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future of work Archives - SourceMatch

Nov 05
1
HR automation

Automation in HR Processes

By | Blog, Future of work, Recruiting | No Comments

In the age of the digital revolution one if not the only thing necessary to survive is the ability to adapt by digitizing your services. If you adapt, the outcome will be more than mere survival and chances are that if you do things right, you will actually thrive. In the recruitment field, this translates to the automation of processes which is desirable because it entails scalability which is the basis for any profitable business nowadays.

Things are barely paper-based anymore and thus HR service providers must employ next-generation automation technologies that eliminate common time-consuming situations that HR professionals encounter. HR automation software can also dramatically transform HR departments by compressing HR specific processes, making HR functionalities more efficient and effective and not to mention that proficient employees can use their talents in more meaningful ways.

HR automation is the process of enhancing the efficiency of the HR department by freeing employees from manual tasks that are often considered tedious. This approach to doing HR allows the staff to focus on complex tasks like decision making, employee interactions, and strategizing.

Employees liberated with the help of robotic process automation (or RPA technology) from repetitive, mechanical tasks will deliver better customer service because of more consistent process execution. The more elements of the hiring process are automated with AI and machine learning capabilities the more routine tasks are eliminated from the employee’s tasks thus changing the quality of the work for the better. All the while, automation ensures that the recruitment process is compliant with regulations.

There is also an abundance of data that can be stored across HR processes. And on data stored in a convenient form, various operations can be performed. HR management can harness the benefits of automated data analysis such as speed and error-proof analysis. This does not mean that creativity does not have its place in the whole recruiting process. However, creative workers have the means now to reduce the impact of their biases and deliver better and more productive outcomes.

In other words, the essential benefit of automation in recruiting: cost-effective strategies that assure better recruitment services. In the recruitment business, just as in any other business, doing things that scale matter. And thus, scalability that brings in results, can be achieved through automated HR processes.

One trend that saves companies money within their human resources department is the use of enterprise content management software. This is possible because human resource jobs are document and form-driven thus making the combination of HCM software with HR automation very efficient. The software is used to import documents into digital repositories, to organize imported documents so that they are searchable and retrievable, to store files in standard formats for sharing to multiple devices, to archive records, or to make audits simpler by making it easier to gather information. All this information stored in digital format can be efficiently handled through HR automation by automating routine tasks, by creating and updating data thus making different workflows available to different users on-demand and when needed in a timely manner, or by influencing the company’s communication system. This goes to show that any business can benefit from HR automation when applied to repetitive processes.

At a deeper level of analysis, HR automation has trends within itself. In 2019, multiple surveys and studies highlight 6 important trends in this regard. First of all, HR Automation is spurring job change in HR departments but not job losses as many fear. As AI-driven software is implemented, people can shift their attention and focus on more valuable HR work. Another change in HR automation is the cost. Bots are decreasing in cost and becoming more and more accessible to companies. Moreover, companies adopted AI-powered chatbots to be an interface with applicants, screening them or helping them with the application process. HR automation was also used increasingly in employee testing and training. Through HR automation employees had better access to training materials as they were delivered when needed. Automation and AI are also being used to diminish unconscious bias within HR for example in the hiring process and internal promotions. Another way automation is already being useful reflects in the improved communications between HR and employees, particularly for younger workers who demand more real-time feedback.

HR departments urgently need an idea of how technology will – perhaps more radically and suddenly than ever before – shape the future of work, especially automation. There is a wide range of projections and predictions about just how profound these changes will be. And the role that HR will need to play will differ according to which one comes to pass. But one thing is certain, HR professionals and their organizations cannot afford to say no to HR automation. A recent study conducted by the Oxford Martin Programme on Technology and Employment at the University of Oxford has shown that 64 percent of those surveyed fear that automation will lead to significant challenges for future labor markets. According to a 2015 CSIRO report, more than 40 percent of the Australian workforce (a staggering number of 5 million people) could actually be replaced by automation in the next 10 to 20 years.

It is easy to assume that people in the recruitment industry fear that human resource automation technologies could disrupt the way things are done, with negative outcomes. Realistically, the most immediately urgent role of HR professionals seems to be around minimizing employer-employee tensions around possible job losses. Employees need to understand that an automated HR future must not scare away employees because if history is to repeat itself, the jobs created could be better than the ones destroyed.

Reach out to us to learn more.

Aug 12
0
recruiting automation

Recruiting Automation

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Recruiting automation – technology at its finest

With the addition of advanced technologies like machine learning, advanced programming, and distributed data analytics, recruiters are ready to broadcast job openings to more places. We see the development of technologies that allows us to provide a platform for candidates to engage with companies and their recruiting processes.

That’s why it’s important for recruiting professionals to adopt cutting edge technology so that they won’t have to resort to outdated technology when learning how to use it.

Technology will play a larger role in our companies hiring process this year, and here a few reasons why:
Since last year, passive recruiting became the top priority source in every hiring organization (35% up compared to last year). In fact, to save time, over 42% of recruiters are turning to intelligent tools that process all data info for them and the other 46% don’t have enough data to make smarter decisions in their hiring process.
On average, recruiters can actively source for 64% of the open roles in their organization. Hence, why we see companies seek out additional recruiters to help out with that growing number of unfilled/hard to fill positions. For smaller businesses, recruiters are currently seeking candidates with more experience and with a greater level of skill than their average employee. However, 20% are actively sourcing for all open roles in their organization.

The preferred outreach method

Since 2018, emails continue to be the preferred method to reach out to candidates (up to 38%, followed by phone/text 33%) and LinkedIn inMails (13%) had a significant decrease since last year.

Your employer brand is influenced by diversity in the workplace, which is not only a value but a core factor that positively contributes to the quality of work if proper attention is given to it. The number of opportunities for hiring talent is growing with a staggering 80% of new hires done to improve diversity in the workplace. But even more compelling, a growing number of organizations are also leveraging hiring automation, finding solutions to the hiring pipeline needs for diversity, inclusion and equity training (AOC), and the integration of workforce management (WFM).

Where is recruiting automation most useful?

In order to stay competitive, recruiters must dedicate an increasing amount of their day to sourcing. This year, 22% of talent organizations will increase their spend in recruiting automation tools (up 30% YoY), creating better and more relevant results.
To ensure there’s a fit between jobs and candidates, recruiters need to understand how automation works, why it will impact their jobs and how to adapt to the changing landscape of data collection and decision-making processes. As for some job seekers, automation is a straight path to a less-stressful process after using grueling application processes and assessments. For others, automation for long-term planning means a fresh start.

Talk to SourceMatch to find out how we leverage technology to make your recruiting process better, faster and easier!

Jul 23
0
future of jobs across regions

Future of jobs Across Regions

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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.

Region-specific roles
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 gettoknowus@sourcematch.team.

Jun 10
0
flexibility

Flexibility in the Workplace as a Means of Attracting the best Talent

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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!

May 16
0
technology in recruiting

Technology in Recruiting – save time and Money Without Losing the Human Touch

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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 gives 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.

May 09
2
employer branding

Employer Branding Practices in Recruiting

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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.

 

Apr 05
0
future of jobs

Future of jobs Infographic – Series Industry – Information & Communication Technologies

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Stop for a moment and look around.

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.

Mar 12
0

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, candidates will have a lasting positive impression of your organization, brand, and employees?

Mar 06
0

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 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.

 

Mar 01
0

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.