April 19, 2023
92% of HR Leads Are Just as or More Willing to Hire Someone Laid Off, New BambooHR Study Shares Why
A survey of more than 1,500 employees and HR pros details the truth behind layoffs and best practices for hiring and getting hired in 2023
LINDON, Utah, April 19, 2023 /PRNewswire/ -- BambooHR®, the industry's leading cloud-hosted software platform for human resources, released a new study that found 92% of HR professionals are just as or more willing to hire someone who was laid off and 78% of employees don't think any more or less of them. But, in today's economy, what does it take to land a new gig and how can companies attract the best talent? BambooHR's "Financial Anxieties, Layoff Fears: How U.S. Workers Feel About Their Job Prospects" Report examines best practices for job finding, hiring and employee retention in 2023.
"This study answers some of the common questions that plague people after being laid off," Anita Grantham, Head of HR at BambooHR said. "Employees often wonder if there was something wrong with them or if they could have done anything differently. What they don't realize is that there are HR pros eagerly searching for the skills they offer and I'm glad we can shine some light on that reality and what HR pros can do to bring those talents in house."
Getting laid off doesn't mean an employee is undesirable or unhirable. More than half of HR pros believe that uncertainty in the economy provides a larger talent pool of qualified candidates (55%) and an opportunity to pick up quality hires from other companies after downsizing (52%). However, HR and employees think some are more at risk for layoffs than others:
When considering layoffs, 65% of HR professionals stick to a "last in, first out" mentality, with recent hires more likely to be laid off than long-standing employees.
Employees believe marketing is first on the list of roles most likely to be laid off (31%), with customer-facing roles second in line at 30%.
Boomers are the least likely to change their perception of someone who's laid off, and Gen Z is the most likely to do so.
Best Practices For Getting a New Job
For professionals in the job market, traditional applications aren't enough to secure open positions. Candidates need to build in multiple touchpoints with HR pros and employees at organizations they desire to work for.
HR pros primarily use these tactics to vet candidates for open positions:
Employee references (26%)
Word of mouth/referrals (11%)
Don't shy away from talking about your layoff. 1 in 3 HR leads are more willing to hire someone because they were laid off.
"Make sure your LinkedIn profile is current and highlights your experience in the market," said Grantham. "You're not damaged goods. Don't be afraid to tell your entire network you are looking for a job. Those are often the people who are talking to their HR lead and recommending quality hires. Never underestimate the power of employee references and word of mouth."
Transparency Attracts and Retains Talent
In today's economy, more than anything, employees want to know what they are getting themselves into. Having a clear and respectful onboarding process and open and honest communication about compensation are keys to attracting and keeping people in 2023.
83% of people have had bad experiences during hiring and/or onboarding for new jobs. Discrimination, ghosting and rude interviewers surfaced as common themes.
60% of people say honesty about the company's weaknesses and strengths is a top way to attract them.
75% of employees have thought about leaving a job in the last year and the top reason (43%) is because their salary isn't keeping up with rising inflation costs.
70% of people say compensation transparency is the top way a company can attract them. Still, nearly half (49%) of HR professionals admit their company doesn't proactively provide total compensation details to candidates.
When researching a potential employer, 68% of candidates look to see what benefits the company offers and 61% look into company culture but a third (36%) of companies aren't proactively providing information on benefit offerings to job candidates.
"Layoffs are continuing but that doesn't mean HR professionals get to sit back and cherry pick talent," Grantham says. "HR transparency is more important than ever. Employees in the market today want clarity about what their worth is to their employer and what kind of company they are committing to. We have to double down on digital assets and in-person communications that clarify these important points for candidates."
To read BambooHR's full "Financial Anxieties, Layoff Fears: How U.S. Workers Feel About Their Job Prospects" Report visit: /resources/guides/hiring-trends-2023
BambooHR conducted this research using an online survey prepared by Method Research and distributed by RepData among n=1,500 adults age 18+ in the United States who are full-time office/computer workers. Among the sample, n=500 respondents are in an HR functional management role. The sample was equally split between gender, with a spread of age groups and geographies represented, and readable race groups. Data was collected from December 19, 2022 to January 4, 2023.
BambooHR is the world's leading HR and payroll platform for growing businesses. We're on a mission to empower the three million employees across more than 30,000 organizations by giving them intuitive HR tools, insights, and support to curate an exceptional employee experience. The company was founded in 2008 by Ben Peterson and Ryan Sanders, who created a values-focused, award-winning internal culture that then provided inspiration for BambooHR's product and features. BambooHR customers include Asana, Foursquare, Stance, Change.org and Postmates. To find out more, visit bamboohr.com, follow @bamboohr or come join 30,000 other HR change agents at our annual HR Virtual Summit.
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