive in 2023, but companies should resist the rush to hire. Employers may feel pressured to expedite their hiring timelines and act swiftly before a candidate gets scooped up by someone else. But finding the right leaders for your organization takes time—and extending an offer to the wrong person can be extremely costly and set you back even further in reaching your business’ short- and long-term goals.
As you think about your talent acquisition needs in the new year, partner with someone who can guide you through the process and help ensure new hires are aligned with your mission, vision, organizational culture, and the milestones you want to achieve in the new year and beyond. The future of your company depends on it!