- Recently, Indeed and Glassdoor came out with their 2023 Hiring & Workplace Trends Report — which highlights the current labor market trends as well as insights into the future of work.
- This report highlights five key labor market trends that will most likely withstand a potential recession.
- Cory Stahle, Economist at the Indeed Hiring Lab, told Allwork.Space that job seekers are placing a lot of value on finding remote work and are willing to change jobs to work remotely.
Amidst serious economic uncertainty, workers are wondering about the stability of the job market in the years to come.
Recently, Indeed and Glassdoor released their 2023 Hiring & Workplace Trends Report — which highlights current labor market trends and features insights into the future of work.
The report found that “there will likely be a persistent tight supply of workers for years to come in key economic sectors. Without sustained immigration, an increase in labor productivity, or a focus on attracting workers on the sidelines of the labor force, many industrialized countries will continue to see a tight labor market.”
Indeed and Glassdoor’s multi-country report has highlighted five key labor market trends that will most likely withstand a potential recession.
Here are the five trends:
- Tight labor supply will continue to impact hiring. Changes and shifts within the population will mean that workers will continue to be able to ask for workplace change. As labor supply issues persist, hiring will still be challenging in some industries for the near future.
- Remote work isn’t going away. Remote and hybrid ways of working are incredibly popular with the working population, and they will continue to thrive where they’re an option for workers. This will also affect the estimated two-thirds of occupations that do not allow for remote work, because employers will struggle to attract workers for in-person roles.
- As workers seek higher pay, benefits can set employers apart from each other. Employees are beginning to prioritize certain benefits much more. Employers are also listening and making changes; between 2019 and 2022, the percentage of low-wage sectors offering paid time off as a benefit increased from 17% to 34%.
- Happiness and wellbeing are becoming more important. Company culture is becoming more important to the process of attracting and retaining workers. Bolstering company culture is a valuable strategy for employers to separate themselves from competitors.
- The changing workforce is moving DE&I to the forefront. As employees express that they increasingly and deeply care about diversity, equity, and inclusion (DE&I) initiatives, they will remain top of mind within the workplace. In a recent survey, nearly two-thirds of workers said they would consider turning down a job offer or leaving a company if they did not think that their manager supported DE&I initiatives.
Glassdoor Chief Economist Aaron Terrazas,said in the report, “the past two years have pushed people leaders to the forefront of their organizations as executive teams around the world grapple with how to motivate and retain teams in a quickly-changing and increasingly volatile world of work. Rising to the challenges of tomorrow’s workplace requires a more anchored approach to understanding the full range of employees’ wants and needs.”
Cory Stahle, economist at the Indeed Hiring Lab, told Allwork.Space that job seekers are placing a lot of value on finding remote work and are willing to change jobs to work remotely.
“We found that 16% of women listed finding a work-from-home job as their primary motivation behind wanting a new job — which was second only to desire for higher pay,” Stahle said. “Men also noted a strong desire for remote work, with 11% citing it as their main reason for searching. Strong employee interest in remote work suggests that employers who insist on a return to the office may struggle to retain workers who want to work from home — especially in the current labor market where job postings remain elevated.”
