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85% of mid-sized companies reported zero layoffs last year: Mercer | Mettl’s Global Talent Acquisition Insights 2024

Mercer | Mettl

Survey data of 7500+ HR professional reveals that 32% companies laid off employees last year

As we navigate through an era where skills are becoming redundant at an unprecedented pace, empowering the workforce is key.”
— Siddhartha Gupta, Chief Executive Officer, Mercer | Mettl
GURUGRAM, HARYANA, INDIA, January 22, 2024 / -- According to the latest insights published by Mercer | Mettl, many companies had to resort to layoffs in 2023 to improve financial performance. Despite this trend, the majority of the mid-size companies held their ground with 85% of them reporting zero layoffs. Most companies that implemented layoffs were from the IT and financial services sector, and they will continue to remain cautious in the future.

Based on survey data of 7500+ HR professionals across 48 countries, the Mercer | Mettl report anticipates trends that will reshape hiring strategies, providing organizations with the foresight to adapt to forthcoming changes proactively. 7 out of 10 companies reported that rehiring top talent is an effective way to regain institutional knowledge.

The evolution of remote & flexible work models and the rise of gig economies continue to be key trends among recruiters, with 59% of HRs stating that they continue to hire freelancers and 61% reporting hiring remote workers in the past one year.

HR leaders also predict that proficiency in generative AI will be the most sought-after skill in 2024. AI and automation will continue to influence job roles across industries. Email marketers and content writers are at the highest risk of obsolescence, with 58% and 44% of HRs, respectively, believing that these jobs are likely to be replaced by AI. The demand for AI-centered job roles such as data scientist and AI research scientist is expected to surge.

Siddhartha Gupta, Chief Executive Officer, Mercer | Mettl, said, "As we navigate through an era where skills are becoming redundant at an unprecedented pace, empowering the workforce is key. Companies need to embrace inclusivity as a mindset now more than ever to understand their workforce better and plan effectively for the future. At Mercer | Mettl, we are leading the way by helping organizations redefine their work design. With AI as our ally, organizations can upgrade their people to build winning teams that deliver.”

Moving into 2024, organizations are predicted to focus further on skills. Inclusive hiring will be the top diversity, equity, and inclusion (DEI) priority, with 73% of companies prioritizing equal opportunities for all genders as they plan talent acquisition strategies for the coming years.

The future of work is shaping up as we speak. Forward-thinking organizations are leading the way by creating a work design that defines how people interact with AI and leverage it to their advantage. Organizations will cater to the workforce's needs by ensuring work-life balance, promoting and providing opportunities to upskill them regularly, and facilitating financial incentives. This year will set the trend for how Workforce 2.0 develops superior skills and an open mindset to embrace AI, making 2024 the watershed year that defines the future of work for good.

The complete report can be accessed here.

About Mercer | Mettl

The online assessment platform was launched in 2010 and has since then partnered with 6000+ corporates, 31 sector skill councils and government departments, and 500+ educational institutions across 100+ countries. It enables organizations to build winning teams by making credible people decisions across two key areas — acquisition and development.

Mercer | Mettl’s research-backed assessments, efficient cloud platform, and in-depth analytics help them deliver transformative results for their clients and employees. The company creates customized assessments across the employee lifecycle, including pre-hiring screening, candidate skills assessment, training, and development programs for employees and students, certification exams, contests and beyond.

Niyaatii Swami
Mercer | Mettl

Mercer | Mettl Global Talent Acquisition Insights Report 2024