The Future of the Job Market: Why Franchising and Recruitment Are the Silver Linings of 2023

In today's rapidly evolving business landscape, understanding the dynamics of the job market has never been more essential for both employers and job seekers. That is why 1851 Publisher Nick Powills was excited to sit down with Brian Miller, CEO of the industry-leading recruiting and executive search franchise Patrice & Associates, to discuss the insights and trends he sees as an expert in the job market, shed light on its current state and outline what the future may hold. 

The State of the Job Market in 2023

To start, Miller says the job market has proven to be remarkably resilient despite the uncertainties of the modern economy. “Almost every time you log onto the computer or turn on the TV, you see the same headline questioning the strength of the job market,” he said. “It is cooling off a bit, but it's not a drastic change. The job market remains robust.” 

Miller points to several reasons for the strength of today’s job market. During the pandemic, a significant number of Baby Boomers left the workforce and did not return, for example. This exodus, which accounted for up to 40% of the generation, had a profound impact. Coupled with a declining birth rate that has persisted for decades, it has created a tight labor pool. On the last business day of August 2023, there were 9.6 million job openings and 6.4 million unemployed people.

“Companies might not have as many job openings as before, but we're returning to a balance similar to the pre-pandemic tight labor market,” said Miller. “During the pandemic, there was a hiring frenzy. It's like going to the grocery store when you're hungry — you start grabbing everything. Companies were doing the same with employees, offering high salaries. Now, things seem to be balancing out.”

As the situation stabilizes, companies are becoming more selective in their hiring processes, prioritizing long-term tenure and skills over hasty hires. “Companies want to know how a candidate will impact their bottom line,” said Miller. “They are holding onto employees longer and being more selective in hiring, similar to the pre-pandemic expectations. Candidates are expected to align with a company's values and long-term goals.”

But not every candidate is the same. Different generations have unique perspectives on work and career goals, for example. Understanding these generational differences is also crucial for businesses looking to attract and retain talent, Miller says. 

“There's generational diversity in the workforce — Millennials, Gen X and Gen Z have different philosophies regarding jobs and employer expectations,” said Miller. “One trend in franchising, for example, is the surge of younger individuals interested in opportunities that offer freedom, flexibility and lifestyle. They want to create their destiny. When they realize they're working towards their own dreams rather than someone else's, they're more inclined to invest energy and effort.”

Trends to Look Out for in the Labor Market

As the job market continues to evolve, it is vital for businesses and job seekers to adapt to all of these changing dynamics, Miller emphasizes, while also keeping an eye on the future. 

“As leaders, we must adapt to different generations, understanding their values and creating career paths that encourage growth within companies,” said Miller. “Embracing diversity and inclusion will be crucial. We need more representation in leadership roles, which will benefit companies in the long run. We might need to adjust our perceptions of leadership based on these shifts.” 

For example, Miller points out that the pandemic has made people accustomed to working from home. Now, many don't want to return to the office, preferring to earn an income on their terms. Looking ahead, this trend will continue to impact how people choose to work. 

Other emerging trends that could impact the job market include the growing buzz around Artificial Intelligence (AI), the upcoming election cycle and questions around immigration policy.

For businesses to stay competitive in such a complex environment, establishing a robust connection with a recruiting firm like Patrice & Associates is no longer a luxury — it's a necessity. That is why the $212 billion staffing industry is seeing massive growth.

The Growing Appeal of Franchising in 2023

With so many people tired of their current careers and looking to take control of their destiny while benefiting from an established business model, franchising is reaching new levels of popularity.

“The Day of Reckoning is now,” said Miller. “There's concern with rising interest rates, increasing yields and the government's apparent inability to agree on a budget. But overall, I think we'll see fewer job openings. This means candidates can't demand as much as they used to, especially in terms of high salaries. Some people will accept this and stay in the job market, while others won't. Those who don't want this are ideal candidates for a franchise.”

Patrice & Associates in particular is increasingly emerging as a popular franchise choice. The Patrice & Associates business operates in three areas: helping people find jobs, helping employers find employees and helping prospective franchisees find franchises, all services that are in major demand in 2023.

“Any perception of turbulence makes people consider ‘what if,’ leading to opportunities for career changes, employers ensuring they have the right team and franchisors encouraging people to join their systems,” said Miller. “Our brand, an executive search firm, is expanding beyond the hospitality and food and beverage space — we help people leverage their industry knowledge in more flexible ways.”

Today, with over 175 units in the U.S. and Canada, Patrice & Associates is the largest hospitality executive search firm in the country. In 2023, the franchise came in at No. 289 on Entrepreneur's Franchise 500 Rank and was also featured as one of the Top 100 Brands for Less Than $100,000 Total Investment. 

How the Patrice & Associates Franchise Model Stands Out

Patrice & Associates offers a unique franchise opportunity that is both flexible and affordable, allowing franchisees to operate from the comfort of their homes. 

One of the distinguishing features of franchising with Patrice & Associates is their non-restrictive territorial model. As a franchisee, you are allocated a local area to set up your business, yet you are granted access to a nationwide database that houses over 650,000 candidates and hundreds of job listings. That said, each franchisee's territory is safeguarded; other franchisees are not allowed to specifically target your designated market.

However, your own business reach is not confined to your geographical allocation. You have the potential to onboard clients from anywhere in the world, given they are not already engaged with another recruiter and the connection is made through your network, referrals or typical business interactions. This effectively expands your client development possibilities across the entire U.S. It's important to note, however, that you're prohibited from directly targeting another franchisee's market.

When comparing Patrice & Associates to other players in the recruitment field, few can match their level of service. Franchisees can tailor a unique strategy for each client using the system provided by Patrice & Associates. This strategy can include targeted outreach to specific industries and geographical areas, cold calling to similar businesses to source top talent, and conducting thorough, behavior-based interviews and reference checks. Various channels are utilized to find job candidates, such as confidential cold calling, social media campaigns, anonymous advertisements in nationally recognized publications and the unique Patrice Way™ industry search.

For job seekers, Patrice & Associates franchisees offer comprehensive support that includes resume preparation, exclusive job openings, free interview coaching and assistance with final negotiations.

A Brighter Future Ahead

Now, the Patrice & Associates team is looking to sign 40 new franchisees by the end of 2023 in markets all over the country. When it comes to who would make a good fit for this opportunity, Miller says the Patrice & Associates franchise aims to offer a distinctly inclusive environment, where any entrepreneur can succeed as long as they align with the brand’s core values. 

“Most of our franchisees don’t have hospitality or recruiting backgrounds,” said Miller. “These are people who are looking for something that fulfills their ability to build future wealth, in an ideal career lifestyle. At the end of the day, you just have to be a people person — you love to help people advance in their careers. If that sounds like you, the time has never been better to join Patrice & Associates and help fulfill this unmet need in communities all over the country."

Overall, Miller expresses optimism about the future, especially in the franchising sector. Despite economic uncertainties, he believes that franchising will continue to thrive due to changing socioeconomic and demographic trends. Companies are seeking assistance in finding the right talent, making franchising with Patrice & Associates an attractive proposition for entrepreneurs across the country. 

The total investment necessary to invest in a Patrice & Associates franchise is $90,050 – $92,750. For more information, visit: https://1851franchise.com/patriceandassociates