In the first half of 2023, hiring slowed significantly, with job requisitions dropping and applications rising sharply, creating intense competition for fewer roles. Voluntary turnover and promotion rates also declined, especially in tech, signaling stagnation in employee mobility. To navigate this climate, organizations must adopt a skills-first hiring strategy, focus on strategic workforce planning, and leverage AI/ML to manage large applicant volumes and improve talent decisions. Additionally, declining employee sentiment around workload, growth, and recognition highlights the need to better engage and develop existing talent.

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