It is no secret that hiring slowed down at the beginning of 2023 as we watched layoffs increase. Companies held back their need to bring in talent due to the uncertainty of the economy. Words like recession and hiring freeze were buzzing around. This was a stark difference compared to the prior years when hiring was booming after recovering from the pandemic. However, the fourth quarter may have a brighter outlook. Previously in March, it was predicted 35% chance that we would be faced with a recession. That number has since decreased to 15%. It is not completely out of the water, but the outlook is more hopeful. Studies are showing that despite the potential threat of economic uncertainties, companies are planning to hire. However, these hires will likely be strategic and measured. There will also be a push to upskill talent with a focus on training and investing in employees.
Investing in people can take two routes; making the investments to bring in new people or making the investment into current employees. Both can have positive outcomes for employee morale. Bringing in new talent can improve processes. If there is a role that has been sitting vacant, who has been picking up the responsibilities of that role? Filling vacancies can relieve the employees who have been picking up the slack and allow them to better focus on their own role. Investing in current employees is a great way to boost morale and improve company culture. Making the investment in upskilling and training people can also increase employee retention. This can make the hiring market more competitive.
Make the most out of Q4
If you are a hiring manager, consider the benefits that come with hiring in the fourth quarter. Thinking financially, this could be a way to use the remaining budget. While the holidays can make scheduling difficult due to its busy nature, it can also have its benefits. Scheduling interviews may be easier for employees needing to take time away from work and it may be less conspicuous. Onboarding for new hires will also be done before the start of the new year allowing them to jump into the first quarter up to speed and able to hit their goals.
If you are a candidate, think about your career goals, even if you are passively looking. Decide what an opportunity would need to offer for you to make a move. Take this time to do some upkeep on your resume and LinkedIn page. Make sure they are up to date and make any necessary improvements.
If you are planning on staying within your current company, start a discussion with your manager. Ask for feedback and express your desire for growth. Communicate your goals and discuss projects that you can take on to reach those goals. If your company is investing in its people, take advantage of those opportunities to upgrade your skill set.
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