In the first half of 2023, the global labour market experienced notable shifts characterised by a slowdown in hiring and a stagnation in employee mobility. These trends have been influenced by economic uncertainties, evolving workforce dynamics, and sector-specific challenges.

Hiring Slowdown Across Industries

Data indicates a significant reduction in job requisitions, with a notable decrease in the first half of 2023 compared to the same period in 2022. This decline was more pronounced in the second quarter. Concurrently, job applications surged, leading to heightened competition among job seekers.

The technology sector was particularly affected, experiencing a decline in promotion rates. This downturn reflects a broader trend of companies exercising caution in expanding their workforces amid economic uncertainties.

Stagnation in Employee Mobility

Voluntary turnover rates declined across all industries, indicating that employees were less inclined to change jobs. This stagnation suggests a workforce prioritising job security over new opportunities, likely due to concerns about economic stability.

Sector-Specific Trends

• Healthcare: Contrary to the general trend, the healthcare sector saw an increase in job requisitions, reflecting ongoing demand for healthcare professionals.

• Retail and Manufacturing: These sectors experienced declines in job openings, with retail facing a significant decrease and manufacturing experiencing even sharper drops.

Implications for Employers and Job Seekers

The current landscape necessitates that employers focus on attracting high-quality candidates and enhancing engagement with existing employees. For job seekers, the increased competition underscores the importance of upskilling and adaptability.

Conclusion

The first half of 2023 highlighted a cautious approach to hiring and a workforce hesitant to transition roles. Understanding these trends is crucial for navigating the evolving employment landscape. Both employers and job seekers must adapt to these dynamics to thrive in a challenging but evolving market.