Faced with an almost inevitable economic downturn in 2023 and a record number of job openings, HR must do what it can now to reduce operational costs while still filling open positions and retaining top talent. JDXpert identifies job description management as a critical tool in this effort. In establishing a reliable source of truth for job information via job descriptions, companies and employees can benefit, improving the landscape for all stakeholders and keeping business growth on track.
RALEIGH, N.C., Oct. 27, 2022 /PRNewswire-PRWeb/ -- The talent shortage that HR faces today is expected to continue well into the future. With many boomers set to retire in the coming years and vastly different expectations from the incoming generation, the challenges continue to mount. Facing an almost inevitable economic downturn in 2023, HR must do what it can now to reduce operational costs while still filling open positions and retaining top talent.
JDXpert identifies job description management as a critical tool in this effort. In establishing a reliable source of truth for job information via job descriptions, companies and employees can benefit, improving the landscape for all stakeholders and keeping business growth on track.
Why is this significant?
If leadership fears economic issues in 2023, HR will be forced to lay off employees or cut salaries. GE, for example, just laid off 20% of their onshore wind workforce. Other companies, including DocuSign, Gap Inc., Snap Inc. (Snapchat), Meta, Google, and Patreon, have also cut their ranks while dealing with record job openings.
Suffice it to say companies are between a rock and a hard place. JDXpert suggests an alternative approach—a complete transformation of how recruitment, retention, and layoffs have historically been done.
During the great recession of 2007-2009, businesses could easily land the talent they needed. Many companies today still follow those practices, even though the landscape has shifted. The ball is now in the employees' court, and companies must adjust their tactics if they want to succeed.
The talent needed is out there! A seismic shift in approach is required to tap into that well.
Job descriptions are essential to that change. Here are some of the benefits of accurate and well-managed job descriptions:
- Improve retention. Job descriptions help to alleviate employee burnout by detailing what is and is not expected.
- Inform existing employees of opportunities. Hiring from within reduces the risk of failure and elevates high performers into career positions.
- Understand your job data. Clear, accurate job data is required to inform compensation, fill training gaps, complete performance evaluations, identify opportunities, and help leaders make timely and well-advised business decisions.
- Maximize HR investments. Job descriptions help to ensure all areas invested in (or planned) during 2022 are not wasted.
- Simplify job description management. A software-driven job description management process simplifies the process, enabling transparency and collaboration.
- Inform accurate compensation, helping companies attract new candidates, retain top performers, and ensure business continuity and continued innovation.
To quote JDXpert President & CEO, Andrew Ellerhorst:
"In the past few months, the percentage of polled CEOs expecting a downturn has gone from 60% to 98%. In the eyes of business leaders, a bear market is a virtual certainty. But what I think is uniquely different from past economic downturns is the likely sustained demand for talent. I believe businesses will still be seeking to fill a majority of the more than 10 million job openings that exist today. At JDXpert, we believe well-groomed and managed job information is the key to winning that battle."
To gain deeper insights into recruiting during these challenging times, read our latest blog post here:
Media Contact
Ashley Johnston, JDXpert, 919-789-1965, [email protected]
SOURCE JDXpert
Share this article