30 Nov Job market: what’s happening worldwide
What’s happening worldwide in the job market? Let’s look at 4 trends that are becoming predominant and that give us some food for thoughts.
A gap exists between the skills candidates possess and the skills that employers look for.
While it is getting harder for companies to find qualified talents, many jobseekers think that employers’ requirements are often unrealistic or overly specific. We are witnessing a clear mismatch between candidates and employers. Not only does this gap impact organizations but also the economic growth of our countries. To have an idea of the progress, please visit this link where you can find a chart that displays worldwide knowledge capital and economic growth.
Great Resignation and Quiet Quitting
As we have seen here we are living the transition from Great Resignation to Quiet Quitting. The reasons might be different but in both cases employees and candidates keep seeking a job – either actively or passively – and this proves general unsatisfaction and the need for organizations to focus on retention.
The pandemic showed the world a new way of working. Some are happy to return to the office, some others are not. Different surveys in different parts of the world show that there is a significant number of candidates who prefer organizations that allow smart working. However, recently many companies have adopted the pre-pandemic approach without considering those – many – that still want to work from home or elsewhere more convenient for them. If organizations do not follow such upcoming needs, employers’ ability to hire will be hindered, many candidates will struggle to find a job and our economies will have a hard time to survive and grow.
It is true that intrinsic motivation and passion are essential to work and guarantee a high performance, but an adequate salary also plays its role. For this reason, many talents are more likely to apply to job ads that include the position’s salary range. For economic reasons, in some countries, like in the US, retirees are re-entering the workforce due to the increasing costs of living and poor retirement funds. iHire surveyed 4,207 jobseekers (3,668) and employers (539) in the US and about 7.5% of jobseekers said they were retired and looking for a job – a 2.9% year-over-year increase. On the other hand, economic uncertainty also impacts organizations threating their existence and their ability to hire.
When two parties are having a hard time conciliating, common sense teaches us to mediate and try to find a solution in which everyone is happy. What can you as individual and you as organization do in order to facilitate the match between candidates and employers?