We gathered 10 recruiting statistics to shed some light on the skills gap reality:
1. 80% of Americans agree there is a skills gap, and 35% say it affects them personally 2. Unfilled jobs cost the United States’ economy $160 billion a year 3. 81% of employers said prospective employees lack critical thinking and analytical reasoning skills 4. 75% of employers think graduates lack adequate innovation and diversity skills 5. 90 percent of hiring managers stated it’s difficult to find and hire the right tech talent and 83 percent said the shortage of tech talent is slowing company revenue growth 6. Job seekers’ resumes only match 59 percent of hard skills and 62 percent of soft skills in job ads 7. White-collar job seekers match hard skills 184 percent better and soft skills 42 percent better than blue-collar workers 8. 72% of respondents think skills needed for their jobs will change, and 73% say they’ve already had to gain additional skills to do their jobs 9. 80% of those who said the skills for their jobs will change also said they’d quit if their employers didn’t offer the requisite training 10. 41% of employers are set to focus their reskilling provision on high-performing employees while a much smaller proportion of 33% stated that they would prioritize at-risk employees in roles expected to be most affected by technological disruption. In other words, those most in need of reskilling and upskilling are least likely to receive such training.
The future of jobs across industries and global regions is fascinating. As the Fourth Industrial Revolution unfolds, we see both common and differentiated characteristics across countries and regions of the world.
What are the factors determining job location decisions through 2022 on overall industries?
The Future of Jobs report from WEF cites the availability of skilled local talent is the foremost consideration of the survey’s respondents, with 74% providing this factor. On the second place comes in the labor cost followed by production cost, and with less importance factors such as the flexibility of local labor laws, industry agglomeration effects or proximity of raw materials.
Expected to be in demand: Financial and Investment Advisers in East Asia and the Pacific and Western Europe; Information Security Analysts in Eastern Europe; Assembly and Factory Workers in Latin America and the Caribbean, Middle East and North Africa, South Asia and Sub-Saharan Africa; and Electrotechnology Engineers in North America.
The link between labor costs, skills, and investment in automation technologies
According to one recent study, manufacturing added-value per dollar of labor cost in 1997 was twice as high in Mexico than in the United States. By 2013, this gap had shrunk to less than 15%.
It’s expected that simultaneous investment in automation technology and labor augmentation in advanced economies continues through 2022. As a result, shifting the comparative advantage in labor costs will affect the industrial structure of economies such as Vietnam through re-shoring of work tasks in sectors such as textiles, apparel, footwear or electronics assembly.
This is why we see emerging economies increasingly shifting toward a domestic consumption-driven growth model, with rising local middle-classes generating increased demand for goods and services traditionally intended for export.
How optimistic are you about finding local talent in your branch areas in the future?
At SourceMatch, we’ve had the privilege to work with many of our clients who wanted to expand into new countries. We’d love to hear about your plans! Reach out to us at email@example.com.
The impact on each industry that invests in new technologies is determined by the task structure of each sector and whether industry leaders intend to automate or augment specific tasks. Robotic technology is set to be adopted by 23% to 37% of the companies surveyed, with variations by industry.
Financial Services & Investors industry are most likely to signal the planned adoption of humanoid robots in the period up to 2022, also promise to be an early adopter of distributed ledger technologies (73% of respondents expect their enterprise to adopt its use) Machine learning is expected to be adopted across a range of industries, including banking and insurance, in the medical field, across the energy sector, and in the consumer sector, where it may enhance the industry’s ability to model demand.
What is the prediction for the Energy and Consumer sectors? The expectation is that physical and manual work activities will be replaced. If today 38% and 30% of such tasks in these two sectors are performed by machines and algorithms, by 2022, those rates are expected to be 56% and 50% respectively. Today 25% of labor in the Information & Communications Technology industry is performed by machines and algorithms, while an increase to 46% is projected for 2022.
How do you plan to bridge the gaps? At SourceMatch, we work with our clients to look at how candidates fair in their personal development objectives, openness to learning new technologies and adapting to new market conditions.
According to Acara Solutions 2019 Staffing report, the main reason companies choose a Strategic Staffing Partner is because they find higher quality talent (voted by the majority of respondents).
What do the numbers say?
The US staffing industry is predicted to grow 4% in 2019, reaching a record $153.5 billion in revenue, according to the “US Staffing Industry Forecast” from Staffing Industry Analysts. Temporary staffing, excluding place and search, is set to grow 3% this year, reaching a record $132.0 billion.
Growth will vary by segment, according to SIA: Marketing/creative temporary staffing revenue and education temporary staffing revenue are expected to grow by 7% each this year. The only segment where decline is expected is at the Office/clerical temporary staffing revenue with 1% in 2019. How about 2020? US staffing industry expected to grow with 3% and reach $157.8 billion next year.
What is the biggest advantage top talent provides? A recent McKinsey statistics say that companies experience a boost of productivity from high performers, to be more exact, they are 400% more productive than average professionals.
Organizations often find themselves in a loop while trying to hire and retain the best talent. Partnering with a recruiting company like SourceMatch, gives them access to talent with a 360-degree view of the candidate, after putting them through assessments that reveal types of personality, culture fit, and other characteristics, according to the position’s needs. Our role is to consult you as to the practices that suit your recruiting process best! It is essential in the development of a firm – and that is why many of them choose to partner – to expand and consider the idea of collaborating and trusting recruiting companies to find the right and best talent by following a process like the one SourceMatch has in place.
Have you chosen a strategic partner for your organization, yet? Connect with the SourceMatch team now!
In recruiting, you need multiple avenues for finding the best and the right talent. Not only data analytics and AI sources, but you also need to stay up to date with the latest recruitment marketing strategies. Have you been doing your research on those strategies? If not, let us at SourceMatch help you learn more about retaining and recruiting candidates, using the most up to date research.
Various Types of Marketing Strategies
Where do we start?! There are so many different and new marketing strategies that change daily! As recruiters, we need to stay current with those. Where should your focus be? Which platforms match your clients’ needs? Which sites are the best for finding the correct talent? These are some questions that we ask daily to fulfill our clients’ needs. Every search is unique and will require some variation of each strategy.
Current Recruitment Marketing Platforms
There are quite a few different types of social media sites that recruiters can utilize for reaching out to candidates. It’s estimated that there are 3.2 billion social media users, which accounts for 42% of the population. Social media platforms such as Facebook (68% of Americans use this site and a total of 2.2 billion users globally), LinkedIn (630 million users globally), Twitter (326 million users globally), and Instagram (1 billion users globally), are some of the most common. Using these websites, you have the option to freely post and reach out to potential candidates, learn more about those candidates, and even use the paid marketing options they offer for those connections to potential candidates. For example, with Facebook, you can share any job openings, research users’ work history, and connect with them to find out more about a proper professional fit. With LinkedIn, you can easily find work history, current, and prior experience, while also having the option to connect through a message portal. Usually, LinkedIn will include significantly more information than Facebook, very much like a resume. This helps us learn more about potential candidates and make an initial assessment of how well they align with the basic requirements of a role. LinkedIn is also very useful in sharing knowledge and information that both candidates and clients find valuable. With an average of 2.2 hours of social media time spent per day, utilizing this resource is valuable for recruiters. For instance, SourceMatch publishes recruiting videos, short posts, blog articles, company news, and useful infographics.
Recruiters also have access to specific recruiting websites. Those include Zip Recruiter, Career Builder, Glassdoor, and Indeed. These have multiple marketing tools that allow you to post jobs, contact a specific group of candidates that meet a certain profile or promote ads that can reach very large audiences within certain states or even across the country. Some of these offer free or paid marketing services, depending on your company’s needs.
Marketing on your Company Website
A company’s digital presence may start with outreach, however, professionals and clients will check your company’s website. Is your user-friendly? Does it allow candidates to easily apply for jobs? Can users ask questions or is the FAQ section accessible? What about email notification sign up (do you have a pop up for email notifications)? These are some ways that companies can use marketing tools to keep users engaged in the hiring process. Having a user-friendly website (i.e. fast, intuitive, and functional) will attract candidates. If they can see that your website is current and professional, it’s one step closer to building trust.
It’s important to keep your FAQ section up to date as well. Have you noticed any user confusion? Have you tested the job application functionality on your site? Was it easy or confusing? If it was confusing, then SourceMatch can help guide your company to the current marketing trends and updates. If it was easy and users remarked that it was a top-notch experience, then you are on the right track.
Having an email notification pop up / sign up for jobs is a great marketing tool to keep candidates in the know. Maybe one candidate was content in a role, but something has changed and he or she wants to try a different position. If you have the email notification sign up available, it will send candidates the latest job openings. The best time to send out emails is between 4pm to 8pm (Marketing Stats C, 2019). This creates more interest and even brand awareness. Other companies will see that your company is becoming more popular, causing word of mouth awareness, and contributing to potential clients as well.
It is important to keep up with your company website and visitors. Using marketing tools, you can track trends and metrics. Shivarweb has quite a few metric trackers to choose from. Was there a particular post that attracted more views? What was going on during a time with fewer clicks? This leads you to understand what is most interesting and useful for your visitors, may those be prospective candidates or clients.
Marketing on Smartphones
Have you taken a look at your website using a smartphone? Is it user-friendly and compatible? What about starting an app for your company? These are just a few ways that you can market your company using smartphones. 91% of social media users, use smartphones to access the sites. Having a user-friendly website is very important and makes your company look professional for clients and candidates. As we are in a very technologically mobile time, where 80% of Americans now own a smartphone, it’s imperative that we keep up with the times. We must also check our website on smartphones. This helps us understand where the user is coming from and if there are any errors that need to be fixed. Is it clear for the user? Are the titles and buttons showing up correctly? Is your website engaging to users? Do they want to learn more about your services and company? How about your company name and logo? Does it stand out and flow easily? Apps are all the rage in the marketing world right now, where people check their phone apps every 12 minutes according to App Stats, 2019. Did you know that mobile apps are expected to generate $189 billion by 2020? Consider creating a company app, where users can have immediate connections for your company’s news. Marketing using these tools can really boost your company’s reach outs.
How to Stay Current With Technology Marketing
SourceMatch stays up to date with the most current marketing technology for recruiting. We have a team that is specifically focused on marketing and the latest trends involved with that. By using the most current technology, we provide our clients with the correct candidate match. Reach out to us to learn more! We would be happy to discuss and assist your company with recruiting searches.