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.
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.
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 edition of the report also provides a regional synopsis of English proficiency for those countries where English is not the primary language. Most national economies are becoming increasingly dependent on international trade, which represents more than 30-percent of world GDP. English is the common language required for these global transactions.
The Worker Confidence Index (WCI) for the third quarter of 2017 increased by 2.8 points after a significant drop by 7.9 points in the prior quarter.
Of the four components of the WCI, likelihood of promotion rose the most, up by 3.2 points in 3Q 2017. The other components remained virtually the same.
After a sharp decline in 1Q 2017, job security quickly rebounded, and now stands at 104.8, about where it was five quarters ago. Lack of concern about job loss is the most important indicator in estimating worker confidence about their current and near-term financial outlook.
Today it’s important to recognize the impacts of an organization’s reputation on talent acquisition. Answers to questions like these are paramount: What’s the impact of a bad corporate reputation on candidates accepting job offers, or how quickly will employees look for a new job in light of a scandal, or which bad behaviors create the most harm to culture and recruiting efforts?
While many believe that the youngest workers, such as Millennials, are most likely to leave a job for a better opportunity, this trend is much less evident for companies with good reputations than bad. Overall, respondents are much more likely to take a job at a company with a good reputation across all age groups.
In 2017, 91-percent of those under 35 would take a job with a company with a good reputation, but only 73-percent of those under 35 would take a job with a company with a bad reputation. This differences increase as age increases, with 82-percent of the oldest age segment willing to take a job with a company with a good reputation, but only 39-percent willing take a job with a company that has a bad reputation.
With Barry Morris, CEO, CapRelo
Relocation clients and transferees/assignees are on the move, and mobility technology needs to keep up. Whether they’re tracking expenses or communicating information about the new location, today’s global businesses seek solutions that can do all of this and more on convenient and intuitive platforms that make relocation management a breeze. Here, CapRelo CEO Barry Morris shares tips for picking a provider that understands the needs of mobile professionals and uses technology to its advantage.
With Lynne Marie Finn, CEO and President, Broadleaf Results, Inc. (formerly Superior Workforce Solutions, Inc.)
There are many approaches to talent management, but Broadleaf Results, Inc. (Broadleaf)—formerly Superior Workforce Solutions, Inc.—has found that separately managed models for acquiring contingent and direct workers are inefficient and outdated. Today, many recruitment and staffing companies are talking about total talent management (TTM) and total talent acquisition (TTA), but there are still separate conversations and actions taking place, rather than the delivery of truly integrated TTA/M solutions. Below, Broadleaf CEO and President Lynne Marie Finn discusses why Broadleaf is integrating delivery strategies to provide a single, unified service to companies looking to improve the way they engage their most valuable resource—talent.
With Curt Paquette, Chief Operating Officer, GRI
The demand for MSPs is greater than ever, and GRI’s expectations for what their programs will achieve have also risen significantly. Given this climate and the fact that organizations now employ an increasingly diverse mix of internal and external workers, many MSP providers are shifting from traditional MSP offerings to extended workforce solutions. Geometric Results Inc. (GRI) is one such provider. Here Curt Paquette, GRI’s chief operating officer, discusses GRI’s success with extended workforce solutions, how providers can stay relevant in light of these changes to the market, and what the future holds for MSPs.
With Scott McCain, President, Paragon Relocation
Family is the number one reason that employees turn down a corporate relocation, according to Worldwide ERC®. This is contributing to recruiting issues for many companies in what is already a tight labor market. In 2016, nearly 80 percent of HR leaders reported difficulty in recruiting for high-skilled jobs. Finding the right neighborhood and schools for employees and their families has always been a core part of any successful relocation program, but what about caring for aging parents? Roughly 17 percent of today’s workforce is acting as a caregiver, but with 10,000 baby boomers retiring each day, this percentage will likely increase. Employees are looking for assistance: 68 percent of working caregivers report making sacrifices in their careers in order to care for aging parents. What can organizations do? Scott McCain, President of Paragon Relocation, says that organizations can increase acceptance rates by offering eldercare services to potential relocating employees.
With Dr. Steve Hrop, Vice President, Organizational Development Services, Caliper
With generational shifts and a tight talent market, now more than ever it’s important for organizations to focus on leadership development. In fact, recent research shows that 58 percent of organizations report closing leadership skill gaps as a top priority. What steps should HR leaders take? Dr. Steve Hrop, Vice President of Organizational Development Services for Caliper shares how organizations can identify, develop, and retain high-potentials, and importantly, foster them into future leaders.
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