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future of work Archives - SourceMatch

4 Hiring Trends 2019

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In the Infographic below, we’re highlighting 4 hiring trends that you should consider when making a hire in 2019.

Let’s talk about the first one: Artificial Intelligence.
AI, as we already noticed, has an impact on the recruiting processes, making them easier to handle. According to studies, 52% of talent acquisition leaders say the hardest part of recruitment is identifying the right candidates from a large applicant pool. Katrina Kibben, Randstad argues that “Any area of recruiting where distinct inputs and outputs occur – like screening, sourcing, and assessments – will largely become automated”.

However, AI requires abilities from a recruiter in order to use the new technologies, so the question remains: are the HR/ talent acquisition department/ recruiters ready for it?

Hiring for potential.
Although experience is not to be neglected, it does not equal performance. So why focus your attention on hiring for potential instead of experience? Besides the reduced costs, there are many benefits to what a less experienced but driven candidate might bring to the table, such as adaptability, creative thinking, communication skills, or flexibility.
Let’s keep in mind the fact that what used to work in the past, might not work in the future, and hence why adaptability is a key trait.

Work flexibility
Why offer flexible hours? Because you want happy and productive employees. Let’s put it this way: If an employee has problems in their personal life, it affects their professional one, and vice-versa. Work-life balance is a direct result of employees’ ability to have a say in how they use their time for work. Needless to say that with flexibility comes great responsibility and openness to staying accountable.

Candidate experience
Why is the candidate experience important, you may ask? Monster’s CandE report found that of the candidates who had a positive hiring experience:
1. 62% will increase their relationship with brands products and networks;
2. 78% would refer someone in the future;
3. 62% would apply again.

These trends help us understand how to best adapt to the future of work. They impact the way companies relate to the labor market, what candidates expect from new jobs, and how organizations can create an environment that encourages professionals to attain their full potential. Despite a heavy emphasis on autonomous technology, at SourceMatch we believe that human interaction is by far the one that candidates will remember best from the whole hiring process. So what are you doing to make sure that whether they are selected or not for a job, candidate’s will have a lasting positive impression of your organization, brand, and employees?

Sources:
https://ideal.com/ai-recruiting/
https://www.digitalistmag.com/future-of-work/2018/06/29/should-you-hire-for-experience-or-potential-06177338
https://theundercoverrecruiter.com/global-stats-recruiting-trends/
https://www.forbes.com/sites/serenitygibbons/2018/08/16/how-ai-can-make-recruiting-more-efficient/#186f43c52acc
https://www.shrm.org/ResourcesAndTools/hr-topics/talent-acquisition/pages/many-job-seekers-are-ready-to-work-with-ai-chatbots.aspx
https://medium.com/ansaro-blog/introducing-ansaro-767a1aaccbe
https://www.inc.com/springboard/5-reasons-to-hire-for-potential-over-experience.html
https://syndeohro.com/3919-2/
https://www.recruitment-international.co.uk/blog/2018/02/70-percent-of-millennials-want-flexible-working-options-research-finds
https://ideal.com/stats-candidate-experience/

Future of jobs Infographic – Series Industry – Profile Financial Services & Investors

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This data provides a better understanding of the potential of new technologies. Adopting them will not only create disruption in the jobs market but will have the role to improve the quality of the existing work of human employees. By 2022, the enhancement of existing jobs through technology may free up workers from the majority of data processing and information gathering tasks.

At the same time, technology adoption might also affect more complex tasks such as reasoning and decision-making as augmentation becomes common over the years as a way to supplement and complement human labor.
New technology, more importantly, can enable increased productivity across multiple industries. The way companies compete will be affected too, with more weight given to those able to leverage technologies as tools to complement and enhance human work, rather than competitive advantages focused on operations or the ability to attract talent.

There are three aspects you should focus on. These following infographics will show you how new technology adoption influences Financial Services and Investors Industry. Even more, these will show you the existing barriers created by new technology, and also portray the expected impact on the workforce.

Let’s start with a look at how technology adoption affects Financial Services & Investors. A huge share of analysis of the respondents from the industry indicated that, by 2022, their company was “likely” or “very likely” (on a 5-point scale) to have adopted new technology as part of its growth strategy.

Secondly, when we check out the barriers to adoption of new technologies, the five biggest perceived barriers to the implementation of new technologies across the industry become very clear, as ranked by the share of survey respondents.

Thirdly, here’s the expected impact of new technology adoption on the workforce. In this last chart, you can see the percentages representing the opinion of survey respondents from the industry who expect their company to have adopted the stated measure(s) over the 2018–2022 period as part of their current growth strategy.

Technological progress presents a real challenge to existing business models and practices. Despite their disruptive potential, these dynamic changes will act as a pivot towards growth for those organizations that will dedicate resources to overcome them.

Source: Report

What Does the Independent Workforce Look Like?

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How does the independent workforce change the game in America’s economy nowadays?
This powerful workforce is adding $715 billion annually to the economy through their freelance work, according to Freelancers Union.

The traditional 9-to-5 schedule has become a less common job schedule. Professionals have new opportunities, whether these concern work-life balance, flexibility, diversified project-based openings, access to an independent life, financial benefits and so on. Businesses in return, can access talent at the right time for the necessary time frame, and with the right skill sets.

The Infographic below reveals the 56.7 million freelancers in America, divided into 5 categories:

1. Independent Contractors (17.6 millions)
2. Diversified Workers (17.6 million)
3. Moonlighters (14.7 million)
4. Temporary Workers (3.4 million)
5. Freelance Business Owners (3.4 million)

This type of work causes economic changes: where there’s demand, there should be more work. However, there’s a cultural and social shift as well. “With effects on social structures around civil rights, workforce participation, and even democracy itself, so too will this shift to a more independent workforce have major impacts on how Americans conceive of and organize their lives, their communities, and their economic power.” – says the independent study commissioned by Freelancers Union & Upwork.

The US labor market is changing fast. Talent platforms are reducing the costs of finding talent, and they’re not only providing more work to freelancers but also growing economies. By 2025, these online talent platforms could boost global GDP by $2.7 trillion annually, according to a report released by the McKinsey Global Institute (MGI)

Millennials are the largest generation in the U.S. labor force that are driven by flexibility when it comes to when and where to work, and freelancing offers both. That is something we should take in consideration when looking for new talent.

This study from 2018, surveyed more than 6,000 U.S. workers and revealed new findings each year (starting in 2014) that showed us how much Americans spend on freelancing.

Sources:
https://medium.com/@umka_/five-common-types-of-freelancers-5096812cb192
https://www.slideshare.net/upwork/freelancing-in-america-2018-120288770/1

Future of jobs Infographic Series – Industry Profile – Global Health & Healthcare

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Industries are ready to take diverse routes in the adoption of new technologies, and the distinctive nature of the work performed within each sector will result in disruption to jobs and skills that will demand industry-specific adaptation.

However, if we are referring at the relative level of education in the financial services industry, displaced roles can be easily balanced by assigning workers with an alternative, higher value-added functions. In contrast, the two largest job roles in the consumer industry, Cashiers and Sales Associates, accounting for no less than 45% of total industry employment, have a comparatively small share of workers with advanced education.
The interindustry analysis of the roles experiencing falling and rising demand suggests the possibility of using these industry-specific differences of displaced workers by expanding the search for new opportunities across the industry.

Although the changes in the labor market described in this data, are not foregone conclusions, they are reasonable forecasts arising from the actions and investments decisions taken by companies in response to global trends today.
With the adoption of this new technology, companies feel competitive pressures similar to the way they felt compelled to create global supply chains in the 1990s and 2000s.

As a result, these trends affecting business leaders’ decision environments determine a wide range of company responses that collectively shape the future nature of jobs.

Let’s start with a look at the following infographic and see how Global Health & Healthcare is influenced by this new technology adoption. A huge share of analysis of the respondents from the industry indicated that, by 2022, their company was “likely” or “very likely” (on a 5-point scale) to have adopted new technology as part of its growth strategy.

The following graphic underlines the major obstacles that were perceived by the survey participants as impediments to successful new technology adoption faced by their company.

Nonetheless, we would like to share this information about the expected impact of new technology adoption on the workforce. In this last graphic, you can see the percentages representing the share of survey respondents from the industry who expect their company to have adopted the stated measure(s) over the 2018–2022 period as part of their current growth strategy.

The expectation of this technological progress presents a real challenge to the existing business models and practices. At the same time, we hope for the next years that these dynamic changes, whether they are causing confusion or will be constructive will be the exact reason why new opportunities of growth appear.

Source: Report

Will talent make or break the future of your organization?

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The concept of Talentism has been coined down by Charles Schwab (founder of the World Economic Forum) back in 2012 as being the only logical era to replace capitalism. Capital has been one of the key drivers for the industrial era, fueling technology innovations as well as the development of private companies to carry out the entire process from product creation to market delivery as opposed to being state-owned and state-driven. This improved productivity and enabled consequent competitive advantages that stood for a few decades.

The New Economy is not fueled by capital, but rather by talent.

Whereas capital is important, it is no longer the presence of it that significantly influences the potential to succeed of an organization. It was capital that made it possible for the main technologies to taken certain industries from zero to one: i.e. the steam engine which multiplied the potential of many industries tenfold. Information technology plays a significant role as well being among the revolutionary advances (i.e. 3D printing – which leads the democratization and digitization of manufacturing), being considered by some economists as one of the general purpose technologies along the telegraph and the steam engine.

In the era of Talentism, talent becomes the driver for many of the advances that revolutionize industries (i.e. Uber, Airbnb, Tesla). We can see its impact when creativity, combined with the proper skills, tools, and information technology creates tremendous organizations (i.e. see Google, Microsoft, Apple, etc.) These no longer find themselves in the areas of activity that they initially started but have become organizations with a mission to change the world (see Google that started as a search engine trying to take the lead on autonomous cars, or Facebook – a social media platform – trying to take the Internet to everyone on the planet, just to mention a few).

None of these companies lack the capital. In fact, they have a significant amount of cash available on their hands. However, by far, they are in a group for themselves (although some consider them to be monopolies), which exist by the sheer advantage that their talent has given them. A competitive advantage that took them by an order of magnitude in technology beyond their competitors.

Talent and the future of work

Now that organizations have understood the importance of talent they are faced with the challenge of the skills gap. It has pushed them to find new ways to source talent, primarily by giving up on geographical limitations, switching to a remote work relationship (either from home or through outsourcing to vendors operating in nearshore or offshore models). That opens up a whole new way of working, bringing up other quasi-challenges such as finding the right communication means (i.e. phone, text chat, conference meetings), switching to cloud software platforms, adjusting for cultural variations, or time-zone differences. Other solutions may be found through freelancers or collaborative workspaces/hubs.

Never before was the future of work so interconnected with the past. Social media platforms provide a network of information, organizations, and individuals who can easily be accessed to locate the right talent, vet them through references and even carry out background checks.

The future of work also calls for professionals to consider that an education is not an insurance that guarantees a successful career throughout their lives. On the contrary, professionals need to be open to life-long learning alternatives (i.e. certifications or online course platforms) and developing an alternate primary skill. This gives way to varied work opportunities and increases their flexibility to switch from one project to another.

Talentism is changing the face of businesses around the world as they strive to become and stay competitive in the New Economy. How will you take advantage of the vast array of talent available across the world?

I would love to hear your experience about capital versus talent. How have both shaped your strategy in the past 5 years? How about the next 5-10 years?

Leave your comments below, and don’t hesitate to contact SourceMatch about how we can help you leverage talent for your organization.

Creativity and your bottom line

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You need creativity more than you think

In our last post we looked at two important concepts: the New Economy and Talentism. Both of them have a lot to do with Creativity, which is as we’ll see “a catalyst for” and “a result of” innovation.

With every advancement, technology has reached into almost all areas of life, starting from communication, to cooking and driving. And as we’re well accustomed, iterations of each product amplify the pressure over the consumer to comprehend all its new features and how to use them. We’re bombarded with so many new things that reach out into our brain for our attention as well as our capacity to learn and adapt. Such complexity is what pushes us to transition towards new technologies and the realities that ensue (i.e. 3D printing, hyper-connectedness, robotics and automation, the new paradigms of work). The paradox is how the same innovators strive to showcase all of these complexities in a light of simplicity and thus alleviate any resistance, enhance the product’s market acceptance and rate of adoption.

stark-innovationThus, creativity acts as a catalyst for innovation through its sheer usefulness in the problem-solving process (i.e. answering a need in the market). Simultaneously, it succeeds innovation by demystifying new technologies for their intended audience.
This is why organizations that want to stay on top of their game in the New Economy need to breathe creativity. But how does that relate to Talent(ism)?

What drives creativity?

Access to resources – take for instance artists that have created art as they had access to various tools, materials, fine wood, paint, silver, gold, etc. The same principle applies today when you consider easy access to information, software, hardware, knowledge, training, and continuous education. How would high-end engineers be capable to innovate without a proper workbench, laboratory and state-of-the-art technology at their fingertips? How do you expect your teams to improve your business processes without the proper understanding of the principles of quality management methodologies such as Six Sigma and Lean?

Thinking outside the box or allowing yourself to be disrupted from your standard line of thought – we all like status quo, who doesn’t? It’s comfortable and cozy. If we want to create, we should put ourselves out there where we’re being challenged to think differently. Read books that are out of your usual knowledge areas, take on projects that just seem like you’re taking a big leap of faith and work towards shortening the gap of knowledge/experience, meet with people that do things differently or are labeled as outliers in your industry and learn from them what it takes to go through uncharted paths, or in two words: Be curious!

An environment that encourages ideas out of the ordinary and idiosyncrasies – this asks for high tolerance to failure and a quasi-safety net (note: not risk aversion) in the form of preventive actions for new and unconventional initiatives. Nowadays, especially with the tech startup scene the later seems to be rarer (to my surprise) since all of the great innovations had strong prior planning. What would change your organization, product, service or whatever you’re involved in by a few orders of magnitude?

stark-math

Exposure to as many interactions in the work environment as possible (open to listening, helping, being empathetic) is quintessential to creativity. The advantage of collaborative teams, spaces, organizations is by far their diversity giving way to creative problem-solving. This is also an indication for organizations to focus on socio-cultural diversity that enables divergent thoughts and decision processes. Take the classic example of coffee shops – why are they such a great place to come up with ideas? They encourage bohemian interaction and collaboration, as well as the allure of frugal creativity. Basically, it gives anyone the liberty to dream at no additional cost – everything is possible! Are our organizations creating this kind of environments?

The pivotal factor

Beyond a much longer list of drivers for creativity, people have a critical role, and especially decision makers in organizations who need to be responsible for facilitating creativity. Although the traditional model of a boss-run organization is extremely spread, it has become clear that it’s not a sustainable one. And seriously, who wants to rely on just one person to grow and develop an organization? It’s about time that leaders and managers would stand behind their teams encouraging them to think for themselves and to switch from an employee mindset towards an owner mindset. A reversed model of tapping into everyone’s talent, skills and experience so as to stir a sense of ownership for breakthrough ideas and initiatives, taking them from “aha” moments, to debates, to chiseled project plans, and down to bottom line impact.

Practical ideas

  1. Leaders educating their organizations about the cause-effect relationship between creativity and financial bottom line using concrete examples, and how that can contribute to their own well-being. Leaders and key decision makers need to realize that growing profits without a direct benefit to those who drive them isn’t sustainable (Dare I say: it’s even destructive?).
  2. An informal team commitment to personal development, while members hold each other accountable (i.e. reading books, listening to podcasts). Same as organizations, people need to “upgrade” themselves and to continuously learn. Does it help the organization? Probably it does, but in the end, it’s an investment in themselves, which they take further wherever they go (Disclaimer: I’m not saying that people should not stay with your organization forever)
  3. An informal coaching environment in which people will teach one another using a quasi-structure of information and knowledge, starting from their own expertise. This process may appear to be simple – it’s not. It puts people in a position in which they need to find the best means to transfer their knowledge onto others who might not interact with it on a regular basis. And it boils down to one question: how do you take your knowledge and reduce it down to an essence that your teammates can gather in max 30 minutes?

I’m convinced that this post just scratches the surface about the subject of creativity, and you’re encouraged to contribute with your own experience, observations and questions.