2022 has been a journey of ups and downs, highs and lows and pluses and many minuses for the world of HR and recruitment. From mass resigning to bulk layoffs, the tone of the job market has evolved rapidly with strides. From big tech giants laying off thousands of employees to major takeovers from company to company, we are seeing processes, flows and hierarchies changing extremely fast.
However, the market shows that it’s not all layoffs but also many employees handing in their resignations to choose a better opportunity that comes knocking. The accommodation, F&B, retail and professional service-providers are facing maximum employees quitting for better jobs. Many employees are also quitting as they find that working 2-3 jobs and moonlighting pays the bills better than just one full-time job.
While compensation packages are not optimal and benefits aren’t enticing either, the great resignation cycle is running faster and getting larger. According to experts, this impulsive job-switching is not entirely wrong as requirements and needs of every home and person change depending on family responsibilities and lifestyle upgrades. However, as jobs change and work cultures change, many employees tend to feel remorse on leaving their previous jobs birthing the concept of ‘boomerang employees’. Some act on their regret and return to their earlier employers for a familiar working environment and culture. When it comes to layoffs, we only hear of major tech-giants conducting mass layoffs – loud layoffs, in a manner of speaking – because we hear about them. However, there are many smaller-scale industries that are also on a firing spree to save costs and optimize spends.
Moving forward, we can expect higher employee turnover rates due to tempting choices of 2-3 jobs and moonlighting for more money and a comfortable lifestyle. It’s not all doom and gloom, as this phase shall pass too as all things do. Recruiters fill emptier roles, optimization of spends by creating a balance in hiring new talent as well as training existing employees for higher-level tasks. We may still see some layoffs as tech-industry giants are looking to make the dough, but not pay as many people for it. With hardworking staff, they tend to see that having too many people on board may be futile too. Once positions are emptier, they see the need for more – and this merry-go-round goes as it does.
All in all, our industry continues to learn lessons, but along the way we find the right people and the right positions for ourselves. 2023 may yet be an evolving year for us, and we welcome it with open arms and minds.