As part of their annual Ecosystem Predictions, Endeavor partners with key leaders in their network to gather predictions about what changes may happen over the next 12 months and what innovations may help foster sustainability and adaptability.
To start the 2023 series, TalentRise’s Executive Search Practice Leader, Peter Petrella, shared his predictions around talent attraction and retention and the labor market trends impacting growth stage companies.
Leadership needs: Competent leadership is the foundation of a successful business. In today’s highly competitive talent market, startups and high-growth companies struggle to find and secure the executives they need to scale quickly and effectively. To win out and differentiate from their competitors competing for the same talent, in 2023, companies will need to take additional steps.
Talent retention: In 2021, a record number of workers left their jobs due to low pay, a lack of advancement opportunities, and feeling disrespected at their organization. These employees have now found employment elsewhere. Because of current economic instability, these workers may choose the stability and security their current job provides over making a career change in 2023.
Talent attraction: Employees who do seek new employment will be searching for highly competitive pay and benefits at a company with a corporate culture that aligns with their personal values and professional goals. Peter states, “coming out of The Great Resignation, we saw employees place greater emphasis on company culture, and we expect that trend to continue.”
The labor market: Even though the labor market will remain competitive this year, organizations should take time to ensure they don’t make costly “mis-hires.” Peter explains, “employers may feel pressured to expedite their hiring timelines and act swiftly before a candidate gets scooped up by someone else.” He continues, “but finding the right leaders for your organization takes time—and extending an offer to the wrong person can be extremely costly and set you back even further in reaching your business’ short- and long-term goals.”
View the full article here.
As you plan and strategize your company’s 2023 talent acquisition needs, visit the TalentRise website to learn about our unique executive search approach to secure top talent for C-level and other management positions.
Interested in learning more about Peter? You can connect with him on LinkedIn.
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