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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

hiring

Recruiting – candidates and hiring managers

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The dynamic between candidates and hiring managers
Hiring someone is just like a dance. In a firm, out of necessity, someone requests a new position to be filled at which point a recruiter steps in and starts the hiring process. A team is formed and the one in need is appointed as the hiring manager, meaning that he is the ultimate decision maker, the one who must give the stamp of approval about who is hired. This is the moment the dance begins. Because the hiring manager is the key member of the recruitment team, the recruitment choreography is structured according to his needs and wants. He is the initiator of the position and he becomes the center point of the employee selection team. The human resources team will cater to his needs with every step of the hiring process.

What hiring managers look at
Hiring managers are involved in every aspect of the employment process and they are the visionaries who set the tone (hopefully!) for the ideal candidate profile. It is an art to come up with the ideal candidate’s profile because one needs to know the ins and outs of the job. When a job order is created, the hiring manager gathers all the insight he has on a particular job and conveys that into specific details on not only what the job is like, but also what the ideal candidate would be like. At this moment, the recruiting team opens up for applications process. They select a group of well-suited candidates and give them the chance to show how they would synchronize their own combination of qualities and experience with the job’s requirements. The spotlight is on them and the hiring manager watches them perform with a scrutinizing eye.

First impression. The candidates put forth the best they have
The candidates step on the stage. Some are shy and some are bold and usually, all of them are prepared as they know that their future depends on their performance. They showcase their talents on that stage, but little do they know that their performance is watched before they start dancing. You see, the hiring manager is smart and wants to know how the candidate moves in his natural environment, in his day to day life. So, he does a background check. This involves every single digital record he can find from Facebook to public information. He might even ask the receptionist what kind of a first impression the candidate gave. You might find this to be quite sneaky but in the end, it’s the smart move to make. The hiring manager always acts in the best interest of the company.

An in-depth look – interviewing
At this point, the candidates made their first move before the hiring manager had the chance to demonstrate who they are and what they can do. And if the way they danced so far screamed “likable” they are validated for the next step in the hiring process: the interview. Up to this point, nonverbal communication was key. But from now on words are gold. At this stage, the candidates move forward with their words. If they master small talk, they are hired. You might be tempted to think that their technical skills are the most important, but, no. You see, they wouldn’t have gotten the chance to perform in front of the hiring manager if they wouldn’t have had the technical skills beforehand. By this point, the focus is on the interaction. The hiring manager wants to see if the candidate would be a fit for the job. By this, we mean that he needs to get the feeling that if he would make the hire, the new employee would not disrupt the job workflow. He will step in and through well-orchestrated questions, he himself will “dance” with the candidate in order to understand the candidate’s skills, attitudes, and perseverance.

The role that intuition plays after an interview
Now the stage is empty, but emotions run high. The candidates try to figure out what they did wrong and the hiring manager is left alone with his most trusted friend, his gut instinct. If he makes a good hiring decision, he will be fine with it but he wants to make the best choice so he will sleep on it. The hiring manager uses the knowledge he gathered along his years of working in a certain field and decides based on the way he feels about each candidate. Although his decision will be based on more of an implicit thinking pattern it will be a well-motivated one. He will assign the role to the best candidate from a technical perspective, as well as from the way he performed regarding his interpersonal skills.

Why SourceMatch?
Being in the recruiting business for more than twenty years, SourceMatch has an in-depth knowledge of the hiring process. We know every single building block pertaining to recruiting. We can assist with identifying the hiring needs, how to create job descriptions and how to post and promote these jobs. When it comes to screening candidates, SourceMatch has the best compliment ever: clients keep coming back for more. If it’s challenging to find and reach candidates at the right time and place to go through your hiring process, you are not alone! Most companies have difficulty in filling jobs, especially because of the skills gap. SourceMatch has a hiring choreography tailored to your needs. Let’s dance!

Artificial Intelligence in Recruitment

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Artificial intelligence, known as AI, is progressing rapidly and we see it in many forms today.
Before thinking about implementing AI or machine learning in your organization’s processes, you have to make sure you understand completely the new technologies.

What is Artificial Intelligence (AI)?
As there are many definitions out there, we list 3 of them below.

1. According to Merriam Webster:
a: = a branch of computer science dealing with the simulation of intelligent behavior in computers
b: = the capability of a machine to imitate intelligent human behavior

2. According to Britannica:
= the ability of a digital computer or computer-controlled robot to perform tasks commonly associated with intelligent beings.

3. According to English Oxford Living Dictionary
= the theory and development of computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.

How about machine learning?

SAS defines machine learning as “a method of data analysis that automates analytical model building. It is a branch of artificial intelligence based on the idea that systems can learn from data, identify patterns and make decisions with minimal human intervention”.

So how do these change the future of recruitment?

One of the greatest challenges businesses face today is recruiting in a market where suitable talent is scarce. It’s also critical for a business’ success to find and retain the best talent.

AI can make onboarding easier, and a first impression many times leads to a positive first impression of an organization’s processes. New hires are provided with helpful information in order to make their work lives easier right on the first day of work, and then timed based on the various stages of integrating into the work environment.
According to Jill Hauwiller (Leadership Refinery), AI will revolutionize how companies screen resumes and candidates in their databases; also, building and maintaining authentic, professional relationships will help people stand out and land the interview.
Korn Ferry Global Survey’s results on nearly 800 talent acquisition professionals, show us that 63 percent of respondents say AI has changed the way recruiting is done in their organization, with 69 percent saying using AI as a sourcing tool garners higher-quality candidates.
Machine learning technology can automate processes like programmatic advertising (the process of purchasing ad space through a software, and relying on complex algorithms to deliver advertisements contextually).

One question still remains: are organizations ready for AI and machine learning? Does the labor force have the right skill sets in order to use new technologies and tools?

Let us know your experience by leaving a comment below.

Sources:
https://www.kornferry.com/press/korn-ferry-global-survey-artificial-intelligence-reshaping-the-role-of-the-recruiter
https://harver.com/blog/machine-learning-in-recruitment/
https://grid.bullhorn.com/key-findings/na/

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

Future of jobs Infographic – Series Industry – Consumer

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The following data helps us understand that many companies are adopting these new technologies to increase their businesses. It also supposes to improve the productivity and quality of the existing work of human employees. The expectation regarding this growth is to create new tasks from app development, to piloting remote monitoring of patients health and to certified care workers. All of which creates new opportunities for an entirely new range of livelihoods for workers.

However, by 2022 no less than 54% of all employees will require significant re- and upskilling.
Another important requirement is additional training, 9% will require reskilling lasting six to 12 months, while 10% will require additional skills training of more than a year. A considerable improvement will be seen by 2022 which will include analytical thinking and innovation as well as active learning and learning strategies. A noticeable increase will have the technology design and programming highlights the growing demand for diverse forms of tech competency identified by employers.

This infographic indicates, to date, many employers’ upskilling efforts continue to concentrate on a limited set of existing highly-skilled and highly-valued employees. However, in order to formulate a successful workforce strategy for the Fourth Industrial Revolution, businesses will need to recognize human capital investment as an asset rather than a liability. In the end, these statistics help business owners and not only, to make decisions when it comes to adopting technologies.

First, let’s take a glimpse of the following infographic and see how technology adoption can affect the Consumer Industry. A huge share of survey 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, if we look at the barriers to adoption of new technologies, we can see the five biggest perceived barriers to the implementation of new technologies across the industry, as ranked by the share of survey respondents. The following graphic will show you which were the obstacles that were selected by the surveyed people that were perceived as impediments to successful new technology adoption faced by their company.

Thirdly we have the expected impact of new technology adoption on the workforce. In the following 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.

Technological advancements are very likely to present real challenges to existing business models and practices. But hopefully, in the next years, these dynamic changes, whether they are disruptive or constructive will be the exact reason why new opportunities for growth develop.

Source: Report

Future of jobs Infographic Series – Industry Profile – Energy Utilities & Technologies

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Companies expect a good improvement by implementing the technologies below by changing the frontier between humans and machines when it comes to existing tasks between 2018 and 2022. Until last year, 2018, 71% of tasks were performed by humans, compared to 29%, by machines. By 2022, this standard is expected to change to 58% task hours for humans and 42% by machines. However, last year no work task was yet estimated to be performed, most of all by algorithms or machines. At the same time, the expectation for 2022 is different, by increasing the contribution of machines and algorithms to 57%.
For instance, by 2022, 62% of the organization’s information and data processing, searching reports and transmission tasks will be completed by machines, compared to 46% today. Even the ordinary tasks that are not so overwhelming for humans such as communicating and interacting (23%), developing, managing and advising (20%); likewise decision-making and reasoning (18%) will start to be automated ( 30%, 29%, and 27%).

So what do these numbers tell us?

The large firms in the global (non-agricultural) workforce indicate that 75 million jobs may be displaced by a shift in the division of activity between machines and humans, while 133 million new roles may arise that are suitable to the new division of work between humans, algorithms, and machines. At the same time, these estimates and hypothesis behind them should be treated with caution, because they represent a subdivision of employment globally, they are useful in highlighting the types of adaptation strategies that must be installed to assist the progress of the transition of the workforce to the new world.

Here are three aspects tackled for you. They will show you how Energy Utilities & Technologies are influenced by the adoption of new technologies, they will also illustrate the existing barriers created, and they will summarize the impact on the workforce.

Let’s start with a look at the following infographic. 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, if we check out the barriers to adoption of new technologies, we can discover that the five biggest perceived barriers to the implementation of new technologies across the industry, as ranked by the share of survey respondents. The following graphic will inform you which were the major obstacles, that were chosen by the surveyed people, perceived as impediments to successful new technology adoption faced by their company.

Thirdly, we would like to share this information related to 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

Diversity inclusion Infographic

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Creating a diverse workplace definitely pays off. These recruitment statistics show that the top reasons companies focus on creating a diverse workplace are statistically connected to the benefits that come with it. Firstly, diversity improves company culture as reported by 78% of respondents. Secondly, it improves company performance at least according to 62% of the surveyed lot. And thirdly, a percentage of 49 of respondents said they incorporate diversity in their business so they can be more relatable to their clients.

Business leaders might want to better relate to customers because of the benefits it brings. McKinsey’s research on the link between company financial performance and ethnic, cultural, and gender diversity finds that companies in the top quartile for gender or racial and ethnic diversity are more likely to have financial returns above their national industry medians. In this case, some might want to look into ways of integrating into their organization people with different cultural backgrounds that would match the cultural dimensions of the business clientele. With regards to improving company performance, the same study pointed out that diversity is a competitive differentiator that is shifting market share toward more diverse companies. The analysis of the data revealed a positive relationship between financial performance and greater diversity in leadership. The reason for this might be because the more diverse a company is the better it is to improve employee satisfaction and thus decision making.

In conclusion, although improving organizational culture through variety might be difficult, it is well worth it. It might be hard to achieve a cohesive one direction oriented group with people from different cultural and ethnic backgrounds because of unconscious bias, but companies that manage to do it are also able to achieve a global mindset and cultural fluency which in turn translates into higher profit.

Source: https://www.talentnow.com/recruitment-statistics-2018-trends-insights-hiring-talented-candidates/

Recruitment statistics 2018

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Why are recruitment statistics important? Besides the fact that they keep us informed and help us guide our recruiting efforts, they can be powerful tools to improve.

In this statistics representation, we showed in numbers how easy/ hard it is to fill a position in the year 2018. Do you know what passive job seekers are? The following data will be of much help if you do a little research on how to direct your efforts when searching for talent. And the last item in our figures is related to the number of companies that promotes talent within the organization.

U.S. employers encounter difficulties when they want to fill new job openings. The statistics tell us that 50% of U.S. Employers reported that it is taking them longer to fill jobs today compared to any other period of time. This trend in human resource speaks about who has the upper hand when it comes to recruiting.

Job seekers hold the strongest influence on the job market. Some decide to pursue jobs based on long-term personal objectives and other will hop from one job to another based on salary alone.
In their search of the best talent, recruiters also need to consider candidates who are not actively searching for a job. According to the statistics, 73% of candidates are passive job seekers.

This turns out to be difficult for recruiters because passive candidates are not looking for new job opportunities since there’s typically a good reason: they are competent workers and they are happy with their current role. Convincing them to hop jobs might be difficult.
But there are also more optimistic statistics. For example, 79% of organizations are focusing their efforts towards building and promoting their own talent from within, meanwhile only half are recruiting from the external labor pools. Hiring from within their own organizations comes with numerous benefits for employers because it saves up on time and not to mention money. This is an ideal way for organizations to retain talent and to grow organically.

Source: https://www.talentnow.com/recruitment-statistics-2018-trends-insights-hiring-talented-candidates

Recruitment Statistics Infographic 2019

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A candidate driven recruitment market coupled with negative employer branding can make a recruiter’s job a hassle. If you also throw in the mix the talent shortage, the recruiter’s work becomes quite the challenge. Hurdles that recruiters will face in 2019 are no less challenging than they were before. This being the case, social media strategies and social listening tools, if used correctly, can ease the hiring process overall.

Trends
Understanding the statics regarding how the hiring process worked in 2018 is essential in understanding how to handle the challenges coming in the next few years. According to LinkedIn, the latest recruitment trends in the hiring process include diversity, new interviewing tools, data, and not last, artificial intelligence. Recruiting firms that harnessed the powers of these hiring processes had it good in 2018 and firms who want to strive must take notice of these trends.

A key statistical insight regarding diversity is that companies must not discriminate when recruiting. Companies who got on the bandwagon of diversity choose to do it because in their opinion it improved organizational culture (78%). Another statistical point of view is that when traditional points of view fail the most useful interviewing innovations that must kick in are soft skills (59%), job auditions (54%) and meeting in a casual setting (53%). The third major recruiting trend of 2018 was the increased use of data in the context of strategic hiring decisions. The numbers show us that 56% of the surveyed firms used data to increase retention rates. The fourth important HR trend of 2018 was the use of artificial intelligence in the hiring process.

Digital tools and automation
Recruitment automation improves the hiring process by making it more error-free.
Knowing all this, let’s follow up with some tips the can easily help to hire talented candidates using innovative hiring methods. 

The main observation we would like to point out is that recruitment in 2018 has more to do with social media than ever before considering that 67% of employers say social recruitment is vital in finding passive candidates, 66% of social hires weren’t looking for jobs when they were recruited by HR professionals using digital tools, and 63% of hiring managers say they successfully hired with social media.

The bottom line is: Go Social!

Source: https://www.talentnow.com/recruitment-statistics-2018-trends-insights-hiring-talented-candidates/