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LinkedIn: How to Keep Employees as Hiring Rates Fall

Close up of handshake in the office.
Image: djile/Adobe Stock

In 14 countries LinkedIn has surveyed, all have cut their hiring rates in the past year, but workers are still empowered because of the tight labor market, the networking site said in its new release. Global Talent Trends Report.

“In many ways, employees still have the power to demand more from their employers when it comes to pay, flexibility and benefits,” said LinkedIn chief economist Karin Kimbrough in the report. But Kimbrough added a warning, adding that “this balance of power is likely to flatten in the coming months.”

SEE: The COVID-19 gender gap: why women are leaving their jobs and how to get back to work (Free PDF) (TechRepublic)

In short, hiring is expected to decline from the historic highs of 2021, Kimbrough said.

Her advice to talent leaders is to look inward. “Keep understanding your employees’ skills and the skills your business needs. That insight will help you weather economic peaks and troughs and the volatility of the labor market.”

Workers brace for economic downturn

Employees are well aware of the “sharp slowdown in economic growth in regions around the world,” LinkedIn chief economist Guy Berger said in the report. His advice to talent leaders is to minimize the uncertainty for their employees as much as possible.

This can mean doing more with less and “consider relatively inexpensive, high-quality benefits that you may have overlooked before.”

Not surprisingly, job seekers continue to view compensation, work-life balance, flexible work arrangements and upskilling as their top priorities, according to the report. In February 2022, U.S.-based LinkedIn external jobs increasingly reached an all-time high at 20% of all jobs in the U.S., the report said. However, they attracted just over half of all signups.

That all changed in September, when outside jobs fell to 14% of all job openings, but received 52% of all U.S. applications, the report said. While the US is at the forefront of the trend of remote jobs, these types of jobs are also popular around the world.

Nevertheless, despite economic uncertainty, people “still value two areas of work life that have received a lot of attention since the start of the pandemic: work-life balance and flexible work arrangements,” said Jennifer Vice President of Global Talent Acquisition. Jennifer. Shappley, in the report. “I expect those two traits to remain top talent for years to come.”

Shappley’s advice to talent leaders is to understand these drivers and listen to employees to ensure they develop recruiting and retention strategies that attract and retain top talent.

How to retain employees through career development and advancement

Internal mobility can increase employee retention, the report said. In fact, it found that employees who have moved internally are 75% more likely to stay with a company after two years, compared to employees who have not moved internally (56%).

In terms of verticals, financial services rank #1 in employee retention through internal mobility, according to the report. Meanwhile, the retail industry is struggling to retain workers with or without internal mobility, the report said.

Regardless of economic conditions, it’s no secret that people want to learn and grow at work, Linda Jingfang Cai, LinkedIn Vice President Talent Development, said in the report. In most cases, if companies don’t address this, “people will leave when they find a better opportunity elsewhere.”

Jingfang Cai’s advice? “Give employees more ownership of their career paths at your company,” she said. “Start the conversation with them about their opportunities for learning, growth and—ultimately—internal career transformation on Day 1.”

Continuing the theme of looking inward to maximize the full potential of their workforce, employers are in fact taking a closer look at the internal sourcing of open positions, Hari Srinivasan wrote in a blog post announcing a new set of features that LinkedIn is launching, designed to react. to today’s business needs. Already, 25% of recruiters at LinkedIn’s largest clients are using tools on the site to support internal recruiting, he said.

When top talent and permanent talent leave companies, “we feel the impact more than ever,” Srinivasan wrote. “The loss of skills, knowledge and relationships is particularly affecting hybrid and remote teams.”

One of the main causes of employee turnover is a lack of career opportunities, according to Srinivasan. “If employees feel that their skills are not being used well in their current job, they are ten times more likely to look for a job.”

To address this, leaders need to focus on internal mobility and make it part of their holistic hiring strategy, he wrote. “This lies not only in making internal hiring the norm – encouraging hiring teams and hiring managers to leverage the qualified talent pool they already have to fill open positions – but also in creating internal growth paths that align with the career goals of employees.”

Motivate your employees to set, achieve, and track goals with the tips in TechRepublic Premium’s Employee Objectives Policy.

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