Experts have warned that industries around the world are experiencing a “rebalance” in the labor market as the wave of hiring caused by the pandemic begins to subside.
A senior LinkedIn executive revealed that between 2020 and 2021, the world saw a 40% increase in Recruitment Across all industries – but that growth has largely leveled off between 2021 and 2022.
Speaking on a panel discussion titled “Talent, Culture and Purpose” at Stack 2022, a developer conference organized by GovTech, Singapore’s digital transformation agency, and Frank Ko, Head of Asia, Talent and Learning Solutions at linkedinHe pointed out that there is a “big difference” in the labor market between the two years.
Kuo noted “It’s a baffling time… the technology talent acquisition market is refocusing, it’s really a rebalancing of the industry.”
Fears of a so-called “Great Quit,” in which workers around the world quit their jobs after reconsidering their priorities during the pandemic, have so far proven mixed, with some companies hit hard, while others appear unaffected.
Kuo noted that for the tech industry in particular, there was a definite sense of community spirit, with people congregating around friends or contacts who had left or been let go, offering support, making connections on LinkedIn, or even offering business opportunities. potential. Lead.
“There is a huge community spirit of tech workers who support techies, and benefit from technology,” Kuo said, “and I hope that spirit lives on for the long term as we navigate changing tech skills and economic cycles together.”
The ever-changing nature of the job market has had a huge impact on those looking for new jobs, noted fellow panelist Noah Pepper, former president of Asia Pacific at Stripe and member of the GovTech board of directors, highlighting how people are increasingly re-evaluating exactly what it means. job for them.
“The most important thing, whether you are in the hiring seat, or in the joining seat, is knowing the alignment between what you want from the work you do, and what makes that work good for you,” Pepper noted.
“I think, as an organization, you have to be paranoid about the incentive structure that you’re creating, because human beings are really good at figuring out what leaders care about…and if they care about people showing up personally, and that’s the main thing they pay attention to, people will show up but they’ll find ways to take back something else for themselves.”
Bieber added, “At the end of the day, we all build or watch something because it really matters to someone on their side. It could be a citizen, a customer, a company, or an individual, and we’re serving someone, doing something for them that matters deeply to them, and if you get it wrong, we’re doing something for them.” There will be consequences… They are who you serve and who your customer is so important and valuable, and it matters at every level of the organization.”
There has been much talk in recent months of the specter of “quiet resignation,” in which workers disillusioned with their jobs simply do the bare minimum required to avoid being fired, and Coe agrees that the work needs to be done in order to make hiring seem more attractive.
He said, “We see that a lot of job seekers are not just asking, ‘What are they going to do, but why are they doing it?'”
“On an organizational level, it’s all about, do leaders provide the right environment and growth opportunities for people who want to give their best to work and become the best?”
Koe highlighted what he called “discretionary effort”—that is, what a person chooses to contribute to the things they do, and exactly how much effort they are willing to put in. For him, the question for employers is how exactly do they encourage that desire for effort, and how do companies go about how to help employees develop and grow.
Unfortunately, this does not appear to be a problem that will be resolved quickly, and it will be very different in each individual company. But it is clear that the initial recruitment process, i.e. the sale of your company to a potential employee, will play a vital role, notes Koo, “I expect that the partnership between the employee, the employer and the job seekers, will grow closer.”
“It’s a multi-billion dollar question that we’re all struggling to answer — I wish I had a crystal ball to answer it.”