Global digital networking platform LinkedIn has once again released its highly-anticipated Global Talent Trends Report, which recruiters across the land eagerly devoured upon publication.
One of the most hotly-anticipated recruitment publications of the year, the Global Talent Trends is an essential snapshot of the world’s labor market.
Are you a recruiter looking for top talent? Maybe you’re an employer looking to find the right person? Perhaps you’re a jobseeker in a need of a role that matches your ambition?
Regardless, this talent trends report tells you exactly what you need to know about the state of play. Here are the essential talent trends insights from this report that you need to know.
Hiring Rates Are Dropping Everywhere
A key takeaway is that talent acquisition has slowed drastically over the past year. Every single country surveyed in the report has slowed down hiring rates. Within this, certain markets stand out more than others.
For example, India and Singapore reduced hiring rates by 40% and 42%, respectively. In the US, the situation was less severe, with hiring rates slowing by 28% in 2022.
Put simply, the labor market is not as tight as it was, and economic uncertainty has led to a pause across many industries, even as talent gaps persist.
Flexibility is One of the Defining Global Talent Trends
This should come as a surprise to no one who has been involved in hiring talent over the past year.
Once again, flexibility and work-life balance have been ranked as top priorities for jobseekers across virtually all industries. People want more freedom to chose how, when, and where they work.
They also increasingly expect a strong and healthy balance between their jobs and their free time. Following the WFH revolution that was ushered in three years ago, flexibility is undeniably here to stay.
People Are Moving Internally
If 2021 was all about moving into new industries and companies, 2022 was all about moving within the same company.
A full 16 out of 19 industries examined in this talent capabilities report have reported a large uptick in internal hiring. This means that more people are getting promoted or moving sideways into new roles internally, rather than jumping ship.
The upshot here is that employers are now focusing more on retaining the talent they already have. They are prioritizing the nurturing of that talent over finding new people from elsewhere. However, that’s not the whole story.
The report finds a stark generational gap, with Gen Z much more likely than older generations to look elsewhere rather than stay at the same company.
We’ll Help You Find Your People
While the labor market upheaval of previous years has waned, the Global Talent Trends Report tells us that companies still need to adapt to new realities.
People want flexibility and the opportunity to move upwards. If you’re able to offer an attractive value proposition for the talent you need, we are here to help you find them.
To find out exactly how we can help you find your people, check out the full range of services we offer to employers.