November 2023 Hiring Trends Update: The Only Way Out Is Through

Download the Full Report

As we near the end of the year, many of us are still recovering from several market shifts, hiring pivots, and workplace, personal, and global challenges. From it all, our partners, candidates, and Search Team are gaining insights into how these obstacles can ultimately be transformative. 

For me personally, joining Hunt Club this past year has been a transformative experience. As a team, we're truly in tune with our customers and candidates, listening to their needs every step of the way in every search. And while we can finally proclaim that we’re living and operating in a post-COVID world, it’s still almost impossible to define what normal was and what it is today. The truth is, normal is changing constantly. 

But through all the changes, there seems to be one steady truth: Hard times lead to success. We’re seeing how triumph and the light at the end of the tunnel are directly tied to the strength and passion of a team guiding us through. To help capture some of the most recent trends and mindsets, I asked the team to share insights on what they’re hearing and seeing, right now.

Recent Hiring & Talent Trends 

• Hiring in the US was down 13% YoY, but October marks the smallest YoY decrease over the past 12 months. On a monthly basis, October actually had an increase in hiring — up 4.1%. 

• Job seeking continues to be elevated with applicants applying to 15% more roles this November compared to this time last year. 
  • More attrition is expected as we go into 2024 with 60% of surveyed Gen Z and 50% of Millennial respondents stating that they “plan to look for a new job in 2024,” according to the LinkedIn Workforce Confidence Survey.
• Hybrid jobs represent 20% of job postings. 
• AI skill sets continue to generate interest, both for job seekers and for companies. In 2022, only 519 job postings mentioned generative AI, while there have been 385,000 job listings referencing artificial intelligence this year. The higher demand is also leading to increased salaries with the average salary for AI engineers increasing by 12% in the last quarter.

What We’re Hearing From Our Partners Right Now 

Companies across all industries, stages, and sizes are navigating unchartered terrain, marked by some of the most nuanced and challenging obstacles in recent memory. The Hunt Club Search Team serves as an extension of our partners’ internal talent acquisition function and has noticed some patterns through it all.

• "Employers are offering less flexibility, prioritizing more in-person or hybrid opportunities and fewer remote opportunities."
• "Referrals continue to be important for both employers and candidates as confidence on both sides is middling."
• "Soft skill fit continues to be just as important as hard skills."
• "There is a continued focus on versatile candidates that can be strategic and executional vs. pure strategic/managerial roles."
• Engineers are needed and wanted — this is a hire companies are prioritizing. 

What Our Team Is Hearing From Candidates

Employees have proven to be one of the most resilient groups in the hiring ecosystem this past year. From layoffs to changing in-office requirements, our Search Team is very in tune with candidate expectations going into the new year.

• Candidates continue to desire fully remote and flexible working arrangements, creating friction and in opposition with the trend we are seeing with clients where they are requiring the move to more in-office and hybrid arrangements. 
• There is continued trepidation from candidates on joining early-stage companies given the macro environment. 
• We are nearing bonus season, leading to a decreased sense of urgency for employed (and passive) candidates to move to a new opportunity. 

Stay Updated With the Latest Talent & Hiring Insights

The team at Hunt Club isn’t just spectators. We’re active participants in what’s happening in the talent and hiring market. 

Whether you’re gearing up to make your next key hire or want to stay one step ahead of trends, we can help you be ready for whatever comes next.