Labour markets around the world were already going through significant transformations when Covid-19 hit two years ago.
The pandemic has dramatically accelerated the pace of change, causing major upheaval along the way. As we start 2022 – and enter our third year of living and working through a global pandemic – we can see five themes that are shaping the labour market and this new world of work.
Remote and hybrid work
Firstly, the pandemic has prompted a profound rethink of how we work. Companies have spent the last two years looking closely at their working models, but also their cultures and values. We see that playing out clearly in LinkedIn’s data. Globally, the demand for remote and hybrid work continues to sky-rocket.
The share of paid jobs offering remote work had nearly doubled at the end of 2021. In just one year, roles offering remote work went from 6.5 per cent in November 2020 to 12.6 per cent in November 2021. To be competitive for candidates, employers are having to look closely at what they can offer, but also how they can make their workplaces inclusive when they’re hybrid. This will continue to be a focus this year.
The past two years have seen employees rethink why they work, and what they most want to do with their careers and lives. Globally, our data is showing that employees are voting with their feet. In October 2021, the share of members changing roles was up 25 per cent compared to the pre-pandemic period in October 2019, as employees are taking their experience and skills to new roles at an accelerated pace.
We’re also seeing that workers are more likely to transition into new industries. In the US, workers report better compensation, alignment with their values and career progression as the key factors in changing industries. It’s clear that this rethink is prompting real change in the labour market, with employees much more empowered to negotiate terms than in the past.
Jobs in health and care
While workers are now more likely to change jobs and industries, the pandemic is also creating new career opportunities in the health and care sector at scale. LinkedIn’s annual Jobs on the Rise data shows that in the US, the pandemic response clearly shaped the fastest-growing roles in the last year, with 'vaccine specialist' rising to the top of the list.
In the UK, we saw 'laboratory scientist' and 'public health officer' make the top-20 list of fastest-growing roles, as economies continue to grapple with the impact of the pandemic.
The Fourth Industrial Revolution was already creating a surge in demand for artificial intelligence and engineering roles, and in both the UK and the US we continue to see huge growth in engineering roles.
Worrying gender gap
While organisations continue to fight for this talent, we still see deeply worrying signs that these jobs are male-dominated, with men often accounting for 80 per cent to 90 per cent of hires for engineering roles. As we look at how to tackle gender disparity, it is critical to make sure women are hired into these roles.
The bigger picture
While the pandemic has been the main topic of conversation, climate change remains the biggest issue facing society. While there was some progress at COP26, and the green skills we need to transition our economy are growing, LinkedIn’s green skills data shows we’re not moving at anywhere near the pace we need to be. Wolrd Economic Forum]
This article is part of the Davos Agenda