Workday Hiring and Talent Trends Report

Workday Hiring and Talent Trends

Introduction

• Year 2023 Overview: The pendulum swung from "great migration" to "big stay," with voluntary turnover decreasing and involuntary turnover increasing.
• Market Conditions: Fewer job openings and internal promotions, but longer service lengths and fewer job requisitions.

Key Findings

• Hiring Trends:

  • Job Requisitions: Decreased by 13% in 2023 compared to 2022.
  • Job Applications: Increased by 32% in 2023 compared to 2022.
  • Offers and Agreements: Decreased by 9% in 2023 compared to 2022.

• Skills-Based Hiring and Planning:

  • Partnership: Greater collaboration between talent acquisition and management teams.
  • Internal Mobility: More Centers of Excellence for internal mobility programs.

• Flex Work:

  • Benefits: Companies are exploring flexible work arrangements to retain employees.

• Manager Enablement:

  • Impact: Developing strong managers significantly enhances worker productivity and engagement.

• Challenges:

  • Talent Abundance: Moving beyond talent scarcity mindset.
  • Economic Uncertainty: Navigating long-term effects of the pandemic and economic instability.

Detailed Trends

• Industry-Specific Data:

  • Healthcare and Public Sector: Saw steady, rapid growth in job requisitions.
  • Retail: 7% decline in job requisitions, showing recovery.
  • Financial Services: 7% decrease in applications, but still top five in demand.
  • Lowest Application to Requisition Ratio: Transportation, manufacturing, and public sector saw significant gains.

• Monthly Data:

  • Job Requisitions: Decreased from 4 million in January to 2 million in December.
  • Job Applications: Increased from 30 million in January to 284 million in December.
  • Offers and Agreements: Decreased from 25 million in January to 22 million in December.

• Global Hiring Resilience:

  • Decline in Requisitions: -6% globally vs. -15% in the U.S.
  • Increase in Applications: +49% globally vs. +26% in the U.S.

Case Studies and Recommendations

• Engagement and Retention: Companies are focusing more on retaining existing talent.
• Strategies: Skills-based hiring, internal mobility programs, flexible work options, and manager development.

Conclusion

• Stabilization and Growth: Hiring may stabilize and potentially see an upward trend in 2024.
• New Focus: Retention is becoming the new recruiting strategy due to the current market conditions.