How Do You Think Budgets for Talent Will be in 2023?
By Jeff Altman, The Big Game Hunter
LinkedIn referred to an article on BusinessInsider called, “Here are 5 tips for job hunting in a slower economic environment — even a recession.” The correspondent wrote, “The economic news seems to get worse by the day. Inflation is rampant, layoffs are on the rise, and the stock market is in the gutter. Looking at these factors in isolation, you might think it’s a terrible time to look for a new job.
Yet other numbers tell a different story. There are roughly two open jobs per every available worker, wage growth is strong, and the quit rate — the number of workers voluntarily leaving their jobs — remains at near-record levels.
“The job market is still really good,” Anthony Klotz, a professor at the UCL School of Management, told me.
Still, many experts, Klotz included, acknowledge that the going could get harder for job seekers in the coming months if the economy slows and more companies institute hiring freezes.
I replied, “Right now, calendar year businesses are working on their 2023 budgets right now and finalizing them in October. If you were them, do you think they will propose adding to headcount? How do you think the CFO will respond to new projects in this economy? Do you think they will be manage risk by adding, freezing or reducing staff? Your answer to these questions will tell you what they will do about hiring.”
ABOUT JEFF ALTMAN, THE BIG GAME HUNTER
Jeff Altman, The Big Game Hunter is a career and leadership coach who worked as a recruiter for more than 40 years. He is the host of “No BS Job Search Advice Radio,” the #1 podcast in iTunes for job search with more than 2400 episodes. He also hosts Job Search TV on YouTube, and Amazon, as well as on BingeNetworks.tv for Apple TV and 90+ smart sets.
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