Trending in Talent: October 2023 Report
Dive into the currents shaping the workplace accompanied by our seasoned insights and thought-provoking commentary. From buzzworthy hiring techniques to the latest industry shifts, expect our unfiltered take and some bold opinions that challenge the status quo. Let's navigate the future of talent, together.
This month, we’re covering salary caps, the big push for return to office after Labor Day, and the loss of momentum surrounding diversity, equity, and inclusion initiatives.
we need to reprioritize dei
In the wake of the murder of George Floyd and the peak of the Black Lives Matter movement, we saw a significant increase in companies prioritizing diversity, equity, and inclusion (DEI). For the first time (in what felt like) ever, we saw a significant increase in the number of people of color in management and executive level positions, recruiters actively sought out diverse talent, and marketing campaigns featured black and brown people front and center. Fast-forward three years, what happened to this momentum and commitment? At Monday Talent, we see the decline daily. We’re committed to changing this.
Read more for our take on how companies can reprioritize DEI, ingrain this work into the fabric of their business, and make sure we never lose momentum again.
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Say Bye to Sky-High Salaries
In 2021, at the height of the Great Resignation, salaries were at an all-time high due to an employee-driven market. Employers blew their budgets out of the water to attract top-tier talent, and employees switched jobs to get significant pay increases. Fast-forward to now, we are experiencing a decline in sky-high compensation packages and starting salaries for recent grads. Employers are now cutting offers by as much as 40%.* This decline is expected to continue into 2024, with companies budgeting for 3.8% pay increases in 2024 vs. a 4% pay increase, which was the norm in 2023.*
So, how do companies attract talent when they’ve hit their salary caps? Remaining competitive without offering top-tier salaries requires creativity, empathy, and a genuine understanding of what today's workforce values.
We outline ways companies can remain competitive and continue to attract (and retain) talent despite not having the flexibility they once had on base salaries.
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Return to Office, Still trending
While this topic isn’t new, we’ve seen an even bigger push to get employees back into the office post-Labor Day. We now see many companies enforce at least three days per week in the office and some even back to a full 5. However, there is still resistance among employees, as talent continues to require flexibility. In the past 12 months, fully flexible companies grew headcount by 5.6%, whereas full-time in-office companies grew by 2.6%.*
So what’s the solution? The key to overcoming resistance to returning to the office lies in understanding the underlying concerns of employees and addressing them proactively. With empathy, flexibility, and creativity, companies can create an environment where employees are eager to return and thrive. Remember, it's not just about getting people back in their seats, but fostering a space where they feel valued, supported, and motivated.
Dive into our strategies for encouraging employees to return to the office.
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Sources:
*Proof that forcing workers back to the office is backfiring. (n.d.). Fortune. https://fortune.com/2023/08/07/forcing-workers-return-to-office-backfiring-flexible-workplaces-hiring-talent-twice-fast-full-time-attendance/
