Deel Lab, the HR company’s research and policy consortium, today published its State of Global Hiring Report. Findings from 260k+ worker contracts across 160 countries show that from January through December 2022, global hiring grew across all regions, although some regions saw a higher rate of involuntary terminations and lower average starting salaries in the second half of the year.
“More interestingly, we note fascinating patterns, such as the US becoming the hottest market to hire global workers.”
HR Technology News: Trust is Prioritized by Business Executives, but not in Board Governance: Deloitte
Key trends worth noting:
- Global hiring still hot: Global hiring sustained its momentum throughout the year, 89% of all contracts were for remote roles. Many companies looked abroad to optimize talent costs.
- Layoffs up in second half of 2022: Involuntary terminations increased toward the end of the year. In January 2022, terminations accounted for 28% of all contracts ended, and by December, that number grew to 42%. Workers in the UK, Mexico, Spain, Portugal and the US, as well as workers in software, product, and marketing roles saw the greatest percent increase in terminations throughout 2022.
- Starting salaries down as markets cooled: Mexico, Netherlands, US, Nigeria, and Argentina saw the greatest declines in new worker salaries. Accountants, customer support, consulting, product, and design roles saw the biggest salary decreases globally.
- USD more popular: Globally, USD withdrawals were up <2% in 2022. Some workers leaned on the strong dollar more than others, with biggest jumps in USD withdrawals in Georgia, Bolivia, Belarus, Kazakhstan, and Turkey.
- Crypto less popular: Not surprisingly, the global workforce has lost some interest in receiving payment in cryptocurrency. Percentage of overall payroll withdrawals in crypto were at 4% in December 2022, down from 5% in the first half of the year.
HR Technology News: RingCentral Announces Strategic Collaboration Agreement with AWS
“What stands out in this State of Global Hiring Report is that the global worker model has become the preferred option for many organizations in uncertain economic times,” said Samuel Dahan, Chair of Deel Lab. “More interestingly, we note fascinating patterns, such as the US becoming the hottest market to hire global workers.”
HR Technology News: Xoxoday Features in the Employee Recognition Landscape Industry Report
[To share your insights with us, please write to sghosh@martechseries.com]