While hiring remained strong in the first two quarters of the year, the war in Ukraine, along with other events that challenged the global economy in 2022, led businesses to reduce hiring to the most critical roles—especially in Q3 and Q4 as The Great Resignation lost traction and layoffs became rampant.
The return of teams to offices also affected this prediction, as some companies preferred to grow their talent domestically rather than worldwide.
Finally, it is also likely that in what turned out to be a turbulent year for businesses, the time and risk associated with expanding internationally dissuaded leaders from setting up operations and hiring overseas (although there are global employment platforms that overcome these challenges).
Businesses built a talent bench during the first two quarters of 2022, led by multiple factors, including hiring up to meet an expected post-COVID spike in demand by clients, as well as to retain talent in face of The Great Resignation.
However, this hiring spree became detrimental in the last quarter of 2022, as the demand for services did not meet forecasts with a considerable slowdown in the global economy.
Therefore, although the prediction is technically correct, its outcomes are different from what we anticipated when writing Outlook 2022.