A new research from LinkedIn has found that more than two-thirds (68%) of leaders say the current climate could threaten flexible working, while other essential areas of working life such as learning and development (74%) and employee well-being (75%) are likely to be affected too.
In fact, over a third are looking to reduce employee learning and development budgets and opportunities, as well as flexible working and hybrid working roles. In addition, 55% of business leaders in Asia Pacific prefer employees to work more frequently from the office, as opposed to working from home. Despite this, 68% felt that hybrid working is here to stay for the longer term.
A new analysis on LinkedIn shows that remote job postings are in decline, although the applications to those roles outstrip supply. As of September 2022, remote positions receive more applications in countries such as Australia, India, and Singapore than available jobs.
While around only 6.2% of jobs in Australia are remote, they’re receiving 10.8% of applications. While only 11.3% of jobs in India are remote, they’re receiving 20.3% of applications. While only 5.2% of jobs in Singapore are remote, they receive 7.8% of applications. While only 11.55% of jobs in Japan are remote, they receive 20.43% of applications.
The LinkedIn study of 2,900+ C-level executives from large organizations worldwide and LinkedIn jobs data highlights a growing disconnect between what professionals want and what employers are now offering, with the balance of power shifting back to employers as hiring slows.
LinkedIn’s Global Talent Trends report reveals that the top priorities jobseekers value beyond compensation are advancement, flexibility, and upskilling across Asia Pacific.
In terms of advancement and upskilling, the report finds that employees want growth and transformation in their careers. Those who make an internal move are more likely to stay at their organization longer than those who remain in the same role.
In Singapore, after two years, an employee who has made an internal move has an 81% chance of staying at their company. An employee who has yet to make an internal move has a 54% chance of staying at the two-year mark.
After three years, an employee who has made an internal move has a 67% chance of staying, and an employee who has made no internal moves has a 40% chance of staying.
In Australia, after two years, an employee who has made an internal move has a 76% chance of staying at their company. In comparison, an employee who has not made an internal move has a 50% chance of staying.
After three years, an employee who has made an internal move has a 64% chance of staying, and an employee who has made no internal moves has a 37% chance of staying.
In India, after two years, an employee who has made an internal move has a 79% chance of staying at their company. An employee who has yet to make an internal move has a 67% chance of staying at the two-year mark.
After three years, an employee who has made an internal move has a 64% chance of staying, and an employee who has made no internal moves has a 55% chance of staying.
“We can’t go back. Companies that pull back on flexible working, learning, and development risk demotivating their workforce and pushing people to competitors that offer more attractive options. Motivated employees are crucial to gaining a competitive advantage, and damaging that is a risk businesses can’t afford to take, particularly when other worries, such as the higher cost of living, are already weighing people down,” Feon Ang, managing director for Asia Pacific at LinkedIn, said.
“Flexibility and a focus on skills are crucial to the long-term survival of businesses. These have traditionally been the first to go when times get tough, but they are essential to building diverse and resilient companies adapting to a fast-changing world. Forward-thinking organizations that invest in their people during these times will be the ones that outperform competitors and come out stronger.”
