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33% of workers worry about losing their jobs during cost-of-living crisis

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Remote jobs listed online falls by 4% 

In the midst of the current economic storm, business leaders are concerned about whether they need to wind back progress in various important areas of working life, such as flexible work (75%), skills development (76%), and employee wellbeing (83%). This is according to new research conducted by LinkedIn.

According to a new analysis of remote job postings on LinkedIn, remote roles are in decline. The data shows that hiring for remote roles peaked in January 2022, with 16% of jobs listed being remote. In September, this number dropped to just under 12%. Similar trends are noted worldwide, indicating that employers are now looking to get their teams back to the office.

The recent LinkedIn study of 272 C-level executives from large organisations across the UK, combined with LinkedIn jobs data, highlighted the growing disconnect between what professionals want and what employers offer. As hiring slows, the balance of power seems to be shifting back to employers.

LinkedIn’s Global Talent Trends report showed that flexible work is top of the list of priorities employees value in employers, with skills development and work-life balance also featured as top priorities. Unfortunately, these areas are all at risk of being scaled back due to the current economic uncertainty.

On the other hand, professionals are pushing back against the old ways of work. Even though 12% of jobs in the UK are remote, they received more than 20% of applications in September 2022.

UK leaders agree that keeping employees motivated and engaged is their first priority over the stormy months ahead. However, there is also a need to recognise that financial strains due to the increased cost of living (49%) and worries over being laid off (33%) are playing on employees’ minds.

While the current situation is turbulent, communication is key. Instead of avoiding tough conversations about difficult decisions, leaders are encouraged to “build bridges to their employees: and take them on the journey with them.

Becky Schnauffer, Head of Global Clients, EMEA & LATAM, at LinkedIn, spoke exclusively to TALiNT International: “As businesses continue to grapple with economic uncertainty, they simply cannot afford to lose out on top talent. With the current climate set to continue for the foreseeable future, business leaders are concerned that they will be left with no choice but to compromise on key value propositions that attracted and retained employees in the first place. In particular, scaling back on flexibility and professional development in response to this economic crisis could create a disconnect between companies and employees, and wind back progress made in the workplace over recent years.

Recent LinkedIn research shows that flexibility is the biggest priority for people looking for new roles in the UK, and our data shows that remote roles receive a disproportionate number of applications – making up less than 12 percent of job ads in the UK, but receiving more than 20 percent of applications. Flexibility is no longer just a nice to have, it’s become necessary for many. And it doesn’t stop there. Internal mobility is another top driver for talent. By providing employees with opportunities to develop their skills internally and focus on their unique career development, talent leaders will not only be better equipped to navigate economic and labour-market volatility – but they will also boost the engagement of existing employees.

Retaining employees is critical to building resilient businesses, and this has never been more important to weather this economic storm. By having a clear understanding of what motivates and inspires employees, employers can build out hiring and retention strategies that will effectively attract and retain top talent.”

Anthony Klotz, Professor of Organisational Behaviour, UCL School of Management, said: “Leaders are caught between the allure of returning to old ways of working, and the challenge of looking toward the future and rethinking how they lead and how their employees work. As LinkedIn’s study indicates, some of those in positions of power are opting out of the opportunity that this moment presents. But it’s those that embrace the mantle of leadership and turn into reality the vision that so many workers can clearly see – a future in which employees’ relationships with their employers are a source of wellbeing – who will come out stronger. It is these visionary leaders who are positioning their companies and their employees to thrive in the long-term.”

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