?? Global Talent Trends | May 2023

?Welcome back to Talent Bites ?? your bi-weekly dose of short & relevant talent insights!

This week I'm sharing our freshly released global report -?Global Talent Trends.

In this report, we surface data insights from both LinkedIn’s Economic Graph and our member community to better understand how labour-market trends impact candidates, employees and workplaces in the areas of:

Hiring ??

Internal Mobility ????♀?

Employee Values ????

Employee Growth ??

As always, I'm here to summarise & give you my key takeaways:

? Hiring continues to slow around the world ??

? Internal mobility is trending upward in several industries ??

In the past year, 16 of the 19 global industries we analysed saw an increase in internal mobility (via promotions and internal role transfers) ??

As we learned in?the last Global Talent Trends report, internal mobility increases employee retention. And despite the current hiring slowdown, everything I’m seeing indicates that a top business challenge moving forward revolves around people: finding the people who have the skills businesses need, keeping them, and upskilling them.

? Employees are more likely to consider leaving their company than look for an internal move ??

Even with internal mobility increasing in some industries, it’s still not top of mind for most employees.?Respondents to our 12-country Workforce Confidence Index survey are less inclined to consider an internal move as a career option.

So who?is?benefitting from internal mobility? People leaders and employees in Generation X.

In a global analysis of LinkedIn members who took new positions at the same company in the last 12 months, we found:

As it stands, our labour market values experience over skills. So as talent leaders, we have to evangelize the shift from valuing our people’s?experience?to valuing their?skills. We need to make it easier to assess and demonstrate skills, and adopt equitable compensation practices that are based on skills. That’s how we unlock the real potential of internal mobility.

If you haven’t already, start asking tough questions about your company’s internal mobility culture and processes ??.

? Employees globally continue to highlight compensation, work-life balance & flexibility three areas as top priorities ??

Despite swings in the labour market and economic uncertainty, employees globally continue to highlight these three areas as top priorities when considering what they want out of work:

But there have been shifts in key values of employees in industries experiencing or recovering from significant upheaval:

Even with a job market in flux, people continue to reassess why, where, and how they work. We’re now seeing that employees have three top values that have become almost immovable.

I think it’s especially important for organisations and leaders to note that employees are underscoring that, for them, flexibility is here to stay.

? Organisations whose employees learn skills on the job have higher retention rates ??

Companies have a nearly?7% higher retention rate?at the 3-year mark with employees who have learned skills on the job.

This insight provides further evidence that a skills-first talent strategy (matching businesses and people based on skills) is good for employees?and?business.

Employees have long been asking for work that complements the skills they have or want to build. Now we see that when we offer them growth opportunities, they’re more likely to stay.?

How do you feel about the talent market right now??Do any of these takeaways resonate or challenge you? ??

Please share in the comments below, I'd love to hear from you ????

As always, if you found this useful please share with your network ??

See you next week!

Lauren

All source information available here