The annual report uncovers key insights into how organizations attract, hire and retain talent
Criteria, a talent success company dedicated to helping organizations make evidence-based talent decisions, released its fifth annual Hiring Benchmark Report. Every year, Criteria surveys hiring professionals from across all industries to learn more about how they attract, hire, and retain their teams.
The report explores the state of hiring in 2022, a year marked by turbulent and often contradictory economic factors. From the Great Resignation and Return-to-Office (RTO), to record inflation and a looming recession, the hiring market has been anything but simple.
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Criteria surveyed 500+ hiring professionals to understand how these factors have impacted the world of hiring. Key insights from the report include:
1. Hiring professionals are remarkably optimistic about the future.
Flouting all expectations, the survey respondents expect 2023 to be prosperous. An astounding 78% of hiring professionals believe that their company will experience growth in 2023, while just 2% expected a decline.
2. Hiring demand may level out next year, but budgets are increasing.
On average, hiring professionals predict that they’ll hire 3.9% fewer people next year than this year. However, they also predict that their HR budgets will increase by 7.4%.
3. Only 28% of organizations have talent mobility programs. Those that do are less likely to experience major turnover issues.
Hiring professionals who work at organizations with defined talent mobility programs were less likely to say that their organization is experiencing major turnover this year.
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4. 54% of organizations are returning-to-office (RTO). And it’s also linked to higher turnover.
Organizations that are requiring RTO are more likely to have experienced major turnover this year. Plus, companies that operate mostly remotely are the least likely to be experiencing major turnover issues – 9 percentage points less likely than hybrid companies and 15 percentage points less likely than companies that are operating mostly in-person.
5. Employers think money is most important to candidates. Candidates disagree.
There’s a mismatch between what candidates want in their next role, and what hiring professionals think they want. Candidates prioritize work-life balance and advancement opportunities the most, while hiring professionals disproportionately think that candidates care the most about compensation.
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