Attracting & retaining top talent: the key to companies success in the future of work
As we embark on a new year, it is evident that the labour market has undergone a profound transformation, and we are now facing a landscape that is markedly distinct from previous years. For example, Generative AI (GAI) is revolutionising the way we work - LinkedIn data found that 74% of executives surveyed in APAC are already looking to implement GAI in their organisations to enhance productivity and efficiency.
Workforce expectations have also evolved dramatically in recent years. People now seek not just a job but purposeful and meaningful work. They're looking for flexibility in hybrid work arrangements and opportunities for on-the-job upskilling. Understanding and adapting to these changing needs is vital for employers. Progressive talent teams are already reshaping their recruitment strategies to attract and retain the best talent for their organisations. In fact, our research shows that in addition to competitive salary and benefits, hiring managers consider providing opportunities for career growth and advancement (35%), facilitating a healthy work-life balance (31%), and helping employees build the skills they need for the future of work (30%) as the most important to retain top talent.
Indeed, the new year signals a job market that is brimming with opportunities, but it will also be competitive – for both companies and professionals. 77% of professionals surveyed are planning to look for a new job in 2024, while 85% of hiring managers are looking to expand their workforce. Here are four actionable steps to ensure the attraction and retention of top talent.
#1: Focus on skills when hiring – The skills required for jobs are changing rapidly – by 25% globally since 2015. This pace of change was higher in Asia Pacific (APAC) – 27% in Australia, 30% in India and 36% in Singapore. With GAI, the rate of change is accelerated – 65% by 2030. To bridge the growing skills gap, building a skills taxonomy tailored to each role in your organisation will help you understand exactly what each role requires and where your organisation's skills gaps may lie. This will help you identify both the hard and soft skills that your company needs to excel in today's world of work, and it will also help your employees understand the skills they need to advance and grow their careers in your organisation.
#2: Create learning and development programmes internally – Companies that prioritise a workplace culture that adapts to the evolving needs of their employees are more likely to retain top talent. One of these needs is the ability to learn new skills and grow within the company. And this doesn't just benefit employees – a workforce equipped with the appropriate hard and soft skills can enable your company to swiftly adapt to the ever-changing work environment. 89% of L&D professionals globally agree that proactively building employee skills for today and tomorrow will help navigate the evolving future of work. Presently, employees are keen on learning, as evidenced by a 65% surge in learning hours for the top 100 AI/GAI courses from 2022 to 2023, according to LinkedIn data. At LG Electronics, which utilises LinkedIn Learning, almost all learners (99%) activated their LinkedIn Learning account with the company, 67% access the platform each month, and 66% are repeat users.
#3: Implement flexible work arrangements – Flexibility is also now a crucial factor that is essential for companies aiming to attract and retain valuable talent in today's competitive landscape. In fact, our data tells us that flexibility to work when and where they prefer is one of the top five factors for APAC professionals when considering a new job.
#4: Consider using recruitment tools that incorporate AI – AI is redefining the workplace landscape, enhancing satisfaction and productivity across the board. For HR teams, this is especially true with our AI-powered Recruiter 2024, which makes day-to-day work easier so talent professionals can focus on the people-centric part of their jobs. With this tool, hirers can gain expansive talent insights to target the right candidates for the right opportunities quickly. LinkedIn's new AI-assisted projects and conversational search allow recruiters to simply input their hiring goals in their own words. The power of GAI, combined with our insights, will then understand the type of candidate they're seeking, leading to higher-quality candidate suggestions from a broader pool. Additionally, our new real-time personalised nudges will assist recruiters in refining their search. For instance, they'll receive suggestions to broaden their search location, include the most in-demand skills for a role, or decide if a position should be hybrid based on local talent availability. These features are designed to enhance the recruitment process, making it more intuitive and effective for hirers. Grab, a leading ride-hailing company in Southeast Asia, implemented our new Recruiter and found time savings of over 30% in candidate searches and outreach, and improved collaboration.
Attracting and retaining top talent is crucial for companies to succeed in the future world of work. As the job market becomes increasingly competitive and the nature of work continues to evolve, companies must prioritise the recruitment and retention of skilled employees. Aside from the above, this also includes offering competitive salaries and benefits and fostering a positive company culture. By investing in their employees, companies can not only attract top talent but also retain them, creating a loyal and productive workforce that drives success and innovation.
