October 27, 2022
According to a LinkedIn study in a new report on Global Talent Trends, about 14 countries reduced their hiring rates last year, but workers are still in control, owing to the tight labor market and slower hiring growth.
Despite signs that hiring will slow from historic highs in 2021, talent leaders are looking inward to understand the skills and capabilities of the people the company needs.
According to the report, workers are gearing up for a downturn, a sharp decline in exports in regions around the world, and job seekers still prioritize compensation, work-life balance, flexible working conditions and training.
In the report, LinkedIn Chief Economist Karin Kimbrough said, “In many ways, employees still hold the power to demand more from their employers when it comes to salary, flexibility, and benefits.” However, Kimbrough warned that “this power balance is likely to start leveling out in the coming months.”
According to the report, remote jobs accounted for 14% of all vacancies, but received 52% of all U.S. job applications. Although the United States is leading the trend towards remote jobs, these jobs are popular around the world. According to the report, LinkedIn’s remote vacancies in the United States reached an all-time high of 20% of all U.S. jobs in February 2022. However, they received just over half of all applications.
The report states that holistic mobility can promote employee retention. Employees who have moved internally are 75% more likely to stay in a company after two years than those who have not moved internally (56%). 25% of recruiters at LinkedIn’s largest customers use the site’s tools to support internal hiring.
The sources for this piece include an article in TechRepublic.
