In its newly released Global Talent Trends Report, the professional social network platform LinkedIn shared its data-driven insights into the changing world of work.
And the outlook for job seekers isn’t great.
In a sample of 14 countries, hiring rates decreased over the past year, with the U.S. down 13% since last September. In addition, the report stated that workers are bracing for an economic downturn, with U.S. employees’ and job candidates’ confidence down in their ability to improve their financial situation.
Not surprisingly, the report said candidates consider compensation and benefit their top priority. However, they also highly value three pandemic-fueled priorities: work-life balance, flexible work arrangements, and upskilling. And with increasing job market uncertainty, opportunities to grow at their current company made the top five.
If you’re an employer looking to woo precious new talent and retain your existing team, focus on these five aspects:
1. Compensation
Excellent compensation and benefits are what job seekers value most. In the report, LinkedIn’s VP of Global Talent Acquisition, Jennifer Shappley, noted that “people are looking for stability amidst the economic volatility we live in and read about daily, so it makes sense that candidates are prioritizing compensation as they evaluate opportunities.”
2. Balance
Much like its findings from last year, the report stated that job seekers still highly value organizational support to balance work and personal life. The pandemic caused employees to rethink their priorities and relationships with employers. As a result, candidates continue to prioritize work-life balance and working for employers who value their physical and emotional well-being.
Shappley’s advice to talent leaders? Be prepared to speak to candidates about what your organization values and how it supports its employees.
“This isn’t just a hiring strategy – it’s key to ensuring we retain our best talent, as well. Understanding these drivers and listening to our employees have never been more important in ensuring we’re building hiring and retention strategies that attract and retain top talent.
3. Flexibility
For job seekers, flexible work arrangements (i.e., when and where they work) remain part of their employment wishlist.
The report found that candidates increasingly want remote work, even as employers scale back on remote-job postings. U.S. remote-job postings on LinkedIn reached an all-time high in February 2022, at 20% of all U.S. jobs — yet they attracted over 50% of all applications. However, by September, remote-job posts fell to 14% of all posts but got 52% of all U.S. applications.
4. Upskilling & 5. Advancement
Opportunities to learn new, highly desired skills, as well as opportunities for career growth within the company, round out job seekers’ top priorities.
In the report, LinkedIn’s VP of Talent Development, Linda Jingfang Cai, explained that “we know people want to learn and grow at work, regardless of economic and market conditions. This almost always translates to employees asking themselves and their managers, ‘How can I do a better job so that I can get paid more, promoted, or land my next dream role?’ Our new data insights show us that, even with some industry and regional nuances, if companies leave those questions unanswered, in most cases, people will leave the moment they find a better opportunity elsewhere.”
Despite the grim outlook, there is good news.
The report found that internal mobility can increase employee retention, citing that employees with an internal move are 75% more likely to stay at a company after two years compared to those without an internal move.
Jingfang Cai counsels talent leaders to give employees more ownership over their career paths at your company.
“Start the conversation with them on their possibilities for learning, growth, and – ultimately – internal career transformation on Day 1.”