The rate of advancement in the human capital management (HCM) technology sector is accelerating. In order to track the players and their innovations, HRO Today and Alexander Mann Solutions have partnered to release quarterly reports that summarize trends, funding initiatives and other activities that support product innovation in HR.
The robust rate of advancement in human resources technologies increased during the second quarter, with 57 major announcements documented, compared to 36 in Q1. Three areas of technology development with particularly high levels of activity were: mobile capabilities, Artificial Intelligence (AI), and platforms that facilitate communication between employers and employees/candidates.
In a time when worldwide unemployment rates are reaching historic lows, recruiters are under increasing pressure to fill positions quickly. Hiring managers, faced with their own challenges, are not always the most sympathetic partners in the hiring process. But how do they really feel about the state of recruiting in their company? How do HR recruiters’ opinions about the internal hiring process vary from opinions of the hiring managers, and how do both groups feel about each other and the support of their mutual goals?
Key takeaways from this report include:
A critical part of the solution to workforce budgeting challenges is optimizing contingent staff to reduce costs, make spending more predictable, relieve management pressures, and improve patient care. In response to the increased utilization of contingent practitioners throughout the healthcare industry, three healthcare workforce solutions are available today that can significantly simplify the entire sourcing and talent management process: Vendor Management Systems (VMS) and two distinct types of Managed Services Programs (MSP).
This whitepaper examines these three solutions and the benefits they can provide organizations:
Deploying a global workforce and ensuring access to the best talent is a crucial component of success for many enterprises. Global labor market data is an invaluable tool for multinational HR departments and can be used to inform critical decisions around the best countries and regions in which to grow. PeopleScout, a global provider of RPO, MSP, and total workforce solutions, has partnered with HRO Today Magazine to produce quarterly reports that compile current international labor market data and important trends from the world’s leading economies by country and region.
What else does the report show that impacts HR? Download the full report below to find out.
Of the four components of the WCI, Likelihood of Promotion rose the most, improving by 9.7 points, while the Likelihood of a Raise also improved by 4.6 points. Job Security and The Trust in Company Leadership indices showed modest declines in the quarter, but were similar to the first quarter of 2017.
Concern about job loss is the most important indicator in estimating worker confidence about their current and near-term financial outlook. Women continue to report the highest level of job security since the inception of the study. The percentage of males who felt that they would lose their job decreased slightly in 1Q 2018.
A roundup of the top providers and product vendors across 13 sectors of HR services.
By The Editors
We know that the readers of HRO Today Global magazine turn to us as the go-to resource in the industry—a resource that delivers trends, insights, and the latest information for all of their human resources operations and service needs. In this year’s Resource Guide, we showcase providers and product vendors across 13 sectors of HR services.
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.
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