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Talent Trends 2023
Unravelling the most profound transformation of work culture since the arrival of the internet – and how to thrive in it.
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Uncover the new world of work, where employees demand a competitive salary, flexibility, career progression, and good company culture. Our data reveals a job market transformation, and employers must rethink and recalibrate their approach to retention in line with the changing workforce. They must get the fundamental building blocks right to build successful talent strategies in this new paradigm.
Nick Kirk CEO at PageGroup
There has been a dramatic shift in workplace power dynamics, and employees are now putting themselves first. They expect competitive salaries, flexibility, a clear career progression path, and a work environment that is conducive to their personal and professional goals.
Page Insights is at the forefront of data- and insight-led recruitment, leveraging key market intelligence to equip our clients with invaluable knowledge of the workforce’s motivations, attitudes, and values. Our comprehensive solution enables our clients to understand talent as people, engage them with empathy, and ultimately make more informed and strategic recruitment decisions. With our robust and intelligent talent strategy platform, you can elevate your recruitment process to a whole new level of efficiency and effectiveness.
The Great Resignation, which gained momentum after the pandemic when a significant number of people quit their jobs, has not slowed down. The rate of resignations following the pandemic disruption didn’t return to normal.
In fact, our data shows that people are still quitting their jobs. A huge number of employees who have not resigned plan to do so in the coming months and are on the lookout for better opportunities.
Work-life balance is very valuable to employees as it can impact their overall well-being, job satisfaction, and productivity.
Employers who prioritize and enable work-life balance may benefit from increased employee engagement and retention. Employees and employers should communicate openly and find ways to create a work-life balance that aligns with individual needs and job requirements.
Flexibility has become an integral part of work-life balance, and companies must adapt their ways of thinking about the employee experience to reflect this reality.
Job hopping refers to the practice of changing jobs frequently, typically within a short period of time. There are various reasons why people engage in job hopping:
Better pay: Some individuals may switch jobs in pursuit of better compensation and benefits, including higher salaries, bonuses, or other financial incentives.
Flexibility: Work-life balance and flexibility have become increasingly important to employees. Some individuals may job hop to find roles that offer more flexibility in terms of remote work options, flexible schedules, or other work arrangements that better suit their lifestyle.
Career progression: Job hopping can be a strategy for career advancement, especially for those seeking faster career growth or better opportunities for professional development. Switching jobs may allow individuals to gain new skills, experiences, and responsibilities that can accelerate their career progression.
Dissatisfaction with current job: Individuals may job hop if they are dissatisfied with their current job for various reasons, including lack of job satisfaction, poor work environment, lack of growth opportunities, or conflicts with colleagues or supervisors.
Changing vocational interests: Some may choose to change their vocation entirely, exploring different career paths or industries to pursue their passions or interests.
For employers, this trend presents an opportunity to stand out in the race for talent. Pay is an area where employers need to align with the industry, but career progression offers an opportunity to differentiate and compete on a more qualitative, cultural level.
In its inaugural year, the Page Insights Talent Trends report represents the most comprehensive and robust study of skilled professionals across all industries. The report combines data-driven analysis of key trends with actionable insights into the 2023 job market to help businesses navigate the shifting labor market and shape talent strategies for their organization. Almost 70,000 participants were surveyed across 37 markets in Africa, Asia Pacific, Europe, North America, South America, and the Middle East over Q4 2022 and Q1 2023.
The report also provides employers with an end-to-end and complete understanding of talent, revealing their motivations, attitudes, perceptions, beliefs, and values. It identifies key drivers within both the hyper-local and global talent landscapes in key areas such as salary, culture, values, work-life balance, DE&I, and talent development. It is available in global, regional, and local editions.
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