LinkedIn reveals evolving workplace trends over past 20 years

CALIFORNIA, UNITED STATES — Professional networking site LinkedIn released some insights into the evolving workplace trends over the past two decades as it approaches its 20th anniversary. 

First, hiring rates decreased in 17 countries over the past year, with Singapore leading the charge at 42%, followed by Canada (-40%), India (-40%), and Mexico (-37%). 

Despite the hiring slowdown, internal mobility, such as promotions and internal role transfers, is increasing in several industries. 

LinkedIn Chief Economist Karin Kimbrough said that employers are reclaiming some bargaining power from their employees.

“A top business challenge moving forward revolves around people: finding the people who have the skills businesses need, keeping them, and upskilling them.”

The report also found that people leaders are twice as likely to move internally as individual contributors. Meanwhile, Gen Xs, born between 1965 and 1980, experience the highest internal mobility rate, with 36% among generations.

However, LinkedIn also saw that employees are more likely to consider leaving their company than look for an internal move.

LinkedIn VP of Talent Development Linda Jingfang Cai attributed this to two reasons: job openings are easier to find and often provide bigger pay bumps.

If companies want to work on their retention strategies, LinkedIn suggests focusing on three areas — compensation, balance, and flexibility. 

Most companies are also found to have nearly seven per cent higher retention rate at the three-year mark with employees who have learned skills on the job.

LinkedIn Chief People Officer Teuila Hanson said this insight proves that a skills-first talent strategy is good for employees and businesses.