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For many, the reality of an economic downturn is starting to feel more palpable—and that may mean your best bet for a new job is an internal one.
LinkedIn, the professional social network platform and recruiting tool powerhouse, just released its Global Talent Trends Report, and it’s filled with data showing things don’t feel quite so rosy for job seekers. In a sample of 14 countries, all of them saw hiring rates decrease over the past year, with the U.S. down 13% since last September. U.S. employees’ and job candidates’ confidence in their ability to improve their financial situation was also down, the report said (but not as much as it was in the U.K.).
And while workers increasingly want remote jobs, the share of postings for them is falling. The percentage of remote job listings on LinkedIn reached an all-time high of 20% in February, the report finds, but fell to 14% in September, while the percentage of applications that went to remote jobs grew from 50% to 52% over the same period.
Yet even if employees may be losing some power in the job market, some jobs aren’t going filled, and workers’ interest in moving on and getting new jobs is still high. That’s driving more focus on promoting internal candidates, which LinkedIn’s data shows increases retention. (Workers who made an internal move have a 75% chance of sticking around after two years, LinkedIn says; that falls to 56% for those who haven’t.)
To address those priorities, the company announced changes to LinkedIn’s platform Wednesday, some of which have trickled out in recent months, some of which are still to come, that you may notice, whether you’re a recruiter, job seeker or employee:
- Employees will see open jobs at their company within the skills platform LinkedIn Learning, if that’s a product their company is using. The Learning platform is also adding more ability to specify career goals, take skill assessments and learn from “role guides” that help people see what it’s like to work in a particular job by connecting them with related content or communities.
- Recruiters will see a “spotlight” of internal employees when they’re searching for qualified candidates.
- And some job seekers may see open roles at their own current employer in the “jobs” tab on LinkedIn as part of an early test the platform is running.
One thing’s for sure: The job market is shifting quickly, layoffs are mounting and finding a new gig is getting harder. Here’s hoping if a job search is on your horizon, it’s a painless one, and the tips and insights below help it go smoothly. As always, thanks to assistant editor Emmy Lucas for her help curating this week’s newsletter.
As Economic Concerns Rise, Executives Are Reporting Record-High Stress—And Defaulting To Old Office Habits
For months, the pandemic has driven an upswing in burnout among workers, focused attention on employees’ mental health and fueled a wave of departures known as the Great Resignation, most noticeably on the front lines.
But the latest quarterly survey released Thursday from Future Forum, a consortium backed by the messaging platform Slack, finds that now, even senior executives’ sentiments about their jobs are declining—and it’s prompting them to fall back on old norms about where and when people work. Read more here.
Here are five recruitment strategies to hire diverse talent.
Toxic boss? Here’s how to cope.
To bounce back from a toxic work relationship, give yourself time to heal.
Here’s what to know about new 401(k) and IRA contribution limits.
Mid-career changers should know their “why” and change their mindset.
ON OUR AGENDA
Fintech giant Stripe looks to rein in headcount: Forbes spoke with 10 former and current employees at payments company Stripe. Jeff Kauflin and Alex Konrad revealed that employees say the payments giant is using aggressive performance reviews to identify and potentially push out perceived underperformers. In a statement, a Stripe spokesperson said “abundant hiring can make performance management less conspicuous, but we’ve worked hard on this front in the past in order to sustain the talent bar that we benefit from today.”
The U.K.’s “executive onboarding failure”: After 45 days in office, U.K. Prime Minister Liz Truss resigned after weeks of economic turmoil and policy flip-flops, Forbes’ Robert Hart writes; new Prime Minister Rishi Sunak was appointed Tuesday. Senior contributor George Bradt says the former prime minister’s tenure was a combination of poor fit, poor delivery and poor adjustment. “You can’t lead anyone until you have earned the right to lead,” he writes of her onboarding. Elsewhere, Forbes’ Derek Saul writes on how the short tenure impacted both U.S. and U.K. stocks.
Investors could be missing out on women-led startups: Research from Columbia University and Harvard Business School showed that VCs question startups led by women and men differently. The study analyzed transcripts and video recordings from startup funding competitions with nearly 200 companies from 2010 to 2016. As Forbes contributor Corinne Post writes, “the different lines of questioning tend to put women on the defensive—a funding turnoff—while giving men opportunities to discuss their startup vision, which attracts more funding.”
Productivity is about perception: Your work performance may be under a microscope more than usual as “quiet quitting” takes hold. New data shows which generations tend to be least and most productive. But as Forbes contributor Tracy Brower writes, productivity is perception, and it can be easy to fall into a game of productivity theater. Here’s how to meaningfully show the great work you’re doing—without being arrogant or boastful.
How brands deal with celebs: Adidas cut ties with Ye, the rap artist Kanye West, following his anti-Semitic comments, Forbes’ Robert Hart reports, dropping his billionaire status. Forbes senior contributor Edward Segal dives into how companies handle crisis situations with celebrities.
Human resources industry analyst Josh Bersin’s new book, Irresistible: The Seven Secrets Of The World’s Most Enduring, Employee-Focused Organizations, holds ideas for managers and employees alike. With chapters built around principles like “coach, not boss” and “teams, not hierarchy,” it applies research and theory about the evolving world of work.
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