Resource Mobility Crucial As Global Hiring Slows Down: Report
2023 has witnessed mass layoffs in big numbers in tech and non-tech sectors combined. While big tech companies like Google and Meta have been under public scrutiny for quite some time, non-tech companies have not been behind in laying off people either.
From taking measures to curtail overhiring to realigning operational efficiencies, reasons have been plenty but if one can read between the lines, companies are reluctant to hire. And the advent of ChatGPT and AI has further added to the debate of how much human capital is enough when it comes to running the business.
Recently, IBM grabbed headlines by saying that it is contemplating replacing administrative and back office jobs with AI in the near future. The latest study by LinkedIn on talent trends amidst the present market conditions seals the fact that not only hiring has declined based on data from certain countries but also companies are less willing to hire externally in the present economic climate.
The solution for them as the report suggests is on the internal mobilization of human resources. This means that companies are preferring reskilling and upskilling of internal employees vis-a-vis hiring someone new and consequently adding to the costs. The report also highlights how investing in existing talent proves useful in terms of employee branding.
While hiring has declined in 2023, the modes of hiring and the way we work have continued to evolve (read remote work). It will be interesting to see how the equation fits in an otherwise competitive labour market.
