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LinkedIn is among the top sources for understanding workforce trends and shifts in company culture. Its annual Global Talent Trends research provides a detailed snapshot, with this year’s report revealing the impacts of economic uncertainty. Hiring is down 13% in the U.S. from September 2021 to September 2022, and this year’s report clearly links employee retention to internal mobility and career development.
After bouncing back last year, the global economy is cooling, giving way to layoffs, inflation and low confidence on the part of workers and job-seekers that they can improve their financial situation. The latest data also shows that despite the challenging economic environment, workers and job-seekers retain pandemic-era priorities such as flexibility, balance and upskilling. Employers must meet workers’ needs while ensuring company culture remains strong and bottom lines intact.
As organizations brace for an economic downturn, they are changing how they run and grow their businesses to focus more on having the right people with the right skills in the right roles. This skills-first mindset will help businesses better navigate turbulent times.
Today’s core employee retention factors
To maximize the potential of today’s workforce, internal mobility, skill development, hiring based on skills, preferences (like remote or hybrid work) and shared values are becoming core elements of talent strategies. For example, as demand for remote work has continued to rise, remote job posts attracted 52% of all U.S. applications in September, while making up only 14% of total job posts. Businesses strategically meeting workers’ desires will have a competitive advantage over those that don’t.
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In expanding employees’ skills, businesses also widen their talent pools, granting themselves more flexibility to hire internally depending on current business needs. However, a perceived lack of employee growth opportunities and skill use threatens businesses, as employees are 10 times more likely to be job-hunting if they feel their skills are not being put to good use. What’s more, LinkedIn’s latest Global Talent Trends report finds that employees with an internal move are 75% more likely to stay at a company after two years.
These insights and more can help companies create competitive skills-first talent strategies for both hiring and career development. Organizations must look beyond traditional hiring criteria, such as educational requirements or previous titles, and enable existing talent to build new skills that help them thrive in their current positions and beyond.
LinkedIn’s Global Talent Trends report is based on several surveys and anonymized data samples across LinkedIn’s 850 million-plus users.
Read the full report from LinkedIn.
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