Over the last several weeks, I’ve heard from a number of people who are less than six months into working at a new company and think they may have made the wrong decision. Surprisingly, the majority of these were Talent/Recruiting leaders. This seems counterintuitive—you would think we would be better at evaluating new opportunities as subject matter experts in all things hiring! Let’s talk about why this happens, and what you can do about it.
Happy New Year! As we think about what’s ahead in 2024, we’re reminded that hiring is a product of business performance and business performance is a product of market conditions and financial health.
At the end of each year, we launch a benchmarking survey on Recruiting Productivity and Operating Metrics focused on recruiting team ratios, recruiter productivity, req loads, time to hire, diversity recruiting goals/tracking methods, cost per hire, and quality of hire. It’s been a tumultuous year for recruiting teams, so we were interested to see what has changed and what has not.
It’s been a fun several weeks where we’ve had an opportunity to get back to connecting in person with many of you. We hosted talent in person community events in Nashville, Raleigh, and San Francisco and a virtual event last week. We’re so energized by the work all of you are doing and hope to continue finding ways to bring the community together.
Over the last month, we’ve spent a lot of time with recruiting leaders at events like RecFest, with our client companies, and in 1:1 conversations. Here is what we are hearing as top of mind going into Q4 and planning for next year.
Like many of you over the past year, we at Growth by Design had to be nimble and adjust to the changing market, particularly, our search practice. Almost overnight, the number of open Talent Acquisition leadership roles dropped dramatically, while our People leadership roles picked up. And while the particular competencies, experiences, and characteristics of these roles vary from TA leadership roles, we’ve noticed that no matter what the role, there are four guiding principles for running a successful search.
There were two significant events that occurred late last year that set off compounding impacts across the tech community. The first was Twitter abruptly laying off nearly half of the company and setting off a series of deeper cuts across the industry. The second was the launch of OpenAI’s ChatGPT, which quickly became the fastest-growing consumer software application in history… until Threads launched this year that is. The net impact for many recruiting leaders has been the expectation that their teams will need to do more with less. As with prior tech cycles and platform shifts, a burst of new tools have come into the market while existing vendors are racing to innovate. All with the promise of driving higher quality and greater efficiency across the recruiting process.