Global hiring shows first material signs of recovery
A snapshot of global hiring as of June 5, 2020 based on LinkedIn research
We’re seeing the first material signs of recovery in our hiring data as of June 5, a positive signal towards what may lie ahead. The pickup in hiring is especially noticeable in Italy, France and China where we’ve seen economies begin to reopen -- or in China’s case, where the economy has remained open and hiring is now climbing back towards positive year-over-year growth.
As we begin navigating this recovery and finding our “new normal,” it’s critical for us to understand how jobs and skills will be changing in the near- and long-term. The latest data from our Workforce Confidence Index shows some early signs of the shifts that we might see ahead.
Positive shift toward recovery in hiring
Global hiring rates are showing continued stabilization and even recovery in certain countries over the past 6 weeks, in contrast to the sharp declines globally in early- to mid-March. Since the start of June, we’ve seen:
China’s hiring rate accelerate into positive territory, reaching +13.4% growth year-over-year on June 5.
France and Singapore show the sharpest hiring recoveries.
Hiring across Australia, United States, United Kingdom, and Italy stabilize and show more restrained signs of improvement.
If we use what we’re seeing in these countries as a guide for what we might expect to see elsewhere, hiring is beginning to grow gradually starting four to six weeks after lockdown measures began to relax. It’s important to note we still need more data to see if this trend will hold in other countries, since economic policy and public health guidance have varied country-to-country.
Reskilling and retooling the workforce will be a key factor in the recovery
A critical piece of navigating this recovery and finding our “new normal” will be understanding how jobs and skills will be changing in the nearterm. This moment is poised to accelerate the pace of technological change and give rise to new kinds of jobs -- and with this shift, the skills that workers need are also shifting. Digital skills are table stakes, and soft professional skills will become increasingly important in a virtual world.
The latest data from our Workforce Confidence Index shows some early signs of the shifts that we might see ahead. Professionals in industries with the lowest confidence levels are looking to change careers, increasingly turning to online learning to reskill and make an industry switch.
In public administration, 32% of online learners cited the desire to open new career paths as their reason for taking an online course.
Other industries where workers reported reskilling for a career change include: design (32%), retail (31%), entertainment (28%), nonprofits (25%) and media and communications (25%).
On the flip side, those in industries like real estate where confidence levels are high, are tapping online learning mainly to grow their skills within their current industry.
A huge skilling challenge for both individuals and employers lies ahead of us. We’ll need widespread reskilling for people who’ve lost jobs and need to acquire digital literacy skills like social media and basic web design; communication and teamwork to navigate a virtual workplace; and soft skills like how to give feedback and overcoming bias.