The rate of new technologies being developed and companies providing them is increasing annually. In order to track the players and their innovations, these new quarterly reports will summarize activity in technology advancements and funding initiatives that support product innovation in the HR world.
This year got off to a brisk start, with 36 major technology announcements noted. Most of these were around funding for small or start-up organizations and included three areas of development: artificial intelligence (AI), platforms that facilitate communication between employers and employees or candidates, and blockchain technology.
Nearly one-quarter of the announcements cited referenced AI, but what exactly companies actually deliver when they say they’re employing it can vary greatly.
Initially, recruiters viewed job boards with trepidation, but a decade later, they were as tried and true as the newspaper ads that predated them. Social media followed, with LinkedIn becoming the dominant player for sourcing.
Now, recruiters are looking to artificial intelligence (AI) to drive the latest evolution in talent acquisition and management. A tool already being employed by organizations for customer service and marketing, the role of AI will continue to evolve, bringing automation and standardization.
To explore international labor markets, companies must first consult global labor market data. This much-anticipated quarterly report compiles current international labor market figures from countries around the world, including measures like national Gross Domestic Product and unemployment rates, and tracks them over time.
This report also contains a section on the five developed nations most deeply impacted by chronic unemployment. Further insight into the challenges these countries face and the underlying causes of their struggles with high unemployment rates are explored.
The Worker Confidence Index (WCI) decreased by 0.7 points since last quarter and 1.3 points since last year. It now stands at 103.2 after increasing for the past two consecutive quarters.
Of the four components of the WCI, trust in company leadership rose by 3.2 points, while there was a 2.5 percent decline in confidence related to job security.
The decline in the WCI since last year suggests some concerns in worker confidence, specifically related to trust in company leadership – which experienced a significant drop of 3.6 points since the fourth quarter of 2016. Recent volatility in the stock market may contribute to lower worker confidence in 2018, but for now, confidence remains high overall.
A look at the top findings from our 2017 studies.
By The Editors
Industry research is core to human capital management and decision-making. That is why in 2017, the HRO Today research team took a deep dive into several topics that presented challenges to HR professionals: candidate engagement, Millennial preferences, global unemployment, worker confidence, company reputation, and more. Here, we share some of the top findings—the full version of each report can be found on our website.
Competition to find the best applicants is at an all-time high, and competitors are fighting to find applicants to help their company grow and set them apart.
A comprehensive background screening program can be used to strengthen a company in its specific industry and increase efficiencies in the hiring process. Your company’s future relies on the workforce you build and it is imperative to hire the right person, the first time.
Employees are a company’s greatest asset, and establishing a strong and attractive employee brand starts with finding top talent globally to build a workforce. Now, more than ever, it’s important to verify all of the information regarding an applicant’s history to help protect the company’s reputation brand and its staff members as well.
Advances in technology, such as social media and sophisticated data-mining software, have taken a lot of the guesswork out of HR and are increasing the speed of finding the right talent. Talent acquisition is rapidly becoming more ‘science’ than ‘art,’ and HR is responding to these changes.
Nearly three-quarters of survey respondents in this report’s study believe that there will be a need for greater technical acumen within just two years, and about 82 percent indicated that integrating automation into the talent acquisition function is very important. Talent acquisition professionals who resist embracing new technology are already becoming obsolete.
Results also show that candidate experience is paramount when integrating technology. Which other factors and specific technologies do HR professionals say are trending to be the most important for the future? Find out in this report.
Employment Engagement and Recruiting are Related – Find Out How
Cory Kruse, president of Orion Novotus, and Katy Theroux, CHRO of the NCI Group, are sharing their expert views in the third part of this webcast series as they discuss:
- Why are only one-third of candidates saying that communication and interview preparation are adequate?
- How to determine which talent acquisition metrics really matter today.
- Why is human interaction continuing to remain the most critical piece in recruiting?
The best workforce strategies are built on bringing in the best talent and deploying them faster with better engagement and productivity.
Technology innovations are impacting every facet of the talent acquisition industry. Candidates are more connected than ever before, which has changed their job search expectations. They expect to be able to complete the entire application process on mobile devices, and they expect it to be fast. Smart companies need to evolve and optimize their candidate experience to stay ahead of these trends.
In the ebook Seven Tech Trends Shaping the Talent Landscape, you’ll learn about trends like artificial intelligence, machine learning and predictive analytics.
Download the ebook today to learn more about how these advancements will affect talent acquisition in 2018: click here.
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