Deel Lab, the HR company’s research and policy consortium, 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.”
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.
Samuel Dahan, Chair of Deel Lab, said:
“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. More interestingly, we note fascinating patterns, such as the US becoming the hottest market to hire global workers.”
The full report can be downloaded here.
Deel’s report findings “pull together aggregated data from Deel’s 260k+ teammate contracts and 15,000-plus customers across more than 160 countries, as well as over 500,000 data points from third-party sources including Microverse.”
All countries, states, and cities in the report “have at least 50 worker contracts on file as of December 2022. For payments data, all countries have at least 100 worker withdrawals as of December 2022, and percent changes are reflective of new contracts signed.”