The Unpredictable Journey: A recap of 2023
What does 2024 have in strore for hirers and jobseekers?
In 2023, the anticipation of a return to complete normality proved elusive, casting a shadow of unpredictability regardless of location or profession. From a recruitment standpoint, the year unfolded with a cascade of setbacks, causing downsizing, pauses, and closures of businesses large and small. Personally speaking, hearing the conclusion of someone’s aspirations is always disheartening, especially considering the diminished opportunities for those transitioning from education.
Key factors of 2023, but not limited to:
Cost of Living: Global inflation has impacted incomes universally, with varying degrees of severity in different countries, diminishing the purchasing power of earnings.
Closures & Redundancies: Numerous industries experienced a standstill in global business, leading to the cessation or postponement of pay raises and growth.
Interest Rates: National banks universally raised interest rates, albeit with exceptions. Even exempt countries felt the reverberations of the global economic climate.
Media Landscape: The media landscape portrayed an absence of positive news, emphasizing challenges over triumphs. Sarcasm aside, certain industries thrived, proving that “profit” is not a dirty word.
Growth: Investor apprehension in 2023 impacted financial support for headcount, research and development, and competitiveness.
Conflict: Unfortunately, global conflicts and escalating wars persisted, adding to the prevailing challenges.
Reflecting on the past, the year 2019 seems comparatively serene. While news outlets typically spotlight societal and global challenges, some industries, technological sectors, and nations have defied the negative trends.
Looking ahead, one can’t help but hope that 2023 has revealed its cards, paving the way for a more predictable 2024. Though specific challenges may persist, stability and predictability remain crucial for consumer and business confidence. Despite tighter financial constraints, the human drive for growth and achievement endures.
As we approach 2024:
What I hope happens:
Positive global news, a drop in inflation to 0-2%, reduced lending rates, and heightened confidence among CFOs and business owners could ignite an economic drive for growth. Therefore green light on numerous recruitment programmes and drives!
What I believe is more realistic will happen:
Positive news gradually filters in renewed confidence, and businesses fortify financial reserves in preparation for future investments. Expected hiring peaks during the usual peak months with the 2nd half of the year being far better than the 1st half. But all in all, far more measured but still a significate increases in comparison to 2023.
In conclusion, maintaining perspective is crucial. Change, whether for better or worse, is a constant in life. In the realm of recruitment and personal decisions, seeking change when necessary and hiring when it makes sense is key. The resilience learned in the past five years emphasizes that tough times impart strength and wisdom, so we have little to actually fear. As we move forward, embracing change without panic and focusing on delivering results will remain the guiding principle.
For more insights and discussions on recruitment and career development, feel free to connect with me on LinkedIn under “Wesley Plumb.”