As economies around the world are kicking back into gear, employers around the world are rebuilding their workforces, generating a demand for talent who’re more adept in an increasingly digital world.
Not the Great Resignation, but Career Reconfiguration
The lockdown made most people acknowledge the importance of work-life balance and relationships with families. After COVID-19, people began to prioritise the working culture and support in the workplace. However, companies realized that compensation and benefits are critical for hiring, especially now amidst economic uncertainties. Regarding to “2022-2023 Outlook | Hiring, Compensation & Benefits report” providing fresh insights on Thailand’s job market. In Thailand, 48% of employers made up of primarily large companies with more than 160 employees reported that their hiring plan is back to the pre-pandemic levels. The competition for talent will also increase given current global conditions. Companies need to be able to strategize on their talent attraction and retention to remain at the top of employees’
Key shifts in the job market
What do all these mean to you?
Employers are actively looking for in-demand roles in the job market, and there’s a corresponding rise in job searches too. However, according to our data, job applications are lagging behind job demand – what does this tell us?
Market uncertainties will continue. The repercussions of COVID are not over, people, systems, and processes are still changing. Employers need to focus on their core businesses and outsource certain aspects of their businesses to trusted partners. To attract and retain talent, HR departments need to rethink their strategies and devise a more flexible working model.
Strong job demand, weak job applications. Though the economy is recovering, employers have to contend with insufficient applications and rising talent acquisition costs. In a market that favours them, jobseekers will naturally gravitate towards employers that align more to their values. To remain relevant, employers need to build their respective employer value proposition to differentiate themselves from others.
Growing skill gaps in the job market. With some industries going through drastic changes, it’s increasingly challenging for companies to find talent with the right skill sets to fulfill their operational needs. To stay competitive, employers could consider initiatives to upskill their own workforce.
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