Jobseekers who want to work remotely might have fewer options in 2023 as employers scale back on remote-working positions.
LinkedIn's latest Global Talent Trends report points to a "deceleration in hiring" in the months leading into 2023 as companies prepare for further market volatility.
At the same time, fewer job openings are being advertised as remote roles compared to earlier in 2022. Given that demand for remote working remains high among employees, more jobseekers will be competing for fewer remote-working opportunities, the report suggests.
According to LinkedIn's data, ads for remote jobs in the US reached an all-time high in February 2022, when one in five (20%) of all US job openings were listed as remote. These openings attracted more than 50% of all applications made via LinkedIn.
"In many ways, employees still hold the power to demand more from their employers when it comes to salary, flexibility and benefits. But this power balance is likely to start levelling out in the coming months," she said.
Employees and jobseekers are also bracing for an economic slump, with LinkedIn finding that candidates' confidence in their ability to improve their financial situation has "decreased or remains low" compared with August 2022.
Guy Berger, principal economist at LinkedIn, said that while employers could not eliminate uncertainty in the year ahead, they could at least "mitigate it" for employees by putting more effort into supporting employee morale.
"Consider relatively low-cost, high-value benefits that you might have overlooked before," said Berger. "Don't underestimate the calm that can follow when you reassure employees that you hear them, and that times aren't tough forever."
Indeed, salary isn't the only thing employees care about in their careers: work-life balance, flexible-working arrangements and upskilling all rank highly, LinkedIn found.
But with organizations apparently scaling back on remote working, leaders need to understand how they can align with employees' values – particularly if they want to remain attractive to highly skilled workers and prevent attrition.
Upwards mobility remains a key tool in retaining existing staff: LinkedIn's report found that employees who make an internal move are more likely to stay at their organization longer than those whose roles remain the same.
It warned that if, employers fail to offer clear direction and progression opportunities, workers "will leave the moment they find a better opportunity elsewhere."
Jennifer Shappley, VP of global talent acquisition at LinkedIn, said: "As talent leaders, we need to be prepared to speak to candidates about what our organizations value and how we support our employees.
Shappley added: "Understanding these drivers and listening to our employees have never been more important in ensuring we're building hiring and retention strategies that attract and retain top talent."