Industries around the world are witnessing a "rebalancing" of the labor market as the surge in hiring caused by the pandemic begins to slow, experts have warned.
A senior LinkedIn executive revealed that between 2020 and 2021, the world saw a 40% increase in recruiting across all industries, but that growth leveled off significantly between 2021 and 2022.
Speaking during a panel discussion titled "Talent, Culture, and Purpose" at Stack 2022, a developer conference hosted by GovTech, Singapore's digital transformation agency, Frank Koo, director of Asia Solutions, Talent and Learning at LinkedIn, noted that there was "a big difference" in the job market between the two years.
"It's a confusing time... the talent acquisition market for tech is refocusing," Koo noted, "it's really a rebalancing of the industry."
Fears of a so-called 'great abandonment', as workers around the world quit their jobs after rethinking their priorities during the pandemic, have so far proven to be mixed, with some companies hit hard and others seemingly spared.
Koo noted that for the tech industry in particular, there was a definite sense of community spirit, as people gathered around friends or contacts who had quit their jobs or been laid off, offering support, making connections on LinkedIn. or even offering a potential job. tracks
“There is a great community spirit of tech workers supporting techies and leveraging technology,” Koo said, “and I hope that spirit continues for the long term as we navigate evolution together. Tech skills and business cycles.
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The ever-changing nature of the job market has also had a ripple effect on those looking for new jobs, noted Noah Pepper, a former APAC manager at Stripe and a GovTech board member, noting that people are increasingly reevaluating what it means. exactly a job for them.
"The most important thing, whether you're in a hiring or recruiting role, is figuring out the alignment between what you want from the work you do and what makes that work meaningful to you," Pepper noted. .
“I think as an organization you have to be paranoid about the incentive structure you create because humans are very, very good at sensing what leaders are interested in…and if they care about people showing up in person, and that's the main thing”. they care, people will show up, but they will find ways to get something else back for themselves.
“At the end of the day, we all build or see something because someone on their side really cares,” Pepper added. “It can be a citizen, a customer, a business, or an individual, and we are serving someone, doing something for them that they care deeply about, and if you mess up, there will be consequences…understanding who you are serving and who your customer is incredibly important and valuable, and it matters at all levels of the organization.
The specter of 'silent resignation,' where workers disillusioned with their jobs simply do the bare minimum to avoid being fired, has been the talk of the town in recent months, and Koo agrees that it takes work to make the job. The job looks more attractive.
“We found that many job seekers ask not only what they are going to do, but also why they are doing it,” he said.
"At the organizational level, it's about whether leaders provide the right environment and growth opportunities for people to want to perform their best at work and become their best."
Koo highlighted what he called "discretionary effort," meaning what a person chooses to contribute to the things they do and exactly how much effort they're willing to put in. For him, the question for employers is how exactly to encourage this willingness to increase effort and how companies work to help employees develop and grow.
Unfortunately, it doesn't seem like a problem that will be fixed quickly and it will be different in each company. But it's clear that the initial recruiting process—selling your business to a potential employee—will play a critical role, as Koo points out: "I anticipate the partnership between recruiter, employer, and job applicants to grow closer."
“That is a billion dollar question that we are all struggling to answer. I wish I had a crystal ball to answer."