Since 2014, HRO Today Magazine and Yoh Recruitment Process Outsourcing have collaborated to produce the Worker Confidence Index: a series of quarterly reports that measures employment security in the U.S. from the perspective of employees. This annual report analyzes 2018 data and examines what forces contributed to the results.
The Worker Confidence Index was 107.1 at the end of 2018, which is a year-over-year increase of 2.6 points from the fourth quarter of 2017. For the year, the Job Security, Likelihood of a Raise and Likelihood of a Promotion indices were higher than in 2017; however, Trust in Company Leadership declined.
With the completion of this North American study, we take a look at how the use of outsourced services such as RPO, MSP, Contingent Labor and Screening changed in 2018 and how these results compare to the 2016 study that was conducted.
In the 2018 study, 36 percent of study participants indicated that they currently utilize an RPO firm and an additional 5 percent plan to utilize one within the next three years, bringing the total of those who outsource or plan to outsource to 41 percent. This is an increase of 11 percentage points since 2016. When it comes to utilizing platform technology, about one-in-five (19 percent) use it. That is a difference in growth of 55 percent since 2016, a seven-point percentage increase.
The rate of new technologies being developed and the number of companies providing them are increasing each year. This report reveals critical information about new technologies, their applications, and the companies offering them in the Human Capital Management technology sector.
The Human Capital Management systems covered in this report include those in recruitment, employee records, performance, learning and compensation management, and compliance. With this particular report summarizing the activity for the quarter, we analyze the major technological breakthroughs and applications. These announcements are for companies providing HR technology solutions, as well as merger and acquisition activity that has direct implications for HR.
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 figures, unemployment rates, and important trends from the world’s leading economies by country and region.
With global unemployment levels remaining low once again, 26 of the 49 countries analyzed, reported showing levels of 5.0 percent or less. Both North America and APAC reported solid economic growth in the third quarter of 2018. EMEA showed considerably slower growth, mostly due to Germany’s weakening performance. Overall, Latin America’s growth went primarily unchanged since the second quarter, and Brazil, the region’s largest economy, did relatively well, with unemployment falling 0.5 percent.
In this Flash Report sponsored by AgileOne, we take a look at how employers feel about their brand strength when attracting contingent workers in the North America region. There are approximately 6 million workers classified as contingent in the US, and nearly three-quarters (71 percent) of respondents felt that the contingent workforce is an important part of the employment mix.
When respondents were asked about the importance of employer brand in attracting contingent workers, 60 percent felt as though the employer brand was important; however, this is significantly below the importance attached to attracting and retaining full-time employees.
HRO Today Flash Reports are a series of ongoing research that delivers focused briefs to support business decisions and further discussion among HR practitioners and thought leaders. This latest Flash Report, sponsored by Newton Talent, examines the use and importance of social media as part of a recruitment strategy.
HR departments are now utilizing social media as an essential component of their recruitment strategy, with more than one-half (57 percent) of practitioners surveyed reporting that recruiters find social media as an effective tool. Commons goals of respondents who use social media in recruitment include: promoting jobs openings, building talent pools, reducing costs, and gaining referrals.
The Worker Confidence Index (WCI) for the third quarter of 2018 increased by 3.1 points, and is now at its highest level since the first quarter of 2017. All four components of the WCI saw increases this quarter, with Likelihood of a Promotion rising the most, followed by Likelihood of a Raise and Trust in Company Leadership.
Both men and women continue to feel more confident about getting a raise. Workers remain secure about job stability, which may be due in part to near historically low unemployment rates. Women continue to report higher levels of confidence in job security than men, and the percentage of men who felt concerned about job security decreased from last quarter.
What else does the report show that impacts HR? Click here to download the report.
What role do providers and HR practitioners have in the process of innovation?
Innovations in artificial intelligence and analytics, along with development in cloud, social and mobile technologies, are making HR systems more intelligent and more engaging. In fact, research shows that for just the first three quarters of 2018, there have been over 125 significant product announcements worldwide in the industry.
What technological advancements and news happened during the third quarter of 2018?
The rate of advancement in human capital management (HCM) technology sector has been increasing exponentially. 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.
Based on a survey of more than 800 human capital leaders, Randstad Sourceright’s Talent Trends research found that when it comes to tasks such as searching for talent, 51 percent of employers believe initial screening should be mostly or completely automated. However, talent leaders say a personal touch at certain points in the recruitment process keeps candidates engaged.
Highlights from this report include:
© 2009 - 2019 Copyright SharedXpertise Media, LLC.
All SharedXpertise Media logos and marks as well as all other proprietary materials depicted herein are the property of SharedXpertise Media. All rights reserved.
SharedXpertise Media, LLC, 123 South Broad Street, Philadelphia, PA 19123