Anyone who has tried to hire in the past year can tell you that the current talent market has experienced its fair share of fluctuations. As hiring managers steer through the uncertainty this current season is bringing, we at Hollstadt understand the challenges you face. Let’s delve into some of the unique insights we’re seeing in the current talent market landscape to help you adapt and make the best decisions in these ever-changing times.

Riding the Economic Wave: When the economy starts to slow and uncertainty looms, consultants are where clients look to cut back. Early 2022 had staffing volumes at an all-time high and we saw a really tight labor market that was unable to meet the demand. As the year progressed, many companies slowed down on hiring and paused major projects due to the uncertainty surrounding the economy. This slowdown has trickled into the early parts of 2023 and has ultimately created a little more space in the open talent marketplace. After the better part of a year losing more than 10,000 jobs a month, IT employment has stabilized, according to TechServe Alliance, an association dedicated to IT and Engineering staffing firms. We too have seen this at Hollstadt as the demand for consulting resources has been gradually increasing, and our clients are seeking specialized expertise to tackle their critical projects. As the economy strives for stability, the value of seasoned consultants who can deliver results efficiently can be a way for companies to scale quickly to achieve their goals. This upswing has been steady, and we anticipate it to continue.

What does this mean for hiring managers? Act now. If you know you’re going to need talent resources, the market is in a great place to scoop up great talent who were displaced during the market uncertainty and cutbacks. Our unemployment numbers are still quite low so as project needs continue to rise, available and quality talent will once again begin to diminish. Think about the future. Hollstadt’s Account Managers are well-versed in future resource planning and can help you come up with a game plan on how contingent resources can help meet your project and business objectives.

Embracing Contract for Hire: Amidst an uncertain economy, we are witnessing a trend of many clients exploring contract-for-hire staffing options. This allows them to bring in consulting resources for specific projects while providing an option to convert talent into permanent positions should their budgets allow, and the economy become more stable. Many clients have expressed difficulty in sourcing full-time resources when markets are tight or uncertain, so this remains another alternative in finding quality talent.

Key considerations for hiring managers? Be sure to communicate your interest in contract-for-hire resources right away with Hollstadt or other staffing firms as it helps ensure we select talent who wish to convert at the end of their contracts. Hollstadt helps set the stage for our contract-for-hire consultants so both consultant and client are heading towards the same end goal. Additionally, providing a conversion salary range up front will help candidates understand what their package may look like should an offer be presented after the contract ends. Finally, this is a really great approach to try before you buy. A lot goes into training and onboarding a new full-time employee, contract-for-hire gives you a chance to see their skills in action before making a long-term commitment.

The Hybrid Approach: In response to the changing landscape, we are witnessing a growing number of clients adopting hybrid work locations. This approach aims to strike a balance between remote and onsite work demands. While remote work has proven its viability, Hollstadt understands some projects require more onsite collaboration. As a result, we’re seeing more clients make a push for local talent to accommodate these onsite requirements effectively.

What should hiring managers be aware of if considering this approach? Be upfront about what your expectations are. Many consultants are willing to come into a physical office location, but they don’t want to be surprised with this after they start. Additionally, understand when a hybrid approach isn’t needed. This can open up your talent pool outside of your immediate area and also give you more flexibility with pay rates. By sharing your remote and onsite needs with your Hollstadt Account Manager, we can ensure you’ll get the right talent that fits those needs as we are seeing some resources who still wish for a fully remote role.

In navigating the current talent market, flexibility and efficiency need to remain top of mind. Companies continue to seek external consulting resources to accomplish critical projects, with many exploring contract-for-hire options to give themselves more talent options. We will continue to see hybrid working environments gain momentum on how businesses wish to operate moving forward.

As the talent market finds a balance, now is the opportunity to tap into a skilled pool of consultant resources to help drive your business forward. Hollstadt can help! Our dedicated team is committed to finding the perfect fit for your projects, ensuring success in an ever-changing market.

Fore more information on any of these market trends, contact us: