Is the Great Resignation Over? 5 Ways to Pivot Your Hiring Strategy

The Great Resignation – also known as the Big Quit, the Great Reshuffle, and the Great Reconsideration – that began in the spring of 2021 is now showing signs of easing into the “Big Stay.”

According to iHire’s 2023 State of Online Recruiting Report survey, fewer employers experienced staff turnover in 2023 as well as anticipated difficulty retaining employees in the coming year compared to 2022. Employees also told us they are staying put: 46.6% of job seekers were employed and searching for work, an 18.7% year-over-year decrease.

The U.S. Bureau of Labor Statistics’ latest data also support this – quits decreased by 295,000 in June 2023, with the largest dips in the retail, healthcare and social assistance, and construction industries.

While this doesn’t mean your hiring challenges will suddenly disappear, we are seeing a rebalancing of power between candidates and employers in the market. Here are five recruiting strategies for 2023 to put into action today, now that the Great Resignation is over.

Remain Focused on Retention

Workers are less likely to jump ship or change careers in the Big Stay era, but that doesn’t make your business completely immune to costly turnover. While our survey showed fewer employed workers were seeking greener pastures compared to last year, almost 50% of them are still actively job searching. Regardless of market conditions, you should always treat your current employees well and invest in their professional growth to keep them aboard. This benefits your bottom line as well as your employer brand, which makes all the difference in attracting top talent.

Target Passive Candidates

Advertising your jobs is a must, but only using one channel to find talent will make it harder to hire. Expand your reach by accessing a resume database and contacting matching candidates directly to invite them to apply (use these five free email templates to save time in your outreach).

Tap Into Talent Pipelines

Reach back out to strong candidates who applied for roles in the past but weren’t ultimately hired, or individuals who were previously interested in your company but weren’t a fit for your open opportunities at the time. If you’ve nurtured your pipeline correctly, you already have a rapport with these potential hires and could convince them to consider joining your team.

Lean on Referrals

Referrals are another great source for candidates who may not be actively job searching and never hear about your open opportunities because they aren’t looking. Ask your current employees to spread the word and recommend colleagues who they think might be a good fit. Leveraging referrals can help you hire more quickly and cost-effectively, and employees who refer someone who is ultimately hired will be more likely to stay with your organization as well.

Offer Competitive Compensation & Benefits

While the days of having to woo candidates with big sign-on bonuses may be over, it’s important to remain competitive in terms of your compensation and benefits packages – especially as salary transparency laws become more prevalent. Research salaries by title and location, and find out what other comparable companies in your industry are offering. It’s not always just about money, either; remote work, flexible scheduling, mental health support, and other similar perks became essential during the pandemic and remain popular today.

As the market continues to shift, set yourself up for hiring success by proactively adjusting your recruiting strategies for 2023 and beyond. Download the full State of Online Recruiting Report for additional insights and hiring advice, and explore our Resource Center for more articles, eBooks, templates, and on-demand webinars.