Thanks to technology, companies have far less restricted boundaries for finding and attracting top talent. This has helped the global workforce, or international labor pool, grow. As more tech and tools emerge, so do the opportunities for organizations who hope to broaden their talent pool and pipelines. After all, the U.S. is currently experiencing a 30-year low in unemployment rates, which means finding skilled talent can be even more challenging than ever before.
Take a look at how these 4 trends and techniques will elevate recruiting, bring organizations a more strategic edge and further develop the future of the global workforce.
Diversity, Inclusion and Belonging in the Global Workplace
The popular phrase “diversity” became “diversity and inclusion” as the movement matured, and today has expanded to “diversity, inclusion and belonging.” Belonging is the feeling of psychological safety that allows employees to be their best selves at work. Even the most diverse companies, employees will disengage and leave if they feel excluded or unwanted. Today, companies are focusing on all three, signaling an understanding that inclusion and belonging make diversity stay.14% of talent acquisition professionals are concerned that AI is going to take away their jobs. Read more about the future of global #recruiting here:Tweet This!
It is well-known that diversity and inclusion in the workplace help a workplace flourish and grow, but that doesn’t mean diversity is easy to achieve. Ted Childs, former VP of Global Workforce Diversity at IBM, wrote an article about global diversity workplace strategies to help people grasp how important it is to learn and understand diversity:
In the United States, 49 cities have at least 100,000 people, and an ethnic minority population is the majority of that city.
In 18 of America’s top 50 cities, and in nine of our state capitals, the mayor is a woman or ethnic minority.
In the U.S. Senate, there are 16 women, two Asians, one black and three Hispanics. In the House of Representatives, there are 71 women, four Asians, 42 blacks, including the first Muslim member of Congress, 27 Hispanics, one Native American and three gay and “out” representatives.
The 100 million ethnic minority population of the United States is larger than the population of many nations, including all European nations, and they have a collective buying power of $1.8 trillion. The gay, lesbian, bisexual and transgender community has a buying power of $513 billion, and the differently abled community has a buying power of $461 billion.
69 countries have some form of workforce diversity legislation intended to define expectations of corporate conduct, and 24 of them require the submission of reports.
The United States, France, Germany, the United Kingdom and other countries are being influenced by immigration. New people, different colors, new cultures. The workforce of tomorrow will not look like the workforce of yesterday.
Focusing on diversity in the workforce is an essential step in building a great culture. And because it is a direct link to financial performance and company culture, diversity and inclusion have become big game-changers and embraced trends. According to Global Recruiting Trends 2018, many HR professionals say companies focus on diversity for these reasons:
to improve culture - 78%
to improve company performance - 62%
and to better represent customers - 49%
Companies are focusing mainly on racial and ethnic diversity, with very little conversation on gender. Gender identity and sexual orientation get less attention because they are not as easy to track, but companies have started to spend more time including the two.
There is no easy way to achieve diversity, but there are ways to help your organization. A company should always use inclusive language in job descriptions, empower employees to tell their stores and promote inclusion while recommending change with employee resource groups.
Data - The New Global Force
Talent acquisition has always been a people profession. But today it’s a numbers profession, too. Research shows that 64% of recruiters and hiring managers use data in their work now, and 79% of them are likely to use it in the next two years.
While the practice of using data to inform talent decisions isn’t a new concept, the volume of data available and the speed with which it can be analyzed is. Data can foresee hiring outcomes, not just track them. Data can also power machines to make smarter recruiting decisions, in other words, artificial intelligence (AI). The most sophisticated companies are piecing together every piece of data they have to compete for top talent.
In today’s world, companies win by hiring and maintaining the best talent. The key to success is data. While opinions can be made about who, how and where to hire, data can give fact-based answers. With that, it’s no surprise that 69% of talent professionals believe using data can further their careers.
“We are going to see the biggest change in the HR profession overall, as analytics start to reinvent the way we work. We are now starting to look for HR professionals that have the capability to understand, interpret, and leverage data — and this is a trend that I believe will continue for a while.”
- Dawn Klinghoffer, General Manager of HR Business Insights, Microsoft
Hiring has become more scientific, with the help of the data revolution, but it has also become more of a scare if someone isn’t a numbers person. Data-driven recruiting is more than just number-crunching. It requires someone to ask the right questions based on what the business needs. It takes someone to figure out what data exists or could be collected to answer the question and someone to run the numbers and explain what they mean. Finally, it takes someone able to envision the results, create a captivating story and then turn that into actionable advice.
Artificial Intelligence: The Private Go-Getter
AI has played an important role in the recruitment process and continues to do so. 14% of talent acquisition professionals are concerned that AI is going to take away their jobs. AI will not eliminate jobs altogether, rather it will help analyze more information at a faster and more efficient rate.
Artificial intelligence is saving companies a great amount of time by taking on many administrative tasks and in turn accelerating the workflow. It also helps recruiters to work smarter by coming up with ideas they wouldn’t think of themselves. AI is also causing more qualified candidates to accept positions, and the cost per hire to decrease. The parts of your job that require emotional engagement are least likely to be replaced by AI.
The top 5 skills that are least likely to be replaced by AI, according to Global Recruiting Trends 2018, are building relationships with candidates, seeing candidate potential beyond credentials, judging “culture add” or “culture fit,” gauging candidate interpersonal skills and convincing candidates to accept offers. AI will never fully take over an employee’s position because companies still need people.
People understand the needs of their candidates and are able to build a culture and a community. It’s important for hiring managers to let artificial intelligence to take on the administrative tasks, so they can focus on human interaction and building relationships.Learn how to stay ahead of the game with these facts about the future of the global workforce:Tweet This!
A Recharge on Interviewing Techniques
Traditional interviews are widely used and liked, but in a modern hiring environment, they fail in a number of ways. Traditional interviews don’t allow a company to access the candidate’s soft skills, understand any weaknesses or evaluate grit through a conversation. 5 new techniques have come about in order to improve the issues:
Soft skills assessments (59%)
Job auditions (54%)
Meeting in casual settings (53%)
Virtual reality assessments (28%)
Video interviews (18%)
Soft skills assessments measure traits like teamwork and give a more complete picture of candidates earlier in the interview process. In job auditions, candidates are compensated from the company to do real work, so the company can see their skills in person and give the candidate a feel for what the job will be like. Casual interviews are another technique and usually take place over coffee or a lunch, and gives the hiring manager a preview of the candidate’s personality.
Virtual reality assessments and video interviews take advantage of tech to become modern interviewing tools. Virtual reality tests the candidate’s skills in a normalized way, while a video interview is a technique that can be recorded or live. Companies are going to start relying on traditional interviewing less and focus more on the new innovations and techniques.
In the global economy, it’s important for a company to stay relevant and embrace diversity, data, AI and new hiring techniques in order to stay ahead of the game. Diversity used to be a box that companies checked, but today, diversity is directly tied to company culture and financial performance. Allow data to be your instant hero, take care of tough issues in talent acquisition and win in today’s world by hiring and retaining the best talent. AI is a big leap forward for talent acquisition, but it will never fully convert it. The more someone uses the technology, the more someone can invest in the human side of the job. Lastly, traditional hiring is imperfect and costly, so it’s no surprise it’s being reimagined. Don’t fall behind on trends and take the chance of losing top talent candidates.
Wondering how XOR can take your company to the next step in talent acquisition? See a demo and find out how XOR can help you make an impact on the future of the global workforce.