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.
In recruiting, it is important to keep up to date with the demands of the workforce, as well as informing your clients about workforce changes that can impact their organization. Not only just recruiters, we are also the “go-between”. We are responsible for creating that bridge of information to share between candidates and employers; our goal is to keep both of them successful and “in the know”.
To attract the best talent, we take into account the generational needs and make sure that the most up to date information is communicated throughout the recruiting team. Things like what does the current workforce look like, what is the best way to communicate with both clients and candidates, and how to incorporate a work culture that spans all 5 generations in the workforce.
Each generation has a unique skill set, as well as unique needs in the work realm. The 5 generations that you may see include Traditionalists, Baby Boomers, Generation X, Millennials, and Generation Z.
Understanding the Workforce
Traditionalists – this generation was born between 1928 and 1945, you don’t see many of them in the workplace. However, they still make up around three percent of the workforce. Baby Boomers – were born between 1946 and 1964, this group is also referred to as the “me” generation. They’re predominately in their 40s and 50s and are well-established in their careers. Gen X – Generation X has around 44 to 50 million Americans who were born between 1965 and 1980. They’re smaller than the previous and succeeding generations, but they’re often credited for bringing work-life balance. This is because they saw first hand how their hardworking parents dedicated so much time to work and not enough to family. Members of the generation are in their 30’s and 40’s and spent a lot of time alone as children. This created an entrepreneurial spirit with them. In fact, Gen Xers make up the highest percentage of startup founders at 55 percent. Even if they’re not starting their own businesses, Gen Xers prefer to work independently with minimal supervision. They also value opportunities to grow and make choices, as well as having relationships with mentors. They also believe that promotions should be based on competence and not by rank, age, or seniority. Gen Xers can be motivated by flexible schedules, benefits like telecommuting, recognition from the boss, and bonuses, stock, and gift cards as monetary rewards. Millennials – born after 1980, this tech-savvy generation is currently the largest age group in the country. They’re in their 20’s and are beginning to come into their own in the workforce. They’re the fastest growing segment of today’s workforce. That’s not to say that you can’t motivate this generation because you can by offering skills training, mentoring, feedback. Culture is also extremely important for Millennials. They want to work in an environment where they can collaborate with others. Flexible schedules, time off, and embracing the latest technology to communicate are also important for Gen Y. Millennials also thrive when there’s structure, stability, continued learning opportunities, and immediate feedback. If you do offer monetary rewards, they prefer stock options. Generation Z – This generation is right on the heels of Millennials. And, they’re starting to enter the workplace. Even more interesting, they make-up one-quarter of America’s population, making this generation larger than baby boomers or Millennials. This generation is motivated by social rewards, mentorship, and constant feedback. They also want to do meaningful work and be given responsibility. Like their predecessors, they also demand flexible schedules.
Flexibility and Work-Life Balance
The main recurring pattern of these generations is a work-life balance along with a flexible schedule. But what does that mean? Flexibility in the workplace along with work-life balance, span across the generations. But what does flexibility look like? According to candidates, flexibility is the ability to have time for work, while also having an employer who allows for life events. Let’s say a family emergency arises, employees want to know that they have security in a job, while also being able to be a contributing family member. They want to know that their family life will not suffer, that there is a realistic expectation in regards to work-life balance. Work is important, but family and relationships are also very important. Another example would be commuting to work. In many cities, traffic jams can cause much time to be wasted. If an employer is flexible, the employee could have the option to work from home, telecommute, or to arrive at a time that avoids heavy traffic. This allows for less stress on the part of the employee and the opportunity to build trust as an employer. Here’s an example of what it could look like:
Of course, this is going to look very different for each individual. If any portion seems to be taking more time from another, it could lead to burnout and resentment. As an employer, you want professionals to feel accepted in their role, along with respecting how valuable their time is. SourceMatch understands how important top talent is to your organization. That is why we keep up to date with the demands in the labor market, communicate openly with our clients and assist them in deciding on ways to meet them.
Many companies now offer competitive work-life balance options. Some companies offer flexible schedules, child care, telecommuting, gym access, cafeteria access, paid breaks, wellness programs, cash incentives, and even college tuition reimbursement. Professionals have options now. With a booming economy, we need to attract and keep that talent. Utilizing a flexible schedule and work-life balance in accordance with acceptable wages, has been shown to attract and keep professionals engaged and not worried about burnout and similar effects.
Have you noticed the shift towards more work-life balance? In what ways does this affect your recruiting and company values? Us at SourceMatch are here to match your work culture with the current workforce. Reach out to us!
While technology continues to advance, companies will have to keep the human touch, in regards to the workplace. Finding and retaining the right talent depends on many key factors. Those factors include: finding a candidate that matches the company culture, using the right platform to find those candidates, and keeping up with technological advances, in regards to recruiting.
Which Recruiting Company Will Find for you the Right Talent?
Many recruiting companies offer different types of deals and platforms to find candidates. Some will send you resumes to sort through, some will narrow down your search, and others will use both technology and holistic approaches to find the right candidate. It’s important to take this into account when deciding which company to use. Would you like a short term employee or long term? Would you like to spend time interviewing or have a recruiting company do that legwork for you? How vast is that company’s lens in regards to finding candidates? You have to consider all these questions.
What Types of Technological Resources do Recruiting Companies Have?
There are many different types of websites and software programs that recruiting companies can utilize to reach out to candidates. SourceMatch uses these sources, not just one, to find the best candidates for a certain role. After that, SourceMatch provides even more assessments, to learn about this candidate. We offer skills assessments as well as behavior-based assessments. Using these tools, SourceMatch aligns the top candidates to your company’s open role. We take pride in matching a workplace culture to an applicant’s style of working.
How Does Big Data Play a Role?
Big data plays a role in a company’s hiring process. According to entrepreneur.com: “Earlier, companies had little to guide them on a potential applicant’s future flight risk other than gut feeling. Now, tools integrated with artificial intelligence (AI) and deep analytic capabilities can parse the data on your company’s current employees — including their prior experiences, skills and latest achievements — to learn what good candidates look like based on past hiring decisions. In addition to your own enterprise data, AI can look at data from across the industry to build a profile that can then be applied to cull resumes, screen candidates based on warning signs, and grade and rank a shortlist of qualified candidates for each job opening.” Technology is very much integrated into recruiting. At SourceMatch, we actually use a unique combination of technology and workplace culture matches. We identify each client’s needs and work together to assess and identify the best talent.
Understanding How Culture and Technology Work Together in Recruiting
We incorporate culture and technology in recruiting practices. It takes a balance of knowing the advancing technologies available, and how to incorporate those while recruiting. According to forbes.com: “When newly hired executives leave after a relatively short period of time, the reason is rarely that they lacked the technical skills to deliver on the job. More often, it’s because they struggled to form relationships within the company or lacked cultural compatibility.” That being said, knowing your clients and staying up to date with current technology, can benefit both recruiters and employers. Recruiters can utilize social media and other recruiting platforms, while also getting to know more about their clients and candidates. This allows for the correct “pairing” of the candidate with the client’s organization.
How Social Media can Help the Recruiting Process
Many recruiters have seen the benefits of using social media to find candidates. You can learn about communication and personality, as well as some work history (if listed). You have people sharing job openings through social media as well as recruiters reaching out to candidates via social media. According to entrepreneur.com: “Employers from different industries have reported over 30% increase in the referral candidate counts via social media recruiting techniques. Industry recruiters have always preferred the candidates referred by existing employees, and social media helps them engage in referral recruitment easily.”
The Pros and Cons of an Automated Hiring Process
Technology can make the hiring process more effective for both candidates and recruiters. Candidates can now search and apply for many jobs rather than filling out applications and dropping them off at the front desk. This benefits candidates and employers in regards to saving time, but it can take away from the “human” interaction aspects. Technology can also help “weed” out incorrect candidates at a much faster rate, leading recruiters to the best candidates, sooner. On the other hand, keeping a more personal, human approach helps both recruiters and candidates find the best job. A person may look good on paper, but that person may not fit in the work culture of a certain position or workplace. Knowing both the personality of the candidates, as well as the culture of the workplace, give recruiters the ultimate advantage.
Keeping the Human Touch in Recruiting
To keep a human approach in recruiting, companies can either hire internally, use personality assessments, or reach out to recruiting companies that use more than AI. Hiring internally gives employees and employers opportunities for growth. Employees know that there is room for growth and employers have the time to learn about their employees. Using personality assessments give employees and employers knowledge about where they fit in the company work culture. This can boost employee and employer confidence in job roles and relations. Using a recruiting partner, companies can learn about new models of finding the right candidates and fix any retention related issues. This is great for companies that have noticed human or workplace-related concerns, along with high turnover.
Have you heard the rumors? Did you know how much employer branding can do for your business? Promoting your company as an employer of choice to the people you want to hire is the smart way to attract talent. Before we dive deeper into what efficient employer branding looks like, we want to make one thing clear: working with the right recruitment company will make your brand shine brighter. If you associate yourself with professional recruitment firms, the brand you spent time creating, will be presented to target groups as you wish. This will allow you to reach your goals in a proficient way. However, let’s get back to our subject.
You want to attract, recruit and retain a specific type of talent. In this case, employer branding can facilitate hiring the right fit. Truth be told, a company’s employees represent the ideal and mission it stands for, the culture inside of it, and your company has an employer brand, whether you have actively pursued one or not. If you haven’t yet strategically pursued to recruit through your brand, you might find yourself in the peculiar case of having a huge disadvantage. That is because smart employers are out there in the digital world and they pay close attention to their image. They have a target in mind, and they structure their approach in such a manner that the image they create is appealing to the talented people they want to hire. They are strategically smart and increase their statistical chance of having a profitable business.
Why does employer branding matter and why do companies invest so heavily to attract and retain talent through their hiring process? Statistics show it clearly. 86% of HR professionals say recruitment is becoming more like marketing. And when you take into account surveys that say that employee turnover can be reduced by 28% by investing in employer brand or other statistics that show how 50% of candidates wouldn’t work for a company with a bad reputation – even for a pay increase, you have a strong case for investing in it.
When it comes to employer branding, reputation and popularity are key factors to be considered. When people who are on the hunt for a job, and even cold prospects, look at you as a company, they see a business identity and quickly assess for themselves if it is an identity they would want to be associated with. They assess your value proposition, they automatically assume they are able to provide you with the quality of work that you desire, and they ask themselves if the type of career you offer fits their aspirations. If the answer is yes, they try to get an interview with you. An article on employer branding pointed out that 78% of job candidates say the overall candidate experience they get is an indicator of how a company values its people. This means that not just your image is key but also the way you conduct your hiring process.
Provided that you already have a strategy in place, there are certain tools that can help you improve your employer brand. Although 49% of employers believe they don’t have the tools to effectively enhance employer brand, that is far from today’s digital reality. You can apply marketing methods and tactics to showcase your brand. There are also recruitment marketing tools that work wonders. They are all about increasing your brand awareness through career sites or email campaigns. That is to say that the way you present yourself through your website matters. In a survey done by CareerArc in 2018 a 52 percent majority of respondent candidates first seek out a company’s sites and social media to learn more about an employer. So, if the impression you create on social media is a good one, you’ve got yourself in a position that gets candidates’ attention.
Another factor to be taken into consideration is “word of mouth”– generated an opinion. Whether you like it or not it is also a part of employer branding. Your employees talk about you and also your former employees talk about you. They share things with their friends, they post little ironies on their social media pages and companies can’t hide anymore behind marketing gimmicks and buzzwords because there is so much more transparency generated by the need to be more authentic. One option is to think strategically about these uncontrollable “word-of-mouth” factors and influence them positively, addressing them internally and genuinely trying to resolve concerns or issues. But first, you need to adopt a strategic approach to employer branding across the employment lifecycle. One good thing to start with would be to undertake an employer brand audit followed by an employee experience mapping project. The results you would gather from will inspire your leaders to change their perspective and thinking on how their management style affects the company’s brand.
At SourceMatch we have our own way of doing employer branding and what lies at its core is communication and the shared sense of our core values. They include doing things with integrity and putting excellence into perspective. We culturally fit together and we also invest in each other’s personal development, and that adds value to the outcome of our recruitment process. You can get a taste of our personal spin on employer branding throughout our social media.
Business and HR leaders are concerned about this skills shortage (and here we are talking about the skills required by US businesses and the skills US workers have) and among HR professionals, 75% of recruiters deal with this skills gap among candidates who apply for job openings. With implications and impact on the overall economy, the talent shortage is a serious challenge for organizations intensified by new technologies they use.
Let’s talk about numbers. According to the 2019 State of the Workplace report, there were 7 million jobs open in December 2018, with only 6.3 million unemployed people looking for work. “over 50% of respondents feel that skills shortages have worsened or greatly worsened in their organizations in the last two years.”
Missing skills. The trade skills (Carpentry, plumbing, welding, machining, etc.) are the top technical skills missing, and among soft skills missing, we find problem-solving, critical thinking, innovation, and creativity.
“83% of respondents have had trouble recruiting suitable candidates in the past 12 months.” Why? To make a point, in this following infographic we list the top reasons why organizations are struggling to hire the right candidate for the job: competition from other employees, candidates that do not have the needed work experience, nor technical skills, mismatched salary, benefits are not competitive for the market, and so on.
Although it is a burden for many employers and recruiters out there, it can create an opportunity for a company to identify the missing skill, figure how to obtain them, and get a sense of how to position their workforce for the future of work.
Fortunately, there are several ways in which the skills gap can be reduced. How do you bridge the skills gap? Where there’s a problem, there’s a solution. Follow us and stay tuned for the second part of the graphic, where we look at what can be done.
Here’s a look at the way candidates perceive Artificial Intelligence in the recruitment interview stage.
“The future of recruitment hangs in the balance”, says Craig Fisher. Couldn’t agree more. While recruiters find themselves in the AI learning process and try to ease their work with the use of AI, candidates have something to say as well, don’t they? The graphic below is based on a survey where more than 200 job candidates were asked about how comfortable they are interacting with an online robot (chatbot app) to speed up the interview process. Let’s see how comfortable candidates are answering initial questions about the interview process, scheduling interviews and helping with interview preparation, and performing skills assessment.
When it comes to: a) Answering initial questions about the interview process, the results are as follows: 21.17% are extremely comfortable 36.9% fairly comfortable 23.42% uneasy 18.92 extremely uneasy
b) Scheduling interviews and helping with interview preparation, we can see that: 36.94% are fairly comfortable 29.28% extremely comfortable 16.67% are uneasy, 17.57% are extremely uneasy.
c) Performing skills assessment: 35.59% are fairly comfortable 25.23% are extremely comfortable 18.92% are uneasy 20.27% are extremely uneasy.
Because we earlier talked about balance, we can notice from the numbers above, that most candidates seem to be open working with robots at least in this part of the recruitment process: the interview. There is no doubt that we need the human touch in the recruitment processes. Candidates expect it and recruiters are not planning to leave that aside, but there are low-level processes that can be automated and ease every party involved. The future of work will be influenced by Artificial Intelligence and the way we look at it, the way we learn and how quickly we adapt to it, as AI has proven to be in many ways a helping hand.
The world is changing, and that’s a good thing. If you are not seeing it, you won’t be able to avoid it whether you like it or not. It is quite essential to develop a clear sense of what is happening around in the labor market and understand how these changes are affecting your Industry. Everything was planned, shaped for the benefit of economies and societies, and the implications of changes to work for individuals, for their livelihoods and for the youngest generations studying to enter the workforce down the line. Are we alarmed that this change will have a negative impact on the workforce? The truth is that many in the marketplace are wondering if new technologies will replace the human employee. This isn’t the first industrial revolution that creates worries about technological unemployment. It’s commonly accepted (and also debated) that the introduction of new technologies has displaced skilled workers but created demand for jobs. Hence the idea that innovative technology at a large scale does not replace human work but enhances it by increasing productivity and thus output levels.
However, there are complex feedback loops between new technology, jobs, and skills. New technologies can drive business growth, job creation and demand for specialist skills but they can also displace entire roles when certain tasks become obsolete or automated. At the same time, our belief is that these transformations, if managed wisely, will lead to a new age of good jobs, good work and improved quality of life for all.
First, let’s see how technology adoption can affect the Information and Communication industry according to The Future of Jobs Report 2018. 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.
Second, 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 the obstacles that were selected by the survey respondents 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.
Adopting new technology comes packaged with promises but also with challenges. Yet, even if these technologies increase our productivity and improve our lives, their use will substitute some activities that are currently handled by people, a development that has sparked much public concern. At the same time, to leverage the benefits of new technology, workers will need to acquire skills enabling them to thrive in the workplace of the future and develop their ability to continuously learn and upskill throughout their lives.
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, candidates will have a lasting positive impression of your organization, brand, and employees?
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 Industry. 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.
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.