Canadian Employers Expect to Face Hiring Challenges in 2023

▤ Summary

Even if efforts to curb inflation are successful and turnover and wages plateau, wages will not return to pre-labor shortage levels.” Despite the obvious risk of hiring less qualified candidates to fill open positions, some people with plenty of hiring experience — the good, the bad, and the ugly — suggest that there could be a potential benefit if certain candidates are motivated by the opportunity to go above and beyond. Commented John DiLullo (2), CEO of the network security company Lastline: “When I reflect on a career of hiring, the candidates that always seemed to perform the best were rarely 100 percent qualified. Perhaps they needed a break, they wanted to stretch into a new role, or were determined to overcome a setback or a disability.” As for dialing back turnover, a recent survey by survey (3) by human capital management software vendor Paycor found that company culture — and not salary/benefits or flexible schedules — was the number one reason that people remained with an organization. However, the one thing your competitors can’t easily duplicate is your company’s culture — its values, beliefs, behaviors, and default attitudes about how and when work gets done.” And as for dealing with the overall labor shortage — which analysts say on a fundamental level is not going to ease up any time soon (5), even with a looming recession on the horizon — a survey (6) by global advisory firm WTW found that the top ways employers are overcoming (or at least, putting a dent) in this major challenge are: • hiring employees at the higher end of salary ranges (86%) • increasing flexibility in where employees work and how they work (84%) • using retention bonuses to keep employees (65%) “Employers are leaving no stones unturned in their battle to find and keep talent,” said Lesli Jennings, North America leader, Work, Rewards and Careers at WTW. Employers can take actions to address these concerns, such as refining their overall compensation philosophy, raising salary ranges and reviewing — or rethinking — their strategy on how work gets done and rewarded.” • Lack of Qualified Candidates and High Employee Turnover Are Top Concerns Keeping Employers Up at Night – GlobalNewsWire • Why you should hire candidates who are “a little bit unqualified” – John Dilullo

▦ Linked Companies

Paycor

$500M to $1B