Beth Monroe’s 2023 Predictions
Four business takeaways from Beth’s 2022 holiday gatherings that have absolutely nothing to do with food, travel, gossip, or gifting!
I’ve reveled in the reemergence of a party season this year! Guests want to engage, trade stories, ask questions… socialize. And because JustinBradley’s business focuses on careers and employment, much of my conversational curiosity centers on the job market, inflation, recession concerns, and a return to the office. There’s nothing like a little on-the-(party) ground 2023 surveying to get the lay of the land.
Like other executives, I’m following the economic data and anticipating 2023 outcomes. JustinBradley’s CFO clients are paying attention to all factors before making changes in their business – especially as it relates to staffing and retaining talent. Here are a few of the common themes I’ve heard over the last few weeks as I’ve been out and about:
- The National unemployment rate is hovering around 3.7 % (DMV 3.1%). While Tech has been hit hard by layoffs, our client companies are still struggling to get to an optimum level of finance accounting, and other business-professional talent. The focus for CFOs as recession fears loom for first quarter 2023, in consultation with their CHRO, is to “cut costs, but not people”.
- Although there’s a push for company/organizational staff to return in person to the office beginning in January 2023 (September’s 2022 push wasn’t widely successful), our discussions with job candidates indicate that a flexible remote work policy can (still) put your opening in a more favorable light – and that candidates are willing to make tradeoffs to get that flexibility. JustinBradley recruiters encourage clients to remain open-minded in 2023 for at least partial work-from- “anywhere” options, as it will showcase your company as a people-first employer.
- At the same time that organizations prepare for a potential recession by cutting costs, they are reacting to persistent inflationary and labor market pressures by ratcheting up targeted 2023 staff pay raises to 4.6% (Q4 Willis, Towers, Watson survey). Financial executive offers in the DMV during the last year have also included highly competitive base salaries, along with sign-on and retention bonuses, equity, and other long-term incentives. Expect top candidates to negotiate strongly, a trend we anticipate continuing in 2023 as more senior executives retire or move cautiously to new opportunities. An experienced search firm (like JustinBradley) can help you navigate the offer process with selective candidates.
- Lastly, Staffing Industry Analysts reported this month that 39% of the US workforce (60 MM Americans) are freelancers – with top reasons cited as financial gain, flexibility, and control as people evaluate their priorities and values around work. To cover all avenues toward top talent, consider an interim professional for your next project or full time opening. If they are a good fit, you may entice them to join your organization. JustinBradley has provided project-based business professional talent to clients in 26 states – we’re happy to answer any questions you might have.
Like every new year, what challenges and opportunities await us in 2023 are uncertain. What I can say with certainty is that all of us at JustinBradley are wishing you and your organization great health, success, and happiness. I’d enjoy hearing your thoughts about 2023 – and encourage you to reach out.