Gone are the days when companies would primarily hire candidates based on their academic credentials, previous employers, or years of experience. With the rapid advancement of technology and the ever-evolving job market, there’s been a significant shift in recruitment strategies. In the Philippines, LinkedIn data reveals that the skills required for any given job have changed by an average of 31% since 2015, with a projected increase of up to 48% by 2025.
LinkedIn’s latest Future of Recruiting report highlights a growing trend among companies adopting a skills-based approach to talent acquisition in order to stay competitive in a tight labor market. Key findings from the report include:
- Over half (56%) of recruiting professionals globally, and 55% in Southeast Asia (SEA), identify finding candidates with the desired skills as a major challenge.
- A vast majority of global recruiters foresee skills-based hiring (75%) as a priority within the next 18 months, while upskilling and reskilling employees (81%) is predicted to shape the future of recruiting in the next five years. In SEA, even more recruiters are prioritizing skills-based hiring (89%) and employee upskilling/reskilling (87%).
- Recruiters today are 25% more likely to search for candidates based on skills compared to just three years ago, with over 50% prioritizing skills over years of experience.
- A skills-first hiring approach can expand the global talent pool by 9.4x, helping companies meet their skill demands.
- For job seekers in SEA, learning opportunities have become a crucial factor when weighing job offers. Candidates prioritize opportunities to learn new skills, career growth, and advancement opportunities among their top five considerations.
- Soft skills are equally important, with SEA recruiters seeking candidates possessing communication, relationship-building, adaptability, business acumen, and problem-solving abilities.
To successfully navigate the rapidly changing future of work, companies can glean valuable insights from the Global report here and SEA report here.