From the Desk of Kristin (Sudina) Freitag – How this Search Firm in Baltimore is Navigating Hiring for the Year Ahead
By Kristin (Sudina) Freitag – Senior Search Consultant, Real Estate & Financial Services Practice
“I started my recruiting career in 2005 when I worked for my father at his firm. These were the days when Monster.com and CareerBuilder were among the top online resources for the industry. LinkedIn was nowhere near as big as it is today, and salaries, especially for entry-level roles, were much lower. When the recession hit in 2008, I realized this was not a totally new experience for me since I grew up with a father who was always so in tune with the highs and lows of the job market.
After taking a hiatus from recruiting to work for some exciting brands in the region, I returned to my passion this past year as a Senior Search Consultant for Financial Services at CSP. The chatter among the industry, clients, and job candidates about the job market takes me back to 2009. While we are not in the same place we were back then, I can make some assumptions on what to expect in 2023 based on my experience living through many different job markets and recession periods.
Layoffs
Q1 layoffs are a big topic right now. Some experts believe the pandemic continues to impact the job market as some industries still experience layoffs. However, others are growing, and companies have roles to fill. We see that firsthand at CSP as we partner with firms to place candidates. The processes for filling those roles and the timelines may change, but the opportunities are still there.
Hiring
With that said, I believe hiring will slow down a little. The market was so volatile in 2022, it needs to come back to “normalcy” to some extent. The process of filling roles will focus on necessary positions while holding off on some that may not be an urgent need. I think we’ll see this slower gradual process for Q1-Q2 and hopefully, by the summer hiring will get back to normal.
Inflation of salaries
An area that is so interesting is the shift in salaries over the last decade or so. Salaries have become so inflated, especially for entry-level roles, which can impact companies that are hiring.
There are many contributing factors to salary inflation, from demand for talent in specific professions, to cost of living, competition and inflation. I’m interested to see how salaries, especially for entry-level roles, will pan out in 2023. I encourage candidates to research salary ranges and negotiate based on skills and experience and not get caught up in the inflated numbers they may be seeing on public job posts.
How to successfully approach 2023
There is so much opportunity for job seekers. With a new year approaching, this is an exciting time when companies are finalizing new roles and opportunities. Yes, the market could dictate specific actions, but that should not create fear or paralyze candidates from going after a new opportunity that is a good fit for them.
I tell candidates to stay informed about the job market in their field and be prepared to adapt to changes as they occur. Keep job search skills and a resume up to date, even for those who are currently employed, so that they are prepared for any potential job opportunities that may arise.
Companies should stay the course but also be proactive in hiring and managing the changes that come in the new year. Focus on what’s best for the company, do the right thing, and usually, everything will fall into place.
And lastly, lean on partners like our team at CSP. We’re experts in our fields and can shed light on what the industry is seeing when it comes to candidates, hiring trends, salaries, and more. Don’t hesitate to contact us to talk about growth strategies in the new year.”