LinkedIn Global Hiring Trends
The last 4 years have been a rollercoaster from hiring surges to mass redundancies, remote working to return to office and back again. The unpredictable talent trends in sectors such as technology have proven challenging for everyone in the industry to navigate.
Making sense of current talent trends can help us predict future trends, including desirable skills, ways to attract talent and ways to boost retention.
LinkedIn recently published the findings of their 2024 Global Talent Trends. The data comes from LinkedIn's Economic Graph, the LinkedIn Executive Confidence Index survey, and the global community of more than 1 billion members on the LinkedIn platform.
Here are the main takeaways:
LinkedIn reports that internal mobility has risen 6% year over year.
"For decades, companies have looked to external talent to fill most of their openings. But internal mobility, when done well, reduces recruiting costs and time to fill, increases retention and employee engagement, and retains critical institutional knowledge."
Companies have faced budget restrictions and reduced funding cycles, which could be one reason for reduced external hiring. Companies can hire for more senior roles quickly without needing complete onboarding and assessment for cultural fit by upskilling and reskilling current employees.
"LinkedIn's Executive Confidence Index survey found that only 1 in 10 global executives said their organisation has broad leadership alignment, comprehensive tools, and strong processes in place for GAI adoption. Some 2.5 out of 10 global executives said their companies haven't started the process."
LinkedIn's report suggests there is an opportunity for early adapters of GAI to get a significant bump in productivity, innovation and even talent attraction by getting GAI right early. Implementing GAI in your organisation's day-to-day work can significantly increase workforce productivity. McKinsey reported that Generative AI could enable labour productivity growth of 10% to 60% annually through to 2040, depending on the technology adoption rate and worker time redeployment into other activities. (Source: McKinsey)
With the rise of generative AI and advanced technical tools, the need for people who take on tasks that rely on hard skills is being drastically reduced.
69% of US executives say they plan to prioritise candidates with soft skills such as problem-solving, adaptability, collaboration and relationship building. These skills are essential in the workplace and transferable from role to role.
"Companies and their leaders will expect GAI to deliver a bump in productivity and boost creativity and strategic thinking. They may, however, be surprised to learn that it often comes with broader skill development. Employees skilled at using GAI are five times more likely to develop creative ideation, design thinking, and emotional intelligence."
Creating a culture of continuous learning was always important. However, this now applies to everyone, from new hires to senior executives.
Companies must invest in specific education and learning opportunities to align employees to key business goals. This will increase tenure and upskilling.
The 2024 LinkedIn Global Talent Trends Report highlights critical shifts that leaders must navigate to remain competitive and future-proof their organisations.
The rise in internal mobility demonstrates the growing importance of fostering talent from within.
The slow adoption of generative AI underscores an opportunity for businesses to embrace innovation proactively.
Prioritising soft skills and creating a culture of continuous learning will be key differentiators as companies balance technological advancements with the human touch that drives collaboration, creativity, and connection.
By understanding and acting on these trends, organisations can better attract, retain, and empower talent, ensuring they are prepared for today's challenges and tomorrow's opportunities.