Hiring and related spending are expected to increase this year, according to Jan. 11 survey results from WorkTech, a market analyst and advisory firm.
Ninety-four percent of companies said they plan to increase their head counts this year, and 41% intend to increase their spending on hiring technology, the survey of more than 1,000 employers globally found.
“Despite big tech layoffs dominating the headlines, a large number of companies are continuing to hire,” Daniel Chait, CEO and co-founder at Greenhouse, a hiring software company that underwrote the report, said in a news release. “Turbulence in the economy has impacted the job market less than anticipated, and the willingness to invest in tools and tech underscores the fact that hiring work tech is key to companies becoming more competitive in hiring.”
The overall market for hiring technology is expected to more than double from $118 billion in 2022 to $244 billion by 2026, the report found. Meanwhile, 71% of employers said they planned to maintain or increase their spending on hiring technology, which includes things like an applicant tracking system, interview scheduling and new hire onboarding, in 2023.
The survey was completed between September and mid-November 2022.