LinkedIn have released their most recent Talent Trends report for the UK, offering crucial insight into the talent market and exploring data insights to better understand how labour-market trends are impacting UK candidates, employees, and workplaces.
So, what are the key takeaways from their report?
Hiring trends impacting the talent market
In a sample of 17 countries, the hiring rate decreased over the past year. Similar to many major markets, the hiring rate in the United Kingdom has slowed significantly.
While hiring has slowed in many countries, internal mobility (via promotions or internal promotions) is trending upward in several industries globally, most notably in the Entertainment Providers Administrative and Support Services and Professional Services sectors.
Internal mobility trends
Even with internal mobility increasing in some sectors, it’s still not top of mind for most employees. Workers in the UK are only 1.3x more likely to leave their role than consider an internal move as a career option. This is significantly lower than many of their European neighbours.
Of the people moving internally:
People leaders are twice as likely to move internally as individual contributors.
Millennials experience the highest internal mobility rate, while Gen Z are the least likely to move internally.
The top employee values in the UK
The top values for employees in the UK have stayed consistent through the highs and lows of the past two years. Despite swings in the labour market and economic uncertainty, employees in the UK continue to highlight the following three areas as top priorities when considering what they want out of work;
Excellent compensation and benefits
Flexible work arrangements (i.e. when and where you work)
Challenging and impactful work
There have, however, been shifts in key values of employees in global industries experiencing or recovering from upheaval, with data from industries globally that have experienced recent upheaval – from widespread employee burnout to talent shortages, threats to business viability, mass layoffs, and more – showing employees want different things out of work.
Trends in employee growth and transformation
Companies whose employees learn skills on the job have higher retention rates, with on average, companies worldwide have an approximately 7% higher retention rate at the three-year mark with employees who have learned skills on the job.
Read the full report here: United Kingdom Talent Trends, May 2023 (linkedin.com)