What challenges does the future of work present for Australian employers?
The future of work is here. In Australia, significant developments in technology and automation across our largest industries are already creating new demands for talent and a re-think of internal talent development and mobility. As a talent partner, we are doing much more than sourcing external talent for our customers, we’re taking a holistic approach to talent acquisition and employer branding by ensuring that our customers are focused on internal skills development and alignment to future needs. It is critically important that we are creating new opportunities for those people whose roles are at risk of redundancy due to technology and automation. Retrenching employees and hiring in new talent is not a sustainable strategy from a talent attraction or brand perspective and has obvious moral implications.
With Jade Clifford, Executive Director of RPO EMEA, Allegis Global Solutions
From communicating with job seekers to onboarding new hires, technology has changed the entire HR landscape. Talent acquisition leaders are now able to leverage intelligent tools to do tasks such as conduct interviews on mobile phones, answer candidate inquiries via social media platforms, and even eliminate bias in the hiring process. The modern HR team has become a hybrid function where humans and machines work together in a seamless, efficient, and effective relationship. But enabling a corporate culture that welcomes these technological innovations and managing the change management process into the digital era can be challenging. Here, Jade Clifford, Executive Director of RPO EMEA at Allegis Global Solutions, shares her insights.
The global economy is projected to expand 2.6 percent in 2019, lower than in recent years due to global trade concerns between the U.S. and China, Brexit, and recessions in various European countries.
However, the global labor market remains tight with around half (25 of the 49) countries analyzed in this report showing levels of 5.0 percent or less, which is considered by many economists as at or near full employment, about the same as Q2 2019 findings.
In the United States, stocks finished a volatile quarter up, marking the third straight positive quarter. Both the S&P 500 and the Dow Jones Industrials increased by 1.2 percent within the quarter.
In the third quarter of 2019, we see an increase in the Worker Confidence Index of 11.8 points over the second quarter, bringing the index to the highest level since the study’s inception. Three of the four indices that comprise the study reported higher results in the third quarter.
While the Job Security Index decreased by nearly 3 points from the second quarter to 101.5 points, this is still a high level of confidence. Females reported higher levels of confidence in their job security than males again in the third quarter of 2019, continuing the trend.
The cost of having a bad reputation and brand image can have an impact on your overall candidate pool. 87 percent of employed respondents reported that they would leave their current employer to work for a company with a good reputation. This is compared to the 54 percent willing to leave to work for a company with a bad reputation.
Among those who are willing to join a company with a bad reputation, a pay increase of 46 percent is needed as an enticement. Those who join a company with a good reputation can expect around a 37 percent increase in pay.
While gender has a financial impact on the hiring practices of companies with damaged reputations, baby boomers are the least concerned with corporate reputation. More experienced employees are least likely to take a job with a reputationally challenged company.
The rate of new technologies being developed and companies providing them is exponentially increasing each year. In order to track the players and the innovation they bring, Alexander Mann Solutions, a global provider of talent acquisition and management services, has partnered with HRO Today Magazine. Together they produce quarterly reports that summarize activity in technology advancements and funding initiatives that support product innovation in the HR world. This data reveals critical information about new technologies, their applications, and the companies offering them in the human capital management (HCM) technology sector. HCM systems covered in this summary are those that include recruitment, employee records, performance, learning and compensation management, and compliance.
To learn more about what has happened in HR technology in the third quarter of 2019, and download the report here.
With Jeanne MacDonald, President of Global RPO Solutions, Korn Ferry
Ultimately, talent acquisition professionals have one clear goal: to get the right talent in the right place at the right time to achieve business needs. Unfortunately, many companies take a “whack-a-mole” approach by working to fill one open position and then jumping right to another, neglecting to see how the hires fit into the company’s long-term strategy.
There is a better way.
Korn Ferry’s President of Global RPO Solutions, Jeanne MacDonald, talks about the three questions talent acquisition professionals must ask themselves to construct a strategy for finding and keeping the right talent.
With Miguel Terrizzano, President of Pierpoint International
The U.S. unemployment rate is currently hovering around a 50-year low. During that half-century, the population has grown by approximately 120 million people. The economy has shifted from a manufacturing economy to a service one, and is headed toward what Miguel Terrizzano, president of Pierpoint International, calls an innovation economy. Organizations have de-constructed corporate hierarchy, employ technologies to embrace non-traditional workers, and are expanding their searches beyond the boarder of their own industries to find talent. What does this all mean? Here, Terrizzano explains how HR and organizations can get ahead in an ever-changing workforce.
Aligning data analytics with organizational goals and objectives are the foundation of a successful global mobility management program. Putting reliable data analytics and reporting processes in place will help organizations use the data to make actionable business decisions. Here, Barry Morris, CEO of CapRelo, shares best practices to leveraging data reporting and the impressive results that come along with it.
With Jeff Gelinas, VP of Product and People, Engage2Excel
Retaining top performing employees is critical to an organization’s success. By recognizing employees’ value to the organization and connecting that to business objectives, employees are more engaged and have a better experience throughout the employee lifecycle. Here Jeff Gelinas, VP of product and people at Engage2Excel, shares recent research that uncovers the top factors that drive engagement and how organizations can leverage them as the building blocks of a great career experience.