00:00There's a very, very hot labour market for those particular roles.
00:03We've seen a 60% increase in the number of members adding founder on the platform.
00:10By 2030, 70% of the skill set of all jobs will have changed.
00:21Welcome to The Big Question, the series from Euronews
00:25where we speak to some of the most influential people in the world of business.
00:31And today is no different.
00:32I'm joined by Sue Duke, who is the Managing Director of Europe, Middle East and Africa
00:38and Latin America at LinkedIn.
00:40Sue, thank you very much for joining us on the show.
00:42Thrilled to be here. Thank you for having me.
00:44Can you just set the scene for us how the European job market is currently looking?
00:49Right now, the labour market is sluggish, but not stagnant.
00:53Hiring today is somewhere between 20% to 35%.
00:58It's a very, very competitive hiring market right now.
01:01If you're going out and looking for a job,
01:03there's twice as many applicants for that average job as there was two years ago.
01:09On the other hand, we also see that because there's not many roles out there,
01:12we see this job hugging.
01:14We see people and workers, just like employees, waiting to see what's happening.
01:19Job transitions, workers moving from one job to another are at a 10-year low on our platform.
01:24So that tells you that this broader, cautious environment out there
01:28is causing workers to sit tight, see where things go.
01:32And when roles do come up, very, very hot competition for those roles.
01:36There are some bright spots, however.
01:38Sectors like healthcare and government are doing well.
01:41And then in certain areas, we see quite an explosion of jobs happening, actually.
01:46AI is one of those.
01:48So AI-enabled jobs, jobs like AI engineer, data annotator, forward-deployed engineers.
01:54There's a very, very hot labour market for those particular roles and those particular skills.
02:05What do you think the reason is for the downturn in the jobs market?
02:10So what's happening at a very broad level is we're seeing this normalisation
02:15after those record levels of hiring that happened post-pandemic.
02:20So companies are right-sizing.
02:21The second thing is that rise in interest rates is, of course, driving hiring at a more cautious level.
02:28And there's a broader economic uncertainty right now that we see.
02:31And, of course, that's causing companies, large and small, to hold tight,
02:36see where things are going before they move forward with crucial hiring decisions right now.
02:40With more competition for those jobs at the moment, for the traditional job roles,
02:45what behaviour changes are you seeing among people on LinkedIn?
02:50So in the past year alone, we've seen a 60% increase
02:54in the number of members adding founder on the platforms.
02:59What we're seeing, particularly amongst younger generations,
03:02are those people going out, setting up their own business,
03:05trying to figure out, OK, if the perfect role isn't out there for me in a company,
03:10why don't I set up my own business?
03:11Why don't I set up a portfolio of activities and services and offerings
03:17that speak to my skills, speak to my values?
03:20And so we're seeing this real entrepreneurial spirit play out on the platform.
03:23Is that just among the younger generations?
03:26We see that older generation typically more inclined to do the job hugging
03:31and the younger generation is more inclined to go out and get those jobs.
03:35What they're telling us is that a four in every ten of them
03:39would actually like to go out and set up their own business,
03:42would like to own their own business, be their own founder, get something going.
03:46So it's not just the economic circumstances.
03:49There also is this very acute entrepreneurial spirit amongst that generation
03:54who are very focused on the purpose of work, are very focused on the values of work,
03:58as well as the traditional qualities that a job gives you.
04:02And that's why we see them going out, taking control of their careers,
04:06setting up a new business and going out and getting something going.
04:10And do you think that the graduates coming through now,
04:13do you think that the skills required in the jobs market at the moment?
04:18The pace of change when it comes to how work, how skills,
04:22how jobs are going to change is something that impacts us all.
04:25So when we look at the average job on LinkedIn,
04:28we reckon that by 2030, 70% of the skill set of that job,
04:34not just entry level, right the way through all jobs will have changed.
04:39So it is true for graduate that they are not done with education
04:43as soon as they come out of university, but it's also true for all of us.
04:47And one of the things that we all need to get to grip with workers, companies and governments
04:52is how are we going to instill and scale at speed this continuous and very broad upskilling and reskilling?
05:00Because there's no question that work is going through a very deep and broad transformation
05:04and it's incumbent upon all of us to come together
05:07and make sure that workers are continuing to get access to those skills that they need.
05:13AI is for sure one of those.
05:15On our own platform, we've partnered with Microsoft.
05:18Over the past five years, we've offered free skills pathways
05:22precisely so that workers can get upskilled in AI.
05:26And fully 80 million workers have taken advantage of that.
05:29Finally, predictions for work and the future trends.
05:33Any that you can share with us?
05:35What we've been speaking about for sure is going to be one of the most transformational aspects of work
05:41over the next couple of years, which is AI.
05:43We are seeing it start to propagate out across the labour market,
05:47but we expect that to propagate much more widely and much more quickly.
05:52And so organisations and workers and governments who get to grips with this technology
05:56figure out what are the innovation, productivity, competitiveness, growth gains,
06:01all of which we desperately need right now.
06:04They are the workers, organisations and economies who are going to do really well.
06:08So our job right now is to make sure that we have the skills and the talent in our labour
06:15markets,
06:15in our organisations to be able to take advantage of that.
06:18And that's why it's going to be so important that workers, businesses and policy makers come together
06:25to make sure that we address those upskilling and reskilling challenges that we currently have.
06:29I just want to ask you a quick question about small businesses.
06:36SMEs are taking the technology and starting to experiment with it.
06:40So we do see quite a large number of SMEs who have some AI integrated into their businesses.
06:46At this point, what we're seeing more is experimentation.
06:49Will it work and enhance this process?
06:51Might it help with something in marketing or something in R&D?
06:55What we need to see for SMEs, who you rightly say are the backbone of the economy,
07:00they're 99% of European companies, they employ two-thirds of European workers.
07:05We have got to get this transformation right for small businesses right across Europe.
07:10And what we need to see is this deep and broad integration.
07:14And SMEs are organisations that could benefit most from it.
07:18Often they're small organisations.
07:20By definition, they don't have a ton of people.
07:22They don't have a marketing organisation or a talent or recruitment organisation or a sales organisation.
07:28Often it's one or two people doing everything, have a lot of jobs to do
07:32and who we need to get this transformation right for Europe to succeed.
07:37Thank you very much for sharing your insights with us on The Big Question.
07:40And thank you very much, everyone, for watching at home.
07:43And don't forget, you can catch all of our episodes of The Big Question on the Euronews website.
07:48Thanks very much.
07:49See you next time.
07:59We'll see you next time.
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