Employers 'reclaiming some bargaining power' as hiring rates drop globally
In Singapore, the hiring rate saw a 29% decline year-on-year compared to May 2022. This shows it may be time for companies to start focusing more on building a culture of growth, development and learning, and encouraging internal mobility.
According to LinkedIn’s global chief economist, Karin Kimbrough, labour markets are still relatively tight in many countries and industries, particularly when compared to their pre-pandemic baseline. So, what can organisations do?
A free special report published by HRD in partnership with LinkedIn reveals the latest insights gleamed from their 2023 Global Talent Trends Report.
Download the full FREE special report here: Building a skills-first culture in the workplace
“As it stands, our labour market still values experience and pedigree over skills. As talent leaders, we have to evangelise the shift from valuing our people’s experience to taking a more holistic view of the skills that they can bring to the table,” said LinkedIn’s Linda Jingfang Cai.
As hiring slows, it’s never been more important for organisations to look within and focus on the growth and development of their existing employees.
Internal mobility rates in 16 of the 19 global industries studied have increased, but the concept is not top of mind for most employees, with figures showing that most employees are prioritising external job opportunities, rather than considering an internal move.
To encourage a culture of internal mobility, Jingfang Cai says talent leaders across the world should start asking “tough questions” about their companies’ culture and processes.
Download the report now and gain insight into:
- Why organisations should focus on developing careers and upskilling
- What employees value most in organisations today
- Why it’s important to put skills at the forefront on strategy
Download the full FREE special report here: Building a skills-first culture in the workplace
