Report Predicts Unemployment Will Rise in 2023

While the job market has been strong and the unemployment rate remains at near historic lows, that unemployment number will climb by the end of 2023, according to a new report from Employ Inc., a recruiting and talent acquisition firm.

Researchers say business operators need to be prepared to compete for the employees that are in the market. That means being present on relevant, targeted job boards, active and visible with job openings on social media, and placing targeted job advertisements.

The Q1 2023 Employ Quarterly Insights Report examined both employer data across Employ’s 18,000 customers, along with the motivations, similarities, and differences of workers based on findings from a survey of more than 1,500 workers conducted by Zogby Analytics earlier this year.

Here’s some key data points that shed light on workers and their attitudes:

-85% of U.S. workers are somewhat open to other job opportunities, including 49% who are very open to new opportunities.

-73% of workers say they are satisfied with their current jobs, compared to only 9% who are dissatisfied.

-58% of job seekers believe that the current job market favors candidates, while 51% believe that finding a job in the labor market is easy.

-52% of active job seekers list career advancement as their top reason for seeking a new role.

-49% of American workers are not actively looking for a new job, but 50% would consider applying for a job if approached by a recruiter.

-41% of workers seeking a new job would feel comfortable quitting without having another job lined up.

According to the research, here’s where active job seekers are looking for new opportunities:

-Career sites (65%)

-Job boards (55%)

-Social media (55%)

-Job advertisements (43%)

-Employee referrals/current network (37%)

-Looking within current company (18%)