People often say recruiters are the "canaries in the coal mines". We see the early warning signs in the market. Recently there have been many LinkedIn posts by in-house recruiters announcing their termination. This is happening at an alarming rate. Organizations have over estimated and/or fulfilled their hiring needs. The market is beginning to slow down.
What does this mean for job seekers (in the marketing/advertising space)? Here are a few predictions:
There will be a reset on salaries. The average salary in 2021 was approximately 20% higher than the salary for the same job in 2019/2020. Some companies will re-evaluate salaries for existing, long-term employees to increase them to match new hire salaries. Alternatively, some companies will eventually "let go" of new hires who they feel have been over compensated and are not delivering to their salary level.
There will be a reshuffling of internal teams. Organizations are close to hitting their hiring budgets but still have unfulfilled needs. Since many people have been wearing a million hats over the past year, roles will morph and new ones will emerge. Unfortunately, that also means some will disappear.
Teams will continue to be over extended however, many companies recognize this and will implement tactics to mitigate burn-out and focus on mental health.
There may be a hiring freeze in 2023.
We would love to hear your thoughts! Get in touch to talk with any of us about the market, hiring conditions and how we can help!
This article is based of an original LinkedIn post by Jennifer Morozowich