XPG Insights

Staffing industry recruiting news, advice and thought leadership.

XPG Insights

Staffing industry recruiting news, advice and thought leadership.

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Top Performers in a Troubled Economy

Well, that felt fast. The Great Resignation is over, and the Great Stay is in full force. While 2022 saw the highest number ever recorded of employees who quit jobs, 2023 has been a different story.

Insider online quotes ADP’s Chief Economist Nela Richardson, “The great resignation, as it came to be known, was fueled by abundant job opportunities, labor shortages, and big pay increases for workers who quit one job to take another A year later, all three of these dynamics are abating.”

2023 ushered in a year of insecurity and hesitation, especially concerning the job market. LinkedIn shows that there has been a sharp decline in the rate of people staying in roles for less than a year, down nearly 30% compared to last year.  They also show that hiring is down, and there is only one job opening for every two applicants.

What does this data tell us?

We humans are a pretty risk-averse group. With the current economy, being extra cautious may seem wise. No one knows where the market is heading – even the market experts (dare we say, especially the market experts!) have been wrong and unable to get this one right. A solid, comfortable job is a good thing to have in times of uncertainty.  If you are a middle-of-the-road performer who wants to plug along with a steady paycheck, stay put and ride this out.  We totally get it!

But for those of you who are top talent, this is your opportunity. And it is a big opportunity. If you are a superstar looking for your chance not just to shine but to shoot across the sky, now is the time to do it.

Right now, many of the best companies in the staffing industry have put a hiring freeze in place.  They may be seeing a slowdown in the market, and they have matched their internal hiring to the pace of the market.

In reality, they are still looking for talent, but in a very strategic way.  They turn to recruiting companies like ours to find out if we know of top talent that would be willing to make a change so that they can upgrade their existing talent. Companies look for people who are up-and-coming, hungry, motivated winners. And they are willing to compensate them for the move. At XPG Recruit, we see a lot of those types of inquiries because we have unique HR expertise in-house (Ahem, have you met our CEO?) and often work collaboratively on hiring strategies with the executive teams of our customers.

The result is some great opportunities for high performers willing to make a move.

If you’re thinking about changing jobs, you’re thinking about it for a reason. Looking for a better culture fit, looking for a more challenging role, looking for stronger leadership, or looking for the next important step in your career path. Whatever your reason, you should always make decisions based on what’s right for you. Don’t fear change, at least not enough to make your decision based on fear. It’s true that the economy may take a turn for the worse. Nothing is certain, but everything is cyclical. When the economy recovers, wouldn’t you rather be part of a great organization that fits you and your career?  Wouldn’t you want to be part of a strong, dynamic team that has upgraded its talent so that it is prepared for supercharged growth during the recovery?

If it’s time to leave, take your shot. Talent trumps temporary circumstances every time.