Conversely, some hiring managers may find themselves trying to rebound after reactive hiring. Throughout 2021 and into 2022, nearly 50% of organizations reported a shortage of skilled workers. The job market drain was further exacerbated by how quickly top talent accepted new offers. Prior to the Great Resignation, the typical hiring cycle was 30 to 60 days. At the peak of the candidate-driven market, new offers (loaded with attractive salaries and benefit packages) were being accepted in as quickly as five to seven days. If hiring managers didn’t act fast, the candidate was potentially off the market within a week. There was an overall lack of time to support appropriate due diligence by both the employer and employee. Hence, we anticipate seeing some employee turnover in 2023 directly related to 2021/2022’s frenzied hiring trends. When a new hire is not meeting expectations, managers need to analyze the issues to determine the causes for the underperformance. When hiring under pressure, were critical onboarding steps missed that are now impacting performance?
14 Financial Salary Guide & Employment Outlook 2023
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