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?
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“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.
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