Many organizations still have an excess of open roles, but their process of filling them has been shifting in the past 60 days, according to a recent article from management consulting firm Korn Ferry.
Companies are not hiring en masse the way they were earlier in 2022, the article says. With a potential recession on the horizon, organizations are concerned about paying new workers.
The solution for many organizations is internal promotion. For example, Korn Ferry's clients are aiming for 40 percent of their hires to be internal, according to Jacob Zabkowitz, the firm's vice president. It saves time, money and energy to choose a candidate who does not have to undergo hiring and training processes, the article says.
Korn Ferry notes that with 10.1 million roles available in the U.S., the job market has not "fallen off a cliff." Rather, companies are being more cautious about whom and how they hire.