How’s the 2023 Job Market?

Jan 6, 2023

Posted by: Jason Kroll, Co-CEO & Co-Founder, BANKW Staffing

Jason KrollHaving been in the staffing industry for over 20 years, whenever we are in an extreme market or talks about a recession surface, I am frequently asked “How’s the job market?”  It is usually followed by lots of questions concerning whether companies are hiring or if there are any candidates available to hire – all depending on the news cycle.

I will try my best to give an objective answer to this question amid what, for many, is a very emotional and uncertain time. Contradictory and befuddling news seems to be coming at all hours of the day.

The Job Market Breakdown

As of the just released jobs report (December 2022 data) US unemployment is 3.5% which is well below the 5% standard of full employment.

The baby boomers are still retiring, however they are retiring later than in previous years. For men, the retirement age has risen three years over the past three decades from the age of 62 in 1992 to the current average of 65. The retirement age for women has increased slightly more than that.  In 1992 the average retirement age was 59 for women and that has increased to 62+ years of age now.

Although there are many indicators pointing to an upcoming recession, there is still no assurance that we will have one.  Or if we do have a recession how deep it will be.

Since Covid many employees have had career epiphanies that have taken them out of traditional corporate career paths, in some cases moving to temporary or gig work, and other cases, making many moves in a short period of time to find job satisfaction.

There is no doubt companies are examining head count and productivity.  They have become more selective in who they hire and have cooled off on major compromises to schedules and perks. Large tech companies have dominated headlines on scaling back and driving productivity. Put plainly, companies are striving to do more with less.

So What Does it All Mean?

If you take these facts coupled with anecdotal evidence from client feedback, I believe 2023 will continue to have strong demand for talent. We enter the year with low unemployment coupled with baby boomer retirements and a Covid economy hangover that has disrupted traditional corporate succession planning.

This combination of labor supply shortage will keep pressure on businesses as they compete for talent. We will probably see a continued move towards variable or temporary/consulting hiring. This trend is well documented and will expand as companies continue to need help while instituting caps on head count.

We will continue to see a more balanced hiring process where companies and candidates will need to compromise together. As companies watch productivity, we are likely to continue to see movement away from remote work.  My sense is most will land on hybrid schedules for most employees.  Finally, while the interview process will be harder, more selective and longer, I believe the demand will continue to be strong producing opportunities for companies to onboard great talent in 2023.

About BANKW Staffing

Through its portfolio companies, KBW Financial Staffing & Recruiting, Alexander Technology Group, The Nagler Group, Sales Search Partners, and KNF&T Staffing Resources, BANKW Staffing, LLC is the leading regional provider of temporary and direct-hire staffing services in the areas of finance, accounting, information technology, office and administration, legal, human resources, and sales.

BANKW Staffing companies have received over 100 awards for rapid growth, business excellence, and workplace quality. Recognition includes Inc. 500, Boston Business Journal’s “Best Places to Work” and Business NH Magazine’s “Business of the Year”.

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