The New Era of Hiring: A Deep Dive into Global Talent Trends
As we navigate the ever-evolving retail landscape, staying informed about the latest trends and shifts in the global talent market is crucial. According to LinkedIn's 2023 Global Talent Trends report, we are witnessing a significant slowdown in hiring rates globally. However, this slowdown is accompanied by a rise in internal mobility, indicating a shift in how companies manage their talent.
The Slowdown in Hiring
The report reveals that hiring rates have decreased over the past year in a sample of 17 countries. This trend is not isolated to specific regions or industries; it's a global phenomenon. According to the report, in Canada, the number of LinkedIn members who added a new employer to their profile in the same month the new job began (referred to as the Linkedin Hiring Rate or LHR) is down 40% relative to its 2022 baseline. In the United States, the LHR is down 28%. Despite this slowdown, internal mobility is on the rise, with 16 of the 19 global industries analyzed experiencing an increase in internal promotions and role transfers.
This trend is particularly relevant for the retail industry, which has been grappling with significant changes in consumer behaviour and market dynamics. The slowdown in hiring presents both challenges and opportunities. It forces us to rethink our hiring strategies and focus more on nurturing and developing the talent we already have.
The Rise of Internal Mobility
While hiring has slowed, internal mobility is trending upward. This trend is a testament to the resilience and adaptability of our workforce. It's a reminder that despite adversity, there are opportunities for growth and advancement.
For example, Walmart and Amazon, have been known to invest heavily in employee development and upskilling, particularly during challenging times. Amazon announced an initiative called Upskilling 2025, where they committed to invest over $1.2 billion to provide upskilling training programs for employees. This initiative aims to provide 300,000 employees with access to free training programs, including college tuition for their front-line employees, by 2025. The programs are designed to meet employees where they are and provide training opportunities in well-paying, high-demand areas like medicine, cloud computing, and machine learning.
A Call to Action
In light of these trends, it's clear that we need to rethink our approach to talent management. As retail leaders, we can lead the way in creating more efficient and equitable labour markets. This involves designing roles around skills, recruiting candidates based on their skills, and helping employees build the skills businesses need in the future.
As we navigate this new era of hiring, let's remember that our greatest asset is our people. By investing in their growth and development, we can build resilient teams that are capable of navigating the challenges and opportunities that lie ahead.