HR Trends: The Key Reads of July 2022

Welcome to our summary of July best reads on HR trends!

This month, between inflation and pandemic-era over-staffing, hiring freezes, rescinded job offers, and pay incentives were hot topics in the HR industry. 

HR Trends for July 2022

Some companies—often in the tech space—are instituting hiring freezes whether or not they’ve begun layoffs.

• Here’s a growing list of the tech companies that have paused hiring.
• Meta, Facebook’s parent company, reduced its prospective hiring plan from 10,000+ engineers to between 6,000-7,000, in addition to raising performance expectations in order to eliminate underperforming employees.
• Wall Street is also putting a hold on hiring thanks to a reduction in investment banking activity.

And some of those employers have even rescinded job offers.

• As companies reprioritize projects to cut costs, they’re pulling offers made to candidates who might have been needed for those now-postponed efforts.
• Shopify even chose to pause internships, rescinding those offers by email.
• This candidate publicized that her offer was rescinded, and quickly received an outpouring of help and, ultimately, new offers. 

At the same time, those organizations can’t afford to lose their remaining employees, and with inflation, are taking to pay raises.

• Even as companies struggle to stay afloat, many are budgeting for even larger salary increases for 2023 compared to 2022 to retain employees and help them with their own rising costs.  
• This SHRM survey showed how small to large organizations are factoring inflation into pay raises this year. 
• At the same time, those increases may not make enough of a difference for employees.

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