LHH, a global leader in talent solutions and part of the Adecco Group, has released its 2024 Outplacement and Career Mobility Trends Report. The survey, which involved 3,011 HR leaders and 8,101 white-collar workers from nine countries, highlights a significant shift in layoff dynamics influenced by technological advancements and ongoing economic challenges.
1. Overview of the 2024 Report
- Based on a survey of HR leaders and white-collar workers across nine countries.
- Focuses on how layoffs and career mobility are evolving in response to technology and economic factors.
2. Shifting Reasons for Layoffs
- Decline in layoffs due to over-hiring; focus now on:
- Performance Issues: 30.2% of layoffs driven by poor performance.
- Skill Misalignment: 29.7% due to lack of relevant skills.
- Financial Pressures: 28% driven by cost-cutting measures.
- The rise of AI emphasizes the need for relevant skills in the workforce.
3. Growing Trend Towards Redeployment
- Redeployment Programs: 82% of HR leaders are considering redeploying workers instead of layoffs.
- Increased Adoption: 47% of HR leaders have redeployment initiatives in place, up 25 percentage points from 2023.
4. Enhanced Support for Outgoing Workers
- Career Coaching: 43% of HR leaders provide career coaching services.
- Outplacement Services: 45% offer outplacement support.
- Awareness Gap: Only 10% of workers are aware of career coaching, and 9% know about outplacement services.
5. Addressing Burnout Amid Layoffs
- Global Burnout Rates: 69% of workers report burnout, a top concern for HR leaders.
- Impact on Workforce: 28% of workers considered leaving their employer due to burnout, with many applying for external jobs or exploring internal opportunities.
6. The Role of Technology in Career Mobility
- Tech-Enhanced Support: Technology helps in identifying and developing in-demand skills for transitioning workers.
- Future Readiness: Bridging the awareness gap can better equip both employers and employees to navigate future challenges.
LHH’s 2024 report underscores the evolving nature of layoffs, with a notable shift towards skills and performance as key drivers. Redeployment and outplacement services are becoming increasingly crucial in supporting employees through transitions. Addressing burnout and leveraging technology for career mobility are essential for maintaining a resilient and agile workforce in today’s dynamic environment.
