The last three years have been transformational for the labour market, worldwide, and job seekers and employers alike have had to reevaluate their priorities, wants and expectations of the world of work. To look into the emerging trends, Indeed and Glassdoor have combined their efforts in six countries to produce their first ever 2023 Hiring and Workplace Trends Report. The report found that hiring talent will remain challenging in the years ahead, on a global level, highlighting the influence of a job-seeker market, the appeal of remote work and benefits, and the importance of wellbeing and diversity for workers.
Let’s look at the five emerging trends a bit more closely:
5 Trends Most Likely to impact the Labour Market
Global economic trends have delivered a job-seeker market and, though compensation remains a very important factor, they are likely to consider what else their current or future employers are offering to attract and retain them.
- Tight Labor Supply will continue impacting Hiring: Demographic shifts and aging populations (especially with the share of people over 65 rising in Canada) mean workers will continue to have leverage to demand change in the workplace. Brendon Bernard, Senior Economist for the Indeed Hiring Lab, has delved into the 5 main trends from the 2023 Hiring and Workplace Trends Report and how they are also influenced by the Canadian economic landscape.
- Remote Work is Here to stay: The COVID-19 pandemic forced many to consider working remotely and, as restrictions have eased, many found themselves preferring remote work or at least demanding more flexible arrangements. The possibility of remote work has become an attraction tool for many employers with mentions being almost four times higher in job postings on Indeed than before the pandemic.
- As Workers seek Higher Pay, Benefits can set Employers Apart: The benefits employees prioritize are shifting, and an Indeed Job Search Survey found that 20% cited better benefits as motivation to search for a new job; aside from pay, paid time-off in lower wage sectors and access to mental health support have been increasingly popular.
- Happiness and Wellbeing matter: Retaining workers is more important than ever in a tight labour market. Company culture has proven valuable in both attracting and retaining employees. Getting a better understanding of employees’ wellbeing – with surveys and tools such as the Indeed Happiness Score – can be used as a strategy for employers to stand out from the competition.
- The Changing Workforce is Pushing Diversity, Equity & Inclusion to the Forefront: Diversity, Equity, and Inclusion (DEI) will remain top of mind as employees continue to care deeply about these initiatives, even in a hybrid workplace. Canadian employers are offering more DEI benefits, such as employee resource groups, diversity training, and mentoring programs.
No one can claim to know the future for certain, but data from platforms such as Indeed and Glassdoor – which track developments in job-seeker and employer behaviours in near real-time – provide data to support insights telling us that the pandemic has reshaped the world of work and that the above trends are here to stay and will influence to job market in the coming years.