The job market is changing forever, and your company needs to adapt or fall behind, LinkedIn exec warns.
Industries across the world are seeing a „rebalancing“ of the labor market as the surge of hirings caused by the pandemic begins to ease off, experts have warned.
A senior LinkedIn executive has revealed that between 2020 and 2021, the world saw a 40% increase in recruitment across all industries – however this growth has levelled off significantly between 2021 and 2022.
Speaking at a panel discussion entitled „Talent, Culture and Purpose“ at Stack 2022, a developer conference organised by GovTech, Singapore’s digital transformation agency, Frank Koo, head of Asia, talent, and learning solutions at LinkedIn, noted that there was „a huge 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 resignation“, as workers across the globe left their jobs having reconsidered their priorities during the pandemic, have so far proved mixed, with some companies hit hard, and others seemingly unaffected.
Koo noted that for the technology industry in particular, there was a definite sense of community spirit, as people rallied around friends or contacts who had either left their jobs or had been let go, offering support, making LinkedIn connections, or even providing potential employment leads.
„There’s a huge community spirit of tech workers supporting tech people, leveraging tech,“ Koo said, „and I’m hopeful this spirit will continue into the longer term as we together navigate the changing tech skills and economic cycles.
