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:
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
The Worker Confidence Index (WCI) for the second quarter of 2018 declined by 2.8 points, reversing a prior trend of consecutive quarterly increases.
Of the four components of the WCI, only Job Security increased, rising 4 points since the first quarter of 2018. Likelihood of a Promotion decreased the most, down by 9.9 points. The Likelihood of a Raise and Trust in Company Leadership indices also declined; however, all four indices remain higher than they were one year ago.
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:
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.
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.
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