Four months into 2023, and employers and employees have already faced waves of layoffs, hiked interest rates and further economic uncertainty — but it seems business leaders haven't lost hope just yet.
Hiring software company Greenhouse surveyed 300 CEOs on their outlook for 2023, and found that 84% are optimistic about their economic success for the latter of the year, with a majority of leaders actually looking forward to seeing their company grow despite recent setbacks. This may come as a surprise, given the sweeping layoffs by big-name companies over the last few months, but Greenhouse's survey underlines a vital theme that has persisted since the start of the pandemic: talent is key.
The unemployment rate remains low, at just 3.5%, despite concerns that a recession is either coming or already here; the labor market is still tight. Ultimately, businesses cannot expand and succeed without the right talent, and CEOs know this, explains Daniel Chait.
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"For the first time, we could enter and exit a recession without a major increase in unemployment," says Chait. "Our research shows that CEOs are prioritizing their talent as their most valuable asset and considering many other courses of action before cutting jobs."
Chait notes that despite headlines to the contrary, there are still approximately two jobs available for every job seeker, and employers continue to face a talent shortage. Even companies that laid workers off will have to eventually return to the labor market to effectively fill out their teams.
Here's how CEOs are planning to boost their ranks — and their bottom line — this year: