HIRING TRENDS
AND INSIGHTS
What to expect in the coming year
Market Insights
In the past year, we have seen salary increases across the board. This is due to a tight labor market, inflation, and the rising cost of living. According to The Conference Board, the US economic growth is projected to slow over the coming year stating, "Annual growth in 2022 should come in at 2.0 percent (year-over-year) and we expect growth of 0.6 percent (year-overyear) in 2024. This downgrade comes as inflation readings continue to register multidecade highs due to elevated demand colliding with supply constraints." Talent shortages will likely continue into 2024 and more than a third of businesses don’t expect labor shortages to abate until 2024 or later, according to the National Association for Business Economics. Staffing Industry Analysts have found that the most common ways companies have dealt with this has been by raising pay rates and allowing for remote work flexibility of contingent workers.
Hiring Trends
In 2024 some of the top trends we'll likely see are the continuation of remote and hybrid work options, emphasis placed on work-life balance and employee's emotional well-being, companies implementing greater data security and protection, and increased freelance and gig workers. In order to compete with the tight job market, companies are also offering perks. Not only are these perks a way to attract and retain talent, but these fringe benefits are also a way of reinforcing their company values and culture. ZipRecruiter has looked at the Top Ten FastestGrowing work perks since the pandemic and found them to be sabbaticals, signing bonus, remote work, fertility assistance & new baby benefits, pet insurance, mental health & wellness benefits, vacation stipend, pay on-demand, birthdays off, and volunteer PTO.
Sources:
Economic Forecast for the US Economy (conference-board.org)
Staffing Industry Report Webinar - June 2022
“April 2022 Business Conditions Survey” report by the National Association for Business Economics
ZipRecruiter The Job Market Outlook for Grads