Despite economic frustrations like inflation and hiring reticence from some sectors, the job market remained steady in Q3 and is forecasted to continue through the rest of 2023.
The U.S. Bureau of Labor Statistics reported that 336,000 jobs were added in September — nearly doubling what economists predicted, according to The New York Times. In fact, last month’s numbers showed the most job growth this year since January. The national unemployment rate remained unchanged at 3.8%.
LinkedIn’s Senior Economist, Kory Kantenga, notes that one of consumers’ most pressing concern — inflation — is on a bumpy, downward path, helping to raise the overall economic outlook as we move into the New Year.
Still, it’s a balancing act for employers and job seekers in Q4, as both have different motivators influencing their hiring and employment decisions. We share both outlooks in our Q4 accounting and finance employment forecast.
Staffing as a whole has declined in 2023, specifically in the areas of human relations, accounting and finance. But, according to Kantenga, he believes the most pain in this area should be behind us and an uptick in temporary workers being added to payrolls is expected.
What does that mean for companies? The battle for top talent remains in full effect. One impactful tool: salary transparency. Providing this information in a job advertisement is more likely to entice top performers to engage with the role, as pay remains a key motivator for job seekers in today’s climate. Employees want to feel empowered by their career decisions, so starting the working relationship on open, even footing sets the tone for the future company dynamics.
The battle for top talent remains in full effect. One impactful tool: salary transparency.
Another successful tactic is rethinking the type of candidates company’s are considering when evaluating potential employees. Many hiring managers are turning to a skills-based hiring approach to combat a limited talent pool and establish a more equitable workforce, but in a recent ZipRecruiter survey, there are still three important areas that are lacking: time management, critical thinking and professionalism. Review this interview guide to help get the right person in the seat.
Even with some economic uncertainty from both employers and job seekers, most recruiters consider the labor market to still be candidate-driven. In a recent survey of tech agency recruiters, 31.2% of recruiters expressed optimism for the job market in Q4, with 64.7% believing candidates still have the upper hand.
Job seekers should continue to evaluate career opportunities based on what matters most. Successful companies are including salary ranges in their job postings, as well as showcasing hybrid work arrangements to cater to employees’ desire for financial security and flexibility. Leverage interviews to discern if a company — not merely the role — is an ideal fit. Or, simplify the job search process in its entirety with the assistance of a recruiter to maximize your results for a faster, more successful job match.