What To Expect In Recruitment & Executive Search In 2023

The last 3 years have shifted the way we work and how people view what they do. In the SaaS and FinTech sectors, there have been some real changes in the way people work and their expectations from their employers. The sectors were not shielded from the ‘great resignation’ and companies had to work beyond expectations to attract, keep and support their people, mostly from afar while people worked remotely.

New perspectives on work have shifted due to the pandemic and new economic changes such as the war in Ukraine and the cost-of-living crisis. Most workers say the pandemic made them realize there are more important things in life than work (89%), that they’re rethinking the qualities they look for in an employer (70%) and have increased the expectations they have for how their company supports them (76%).

What employees want is much more of a focus now, and the candidate-driven market has forced companies to be more flexible and accommodating to get key players onboard. Those which haven’t evolved are now likely struggling.

UKG conducted a study based on a 10-country survey of employees, C-level leaders, and HR professionals and found that

76% of employees have increased expectations for how their company supports them

70% are rethinking the qualities they look for in an employer

78% think their company owes them more than just compensation

What employees want

How do you create purpose and trust?

What employees want

There are two words which should be considered in 2023. Purpose and Trust.

Great Place To Work research finds people at the best workplaces around the world living in a vastly different reality than the typical employee. They found that with purpose and trust, 88% of employees look forward to work and are more likely to work harder and achieve more.

“People want to work because it gives them dignity and purpose, but the ways they are working and the ways they feel about their workplace culture today aren’t aligned with what they want out of work. People are looking for a job that gives them fulfilment and purpose, especially after three years of living and working through Covid conditions.

— Dan Schawbel, managing partner at Workplace Intelligence (speaking to UKG)

In the report by UKG, 64% of participants said they would be open to switching positions right now. By providing people with purpose and trust, not only are companies likely to keep great people, but they are more likely to grow and achieve their goals when looking to attract and hire new people.

How do you create purpose and trust?

Connect employees to purpose

Leaders must clearly communicate how every employee is a critical part of the overall success and future of the company. Every employee needs to know the goals of the company and be provided with transparency and regular updates on progress and milestones. Without these updates, it’s hard for employees to feel included in the overall success, making them feel disconnected from the business.

Give employees the feeling of being heard

Listening to employees is the only way you can find out what they want and need. You can’t make effective changes without knowing what to change. When people feel heard and the right changes are made, it gives a feeling of empowerment and importance. It also contributes to your culture and overall feelings of trust.

Encourage people to take time off, disconnect, and recharge

85% of global employees say they don’t use all their allotted time off each year, and 14% rarely or never take time off. People need to be encouraged to disconnect to rebalance to feel happy and healthy at work and outside of work.

C-Suite in 2023

We’ve previously spoken about the well-being of the c-suite, however, new studies are showing just how unhappy c-suite individuals are. 40% of C-level leaders in the U.S. say the stress from their work is so immense they’ll likely quit within the next 12 months, and 33% say they “don’t want to work anymore.

The report goes on to state that the pandemic could be to blame due to a more dispersed workforce and how it has impacted employee and customer behaviours.

With the rise in c-suite resignations, new c-suite hiring will see a rise in people-focused leaders who are adaptable and growth driven.

Summary

• Employee expectations will continue to increase and there will be an increased need for trust and purpose in the workplace

• Employers need to adapt to the new ways of working and care for their employees to avoid losing them.

• Companies need to continue to nurture their culture and listen to their employees to not only retain their current ones but also attract new ones if they want to grow and succeed.

• Companies will require more people focussed leaders for their c-suite positions, who are adaptable and growth driven.