“Overall good. The person I interacted with made me feel like a person and not a number. I was sent in positions that were interesting. I ended up working for a company that I choose not to stay with long term but I stayed in the career. I am still doing that career I randomly fell into through your company seven years ago. Just in a different town and at a different pay scale.”

-B. Baker

The post-pandemic frenzy, when people quit on a whim and there were two job openings for every person unemployed, is no more. That was a one-off. In 2023, less job hopping and fewer counteroffers are likely as the demand for talent and the supply of candidates evens out. Salary rises will be less common, too. Many employers have already increased wages over the past 12 months – a shortfall of talent left them with little choice. So, any pay raises they can afford to award in the future will be marginal.

By all accounts, the year ahead will be interesting. However, I do believe that a 2023 recession is unlikely to cut as deep as the 1990s’ financial crisis because it directly follows the pandemic when the economy reached its nadir. Following that, the only way is up. Employers should be able to avoid wide-scale lay-offs – though some sectors such as tech will buck the trend – and we will see a dulling of the market rather than an almighty crash.

Hybrid Under Threat:

It is also likely that workers who have gotten used to making demands of employers and having those demands met will lose their bargaining power. The market has changed, and employees won’t want to risk rocking the boat. What does this mean for hybrid working, perhaps the make-or-break requirement for jobseekers and employees in 2022? People resigned, turned down job offers, or demanded a higher salary if they weren’t offered the flexibility they craved. But in 2023, will market conditions lead companies to reassess their hybrid working strategy? According to LinkedIn research, business executives fear it might, with 68% worried that economic uncertainty could force their companies to backtrack on some of the flexible working advances made. The concern is that those unconvinced about hybrid in the first place will use a recessionary market to get people back to the office. They may just get away with it now, but it could backfire when the market picks up and affect their ability to attract and retain top talent.

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