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Finance industry least likely align with graduates’ social responsibility goals

CFA Institute, the global association of investment professionals, conducted a survey on the career outlook of more than 15,000 current university students as well as graduates aged 18 to 25, across 15 markets.

The results found that globally, 58 percent of respondents still feel confident about their future career prospects following the pandemic. Traditionally stable sectors, such as finance, remain attractive for graduates navigating these uncertain times with respondents across all 15 markets putting finance as one of the top five most valuable majors for finding a career. Medicine/science was also seen as stable and attractive, followed by healthcare and then education.

Margaret Franklin, CFA President and CEO of CFA Institute commented: “It is incumbent on companies to adapt to the new realities, such as hybrid workplaces, in order to attract and retain the young talent we need to help lead us out of the pandemic.”

“Worryingly, however, graduates currently don’t see the finance industry as making a positive social impact. This issue is only going to increase in importance, and industry leaders need to make sure we are on the front foot in educating students about the positive impact an investment career can have for people and our planet.”

 

Graduates are reassessing their career paths

Many graduates believe their future career will be as good or better than their parents’ generation, despite COVID-19. The survey results showed that those studying accounting and finance were particularly confident, with 80% believing their prospects are as good.

Despite this confidence however, 46% of the respondents reported they are reassessing their career paths considering the pandemic with top concerns now including low pay in their preferred sector (26%), lack of jobs in their preferred sector (25%) and working in a sector that doesn’t fulfil or interest them (26%).

 

Further education is key in a job market in flux

Developing work-related skills during and after their degrees was another concern for students. Those surveyed shared personal insecurities about this with 25% saying they feel underqualified for the job they want, and 22% saying they don’t feel prepared for the working world, post-graduation.

Students and graduates are seeing the benefit of further education. Nearly 87% of respondents feel that upskilling and post-graduate qualifications are important in the current job market, and 57% believe postgraduate qualifications/professional certification will give them an edge when looking for a job.

This is causing a significant uptake in further studies, with nearly half of graduates planning to prolong their time in education.

Peter Watkins, who leads the University Affiliation Program at CFA Institute in Europe, Middle East and Africa commented: “Graduates’ strong confidence in higher education is good news for universities but we should be clear about their motives. Graduates are clearly focusing on work-readiness, professional skills, and boosting their job prospects; higher education and credentialling institutions need to ensure their offerings meet this demand.”

 

Making a positive impact

We know Gen Zs are looking for a sense of belonging and to work in an industry that aligns with their values. Nearly nine in 10 (87%) respondents said it’s an important part of their career choice. Of concern is that only 8% of respondents consider a career in investment management as one in which they could make a positive environmental and societal impact. This shows again that the finance industry needs to more to educate students around the positive impact they could have to attract talent.

Watkins added: “Graduates may be unaware of the remarkable global trend towards environmental, social and governance (ESG) investing and the career opportunities a specialism in sustainability and ESG could offer them in the investment industry.”

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Talent solutions industry supports economic recovery 

The winners of the 2021 TIARA Talent Solutions Awards Europe were revealed in a glittering live ceremony attended by over 250 senior leaders of Europe’s leading Talent Solutions, RPO and MSP companies. 

The Awards evening also saw the presentation of a very special award – the first TIARA Talent Solutions Europe Lifetime Achievement Award, which recognises a leader who has made a long-term and significant contribution to the industry. This was presented to Rosaleen Blair CBE, Chair of AMS. “It is hard to understate Rosaleen’s contribution to the sector. From AMS’s relatively modest beginnings in 1996 to a global leader with over 4,500 employees, operating in 100 countries, Rosaleen has been at the helm” said Ken Brotherston, Managing Director of TALiNT Partners. 

Following the presentation of the Lifetime Achievement Award, 11 winners were crowned, with seven highly commended finalists, which highlights the high standard of the entries this year. 

“In only our second year, our Talent Solutions Awards Europe have established themselves as the pre-eminent recognition campaign in the sector and are a perfect platform to showcase the best work the sector has to offer. All of the finalists shortlisted for the TIARA Talent Solutions Awards Europe are an inspiration to the talent solutions sector, from nimble, fast moving new scale ups looking to re-imagine what is possible, to the world’s largest and most successful players delivering game changing work for their clients and a range of mid-market operators with a clear focus and high levels of agility. They all showed why they are so important in helping their clients find and keep the people they need” commented Ken Brotherston, Managing Director of TALiNT Partners. 

“The quality of entries across each category was very high, with the winners’ entries being nothing less than outstanding. This makes a TIARA Talent Solutions Award a powerful and prestigious endorsement.”  

The judging process for the Awards was designed around the varied and complex demands of employers based on key performance metrics, case studies and testimonials. The 2021 judging panel brought together some of the leading practitioners in talent acquisition from organizations such as Balfour Beatty VINCI, Rolls-Royce, NatWest, MindGym and Tetra Pak.  

“The Talent Solutions sector has shown itself to be resilient and innovative throughout the pandemic. Our finalists have shown that they can not only respond to rapidly changing client requirements, but in a way that is commercially viable for their own sustainability and long-term success. The sector has a big part to play in how we recover from the pandemic, and I am excited in what the future holds.”  

Reed Talent Solutions was crowned the overall winner and received the Talent Solutions Provider of the Year Award, having also picked up the Candidate Experience Award and the Long-Term Partnership Award – Enterprise. Judges praised Reed Talent Solutions for “excelling and having a positive impact across each key area of service delivery.      

The TIARA Talent Solutions Awards Europe 2021 campaign was supported by headline sponsor Cornerstone OnDemand and award sponsors eTeam, Sonovate, giant group, iCIMS, Parasol, Horsely Analytics and Nétive.  

The full list of Talent Solutions Award winners and highly commended finalists is as follows:   

The Best Early Career Initiative 

  • Winner – Bright Network 
  • Highly Commended – AMS 
  • Highly Commended – GTI Recruiting Solutions 

The Horsefly Employer Brand Award 

  • Winner – Hays Talent Solutions 
  • Highly Commended – Cielo 

The Parasol Candidate Experience Award 

  • Winner – Reed Talent Solutions 

The Nétive Diversity & Inclusion Award 

  • Winner – AMS 
  • Highly Commended – Bright Network 

The Cornerstone OnDemand Best Use Of Technology Award  

  • Winner – Guidant Global 

The Sonovate Best Talent Solutions Firm to Work For 

  • Winner – AMS 
  • Highly Commended – Join Talent 

The eTeam Client Service Award 

  • Winner – Lorien 
  • Highly Commended – Gattaca 

The Giant Group Best New Talent Solutions Provider 

  • Winner – Join Talent 

The iCIMS Long-Term Partnership Award – Challenger 

  • Winner – Page Outsourcing 

The iCIMS Long-Term Partnership Award – Enterprise 

  • Reed Talent Solutions 
  • Highly Commended – Gattaca 

The Talent Solutions Provider of the Year 

  • Reed Talent Solutions 
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Gender pay gap in the UK is 16.01%

New research from William Russell revealed the countries around the world that are the most empowering countries for women to live and work – and the UK didn’t make the list.

To score countries and rank them, the team at William Russell looked at a number of factors to create the Female Empowerment Score including:

  • Gender Pay Gap
  • The proportion of women who achieve tertiary education
  • The length of paid maternity leave
  • Female representation in government

The 10 best countries for female empowerment: 

Rank Country Female Empowerment Score 
1 Iceland 7.64
2 Finland 7.62
3 Ireland 7.22
4 Belgium 7.12
5 Denmark 7.04
6 Canada 6.83
7 France 6.77
8 Norway 6.73
9 Sweden 6.67
10 Lithuania 6.64

 

  • Iceland topped the list as the most female-friendly place to live and work, with a female empowerment score of 7.64. This Nordic island nation is well known for its progressive views and welcoming culture with more than half of adult women having achieved tertiary education such as a university degree.
  • Finland took second place with a score of 7.62. Finland has achieved excellent representation for women in its government, with 50% of all ministerial positions occupied by women.
  • Ireland takes third place, with a female empowerment score of 7.22. Ireland has a relatively low gender wage gap of 7.99% and a very competitive 182 days of paid maternity leave for new mothers.

The research also revealed the following:

  • The average gender wage gap around the world is 28%, the UK is above that with 16.01%.
  • The length of paid maternity leave is different all around the world, the average is 6 days. The UK is less than half of that with 42 days, Slovakia gives the most with 238 days.
  • The % of women who achieved tertiary education in the UK (47.7%), is higher than the global average (40.7%). Israel is at the top with 88%.
  • The global average for the proportion of women in ministerial positions is 34.44%. The UK is beneath that with 23.81%, whereas Belgium comes out on top with 57.14%.

Photo courtesy of Canva.com

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Over half of employees feel undervalued

Research released by Firstup, a digital employee experience company, revealed that employees are unhappier in the workplace now more than ever post-pandemic. The survey showed a mounting dissatisfaction among employees across the UK, US, Germany, Benelux and the Nordics, with talent feeling undervalued, uninformed, and un-unified.

Lack of communication from leadership was cited as a main contributing factor to unhappy employees with almost a quarter of respondents to the survey agreeing that better communication will lead to increased productivity and work satisfaction.

Nicole Alvino, founder and CSO of Firstup, said: “Businesses need to provide more valuable working experiences or remain responsible for the career reboot of the decade that some are calling The Great Resignation of 2021. This research is a clear and urgent call to action – an organisation’s employees are its most valuable asset with employee satisfaction having a direct impact on the bottom line. Business, HR and Internal Comms leaders must act now to stem this workforce dissatisfaction and engage their teams with personalised information that helps them do their best work.”

Research from the 23,105 workers found that 56% don’t feel valued in their role and 38% want employers to ‘create better lines of communication between executives and employees’.

It appears that remote workers seem to feel these complaints most keenly, with a growing tension between desk based and deskless workers. It found that 25% of respondents felt they get more attention from their employer when they are physically at the office, only 30% of deskless workers think that their employers listen to them, and 39% of desk-based workers felt that their deskless colleagues could learn from them about ‘how to communicate with colleagues and ‘how to work as a team’.

The great temptation

This comes off the back of research from Reed.co.uk which found that almost three-quarters of Britains are actively looking for a new job or are open to opportunities. The survey, which canvassed 2,000 employers attempting to attract new talent and retain restless employees, suggests that businesses will need to adapt their offering to align with new employee priorities that have been shaped by the pandemic.

Salaries remain a top driver with 39% of respondents stating that they would stay should their employer offer a high salary. Flexible working hours is also at the top of the list. Other suggested incentives from the survey included: more annual leave (25%), a promotion (21%), and 18% asked for increased training and development opportunities.

Commenting on the research, Simon Wingate, Managing Director of Reed.co.uk, said: “We are in the midst of a sea change in the labour market, with it very much having shifted from a buyers’ to a sellers’ market due to the sheer – and record-breaking – number of job opportunities available.

“After a challenging 18 months for jobseekers which gave rise to a culture of uncertainty in the labour market, workers are now mobilised by the prospect of new and exciting opportunities with better rewards. Employers must find creative solutions and adapt to the new market conditions following the pandemic in order to maintain the resurgent economy’s trajectory.”

Following LinkedIn’s recent research highlighting 6.8 times the number of recruitment roles posted on its site in June compared to the same time last year, is the Great Resignation spreading to the staffing sector?

“There is a lot of potential for ‘revenge resignation’ for all those who were put on furlough through successive lockdowns, in the wider economy but particularly in recruitment, but it’s less likely to impact employers who offer flexibility and authenticity with a client-centric culture,” said Tim Cook, Group CEO of nGage, who will be speaking on this topic at the World Leaders in Recruitment conference on 5th October.

Commenting on the growing debate about the Great Resignation, TALiNT Partners Managing Director, Ken Brotherston said: “In general it is always wise to treat dramatic headlines or simple phrases with a large pinch of salt. My general rule of thumb is this: does the person promoting the headline have an interest in it being true? If so, approach with caution.”

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Winning the war for talent is less about money, titles and job security and more about employee experience in the post-pandemic era, according to a major study commissioned by Microsoft.

And according to the resulting six-part report entitled The Definitive Guide: Employee Experience, produced by the Josh Bersin Company, organisational culture is the top driver for creating an excellent employee experience (EX).

Researchers conducted in-depth interviews with HR and business leaders from companies such as Deutsche Telekom, IBM, Kraft Heinz, Microsoft and Unilever, taking in views from more than 950 organisations for the report.

They said EX had emerged as one of the key factors to adapting to the business and workforce challenges brought about by the Covid-19 pandemic, with the area having evolved from niche engineering projects to strategic, enterprise-wide initiatives.

The researchers said there were six key findings that emerged from studying organisations with superior EX. These were: a focus on trust, transparency, inclusion and care; that a supportive culture plays a big role; that innovation and sustainable growth depend on equitable rewards and building communities at work; that consistent, mission-first people investments in any business climate improve business performance; that EX excellence directly leads to business outcomes; and that HR capabilities and the right technologies are vital.

The researchers devised an EX Maturity Model to help assess where organisations currently stood in terms of their EX. Organisations were given a ranking between one and four, with the former being least impactful and the latter most impactful. Overall, 55% of the companies represented were found to be at the lower two levels of the model.

The report said that technology played a vital role in feeding into employee experience and also in determining a company’s level of maturity.

Kathi Enderes, vice president of research at the Josh Bersin Company, said: “EX is multi-faceted, complex and multi-layered. No single project or technology solution will create EX excellence. Our research delves into the many different factors and dimensions involved in EX, as well as various strategies and programmes. While technologies and services alone don’t drive great EX, they absolutely are correlated to EX maturity.”

Strong leadership vital

However, Josh Bersin, CEO and global industry analyst, added: “Without the right leadership, capabilities and behaviours, any progress in EX will be short-lived and unsustainable. It’s a choice to make: are you prioritising business-centred leadership in which the business is first and people are second or emphasising human-centred leadership that prioritises your people? Above all, remember that the journey to a world-class employee experience is an ongoing process enabled by close listening to your people.”

A big part of what the most successful leaders do is drive company culture, according to a separate study from Heidrick and Struggles released last week.

It surveyed 500 CEOs across nine countries – Australia, Brazil, Canada, China, France, Germany, Spain, the UK and the US – and found that globally, 11% of CEOs were ‘culture accelerators’, leaders who were “significantly more intentional in the way that they focused on culture than others”.

It reported that companies led by such individuals showed double the compound annual growth rate of others surveyed for the same study.

Ian Johnston, co-author of the report and partner in Heidrick and Struggles’ London office, said: “The global pandemic caused turmoil within many organisations and it seems those who have maintained a focus on culture during the uncertainty will be better positioned for future success.”

Photo courtesy of Canva.com

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Workers across Britain are missing out as the UK lags the rest of the world when it comes to public holidays, with the lowest number in a comparison of more than 170 nations.

This was the finding of research by digital coaching firm Ezra, which cross-referenced the number of public holidays on offer with average daily net income to work out where workers received the most amount of money per year for not working on public holidays.

Taking both measures into account, the UK moved significantly up from the bottom of the table, but it still failed to make it into the top 30, with workers having an average income of £570 for bank holidays.

Switzerland, on the other hand, offers the biggest benefit to workers. With the average person in the country earning a net income of £130 per day and with 24 public holidays per year, the average public holiday pay check is an impressive £3,131.

Luxembourg came in second, with its 15 public holiday days per year and average earnings of £120 per day equating to £1,802, while in Israel, the 24 days of public holiday led to a total of £1,796 in earnings for time off.

Commenting on the findings, Nick Goldberg, Founder of Ezra, said: “Public holidays are a great way to boost national sentiment and offer an opportunity to come together and celebrate as a nation, whether it be in memory of a historic moment or simply a long weekend.

“It’s interesting to see that those nations offering some of the highest levels of income also offer a good level of public holidays and it goes to show that motivation and productivity aren’t solely dependent on working all hours of the day.”

Photo courtesy of Canva.com

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People analytics solution will support recruiters managing hybrid & home working teams

Access Recruitment has added to its growing portfolio of staffing industry SaaS solutions with the acquisition of Bristol based NorthStar, whose solution brings appraisal, recruitment analytics and businesses mapping together in one place.

“We are passionate about innovating to help recruiters run and grow their businesses,” said Paul Vogel, MD of Access Recruitment. “The addition of NorthStar to our portfolio of recruitment software allows agencies to translate their data into meaningful action. With many businesses now operating hybrid home/office teams, it has never been more important to have full visibility of your business operations and also critically to support your consultants to develop their skills.

“We have a long history of working together, with NorthStar originally being built around our CRM product, Access RDB. The platform has evolved to support a range of recruitment agencies across the UK and ANZ and integrates with multiple CRMs, including our latest cloud-based offering, Access Recruitment CRM.”

A major challenge for agencies is managing a growing number of consultants as well as tracking key KPIs as they scale. Access NorthStar enables individual consultants to identify where they are performing well and show areas for improvement. Scores can be shared with their peers to create healthy competition and gives team leaders a ready-made appraisal tool to use with their consultants.

APSCO’s UK Recruitment Index, published in October 2020, highlighted that automation and better use of technology was a key area of improvement, with 40% of recruitment firms with net fee income (NFI) greater than £10 million scoring themselves below 7 out of 10 – and 35% of those with less than £2 million NFI scored lower than 5. The report also highlighted that the largest firms with NFI of £50 million+ gave themselves low scores for retaining talent.

NorthStar was created to solve these challenges by automating analytics to enable better staff performance and engagement by highlighting areas where productivity can be enhanced. The platform pulls data from within an agency’s recruitment CRM visualising it across configurable consultant, team and senior leader dashboards.

 

“We are so proud of the Northstar product and where the team have taken it,” said Darren Ryemill, founder of NorthStar. “For us, choosing The Access Group as an acquirer was a no-brainer, because we felt that they would be the best people to take the product even further and fulfil its full potential. We are really excited to see where they take to next.”

To find out more, visit www.theaccessgroup.com/recruitment/software/productivity-performance-software/

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The increasing trend towards remote working caused by the pandemic is leading firms to look further afield for contract workers.

According to a recent analysis by 6CATS International, in Q1 there was an increase in demand for contractors outside Europe, with opportunities booming in India and South Africa in particular.

Stefanie Cook, Sales Director at 6CATS International, said: “Destinations such as France, Belgium, Germany and the Netherlands have long been hotspots of activity, but we’re increasingly seeing contractors, recruiters and end clients looking beyond Europe, with South Africa and India currently leading a significant proportion of the demand for contractor management solutions.

“Much of this shift has arguably been driven by the uptick in remote working options for contract professionals – meaning that recruiters and hirers are less limited by borders when sourcing temporary experts.

“Instead, we are increasingly seeing staffing businesses able to take a more strategic standpoint and focus on where the talent can be found, without concerns around in-country right to work regulations, immigration checks and visa requirements.”

On a sector basis, demand for contractors was highest in the pharmaceutical area, with oil and gas, engineering and IT also seeing a rise in activity in the first quarter of 2021.

Photo courtesy of Canva.com

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By Dawn Gibson

Major recruiters continue to report big profit slumps as permanent placement activity remains low across world markets.

The latest profit results for Hays, Kelly and RTC show that tough operating conditions relentlessly pounded profits through to the tail end of 2020, although there are signs trading activity is bouncing back in early 2021.

Hays

The Hays Group reported a 75% dive in operating profit to £25.1 million (2019: £100.1 million) on the back of a 24% decline in net fees in its half year report for the six months ended December 31.

In the UK and Ireland, the group recorded a £1 million operating loss, with temp fees down 21%, improving through the half, and perm declining by 35%.

In Australia and New Zealand, operating profit was down 42% on the back of a 34% drop in perm fees and a 18% drop in temp fees, while in Germany profit was down 76%, with perm down 34% and temp down 45%.

Trading in all major markets improved through the half, however, showing promise of a better 2021.

“With recovery in fees and our profits accelerating in Q2, this provides us with confidence to resume paying core dividends at our full-year results in August,” said Hays Chief Executive Alistair Cox. “We have also identified £150 million of surplus capital, which we also intend to return to shareholders in phases via special dividends, again commencing at our results in August.”

Kelly

Kelly Services reported an operating loss for the full year of 2020 of $93.6 million, compared to earnings of $81.8 million reported for 2019. On an adjusted basis, earnings from operations were $44.3 million compared to $90.8 million in 2019.

The group reported Q4 operating earnings of $9.5 million, or earnings of $13.9 million as adjusted, compared to earnings of $28.8 million in the corresponding quarter of 2019 as adjusted. Q4 revenue was down 7.2% year-over-year as the continuing effects of the pandemic impacted customer demand.

President and CEO Peter Quigley pointed to sequential quarter-over-quarter revenue improvement in Q4 as a sign of gradually improving economic conditions. “We’re optimistic that we’ll benefit from a recovery that gains momentum throughout 2021, with pipelines for both organic and inorganic growth strengthening,” he said.

RTC

For the year ended December 2020, RTC reported a 14% drop in group revenue to £81.4 million, down from £94.9 million for 2019, and a 45% slump in profits from operations to £1.1 million, down from £2 million in 2019.

However, net cash inflow from operating activities rose 76% to £5.1 million and net cash increased to £1.9 million, up from net debt of £2.8 million in 2019. No final dividend is proposed.

Commenting on the results, CEO Andy Pendlebury pointed to the impact of the pandemic as the story behind the numbers. “Given the seismic impact of the closure of large parts of our economy, I believe our results are extremely respectable and our cash position significantly enhanced,” he added.

Staffing 360 Solutions

Staffing 360 had some positive news with its preliminary fourth quarter results for the year ended December 2020. The company predicted unaudited Q4 revenue of $53.8 million, an increase of 11%, over Q3, citing rises in gross profit and demand.

The company has raised approximately $19.7 million (approx. $18 million net) in a public offering of 21,855,280 shares of its common stock at $0.90 per share. Since June 2020, Staffing 360 has reduced $55 million of debt to $26.8 million, a reduction of $28.3 million, or 55%.

“Completing this raise of $19.7 million gross proceeds is the latest step forward toward improving our balance sheet, setting the stage for further growth and progress in 2021,” said CEO and President Brendan Flood.

Photo courtesy of Canva.com

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Ryan Bridgman, regional director, UK and Ireland at Jobrapido

Some of you may be familiar with a quote from the writer Dr Samuel Johnson ‘Change is not made without inconveniences, even from worse to better’. Certainly, throughout history, with the dawn of each Industrial Revolution, many workers and bosses alike will have nodded their head in agreement. After all change can be unsettling and there can be a resistance to any development which poses a threat to one’s job and livelihood. Yet, if you look back at all the Industrial Revolutions, it has always paved the way for more net jobs and more efficient working processes.

We’re now fully embedded in the Fourth Industrial Revolution – which is largely about the rise of smart technology and automation and connectivity – it’s a period where in some quarters there has been apocalyptic talk about the robots coming to get our jobs,  even though conversely such developments are creating an abundant stream of jobs and  ticketed with high salaries.

As technology developments gather pace, the workplace landscape looks set for further change.

Recently there’s been talk that we are actually leaving the Fourth and making way for the Fifth Industrial Revolution – which has been described as the rise of artificial intelligence.

The Fifth will be about the integration and the partnership (as this is how I think we should approach it) of AI and human intelligence. It’s about understanding and not fearing the unique attributes AI has such as non-bias, accuracy and data so that recruiters and employers can make even better and informed decisions for their organisations.

The Fifth Industrial Revolution will actually place MORE weight on the importance of human intelligence than ever before and how these unique human traits, when harnessed in tandem with the accuracy of AI lead to greater outcomes.

We are already seeing the advantages of this partnership – AI allows recruiters the ability to capture far better profile matches when they are seeking the right candidate. The war on talent isn’t going away and AI supports the challenges the industry has been facing for a while. Plus, it means recruiters will have more time freed up from the manual aspects of their job.

One of the core advantages is that AI provides and acts upon rich data insights. This can only be a huge benefit for recruiters in terms of getting across the right messages which will resonate with candidates and create better engagement between them, in an age where the industry needs to provide a compelling candidate experience and, as far as possible, a personalised ‘journey’ for their job search and ongoing career. That is a big focus for us, at Jobrapido, where we put the jobseeker at the centre of what we do.

To give you an idea of how this is working in practice, we recently partnered with a national recruiter of healthcare workers – where there are significant skills shortages in the UK.  By using Smart Intuition Technology to identify skilled Healthcare Workers within both its internal communities and the wider internet as a whole with the result being that a much higher range of qualified healthcare workers have been made aware of the recruiters’ opportunities and have consequently applied for the roles. This has enabled the recruiter to significantly increase its volume of hires and gain a competitive edge.

With all the talk about AI, it might seem slightly ironic to stress the increasing importance of human intelligence in the industry. Recruiter and human resources teams have a fundamentally important role to fulfil and a pivotal role in how organisations can perform: released from the bulk of daily administration, they will finally be able to fine-tune and meet the talent requirements to ensure their organisations can meet the own goals in terms of growth and productivity.

Photo courtesy of Shutterstock.com

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Mobile makes up 80% of the working population, says Bersin Report

Research and advisory group, The Josh Bersin Company, has revealed that 80% of the current working population is “deskless”, this according to its latest report called The Big Reset Playbook: Deskless Workers.

This latest report is based on insights from the company’s ongoing Big Reset executive working groups. The report focuses on the recommended practices needed to create optimal work experiences for “deskless” employees in retail, healthcare, manufacturing, hospitality, transportation, and other sectors.

The report also revealed that based on current research by multiple sources, it’s in fact hourly workers who take the lead in resignation statistics.

Josh Bersin commented: “Because so little attention has been given to the working and personal needs of deskless employees, companies are now seeing mass resignations, unionisation efforts, and scores of unfilled jobs.”

The seven critical components of deskless work according to The Big Reset Playbook are:

  1. Promote and enable human connections and time for creativity. Deskless workers are the closest to the customer, but a mere 6% of manufacturing companies and 7% of consumer companies design jobs to allow people time to rest, reinvent, and innovate, compared to 21% of technology firms and 29% of professional services companies.
  2. Train managers to better coach deskless workers. Many companies fail to adequately support managers in the training and development of their people. Just 11% of hospitality companies invest in developing leaders at all levels, compared to 75% of pharmaceutical companies.
  3. Make the commute easy and establish belonging at work. Because remote work is not feasible for deskless workers, they need extra support with easy and safe commutes. A sense of belonging is especially important in light of the current resignation trends and skills shortages. Leaders need to demonstrate that they are actively listening to employees and taking actions as appropriate.
  4. Support the deskless worker’s entire life. Work flexibility is often not an option for deskless workers, so they need backup for taking care of families and support for balancing finances. The vast majority live paycheck to paycheck, and only 13% of the 2.7 billion deskless workers worldwide have paid sick leave.
  5. Help deskless workers build fulfilling careers. Deskless workers – especially those who may be in jobs ripe for automation – need pathways to future-proof careers.
  6. Create a deskless-first culture. A sense of belonging and community is critically important for deskless workers, yet many are often disconnected from the overall corporate mission and values when communication channels are designed for deskbound employees.
  7. Provide tools and services geared for mobile. Deskless workers are often left behind with no access to communication, tools, or resources. Mobile-first or adaptable approaches should be implemented.

Josh Bersin, global HR trends analyst and CEO of The Josh Bersin Company, commented on the findings: “As we go into the second winter season of the pandemic, hybrid work continues to be especially important, and much work remains to be done to design a new paradigm. In parallel, we must not forget the 80% of employees around the world have a work reality that is drastically different from their managers. Work strategies must keep in mind the needs of shop floor employees, restaurant servers, nurses, doctors, pharmacists, teachers, truck drivers, and warehouse workers.

“Many things have changed since March 2020, and deskless workers are at the receiving end of many of the most difficult work challenges. In some industries such as transportation or hospitality, large numbers of people were furloughed or laid off. Healthcare employees had to face extreme health risk in coming to work. Designing a new work reality for these deskless workers is a lesson in empathy, listening, learning, and communication.”

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Workday, Inc. has entered into a definitive agreement to acquire VNDLY, an industry leader in cloud-based external workforce and vendor management technology, it was announced on 18 November. With VNDLY, Workday will provide organizations with a unified workforce optimization solution that will help organizations manage all types of workers and support a holistic talent strategy, including insight into costs, workforce planning needs, and compliance.

Details regarding proposed acquisition of VNDLY
Under the terms of the definitive agreement, Workday will acquire VNDLY for consideration of approximately $510 million and is expected to close in Q4 of Workday’s fiscal year 2022, subject to certain conditions and regulatory approvals.

Pete Schlampp, Chief Strategy Officer, Workday commented: “As organizations expand the definition of their workforce to meet growing business and talent demands, they need solutions that provide a holistic view of all worker types – including contingent workers – so they can better plan for and meet the great opportunity in front of them.”

Shashank Saxena, co-founder and CEO, VNDLY commented: “VNDLY is at the forefront of the vendor management industry with an innovative and intuitive approach. The powerful combination of our technologies and talent will help customers better manage their evolving workforce dynamics, helping them keep pace with today’s changing world of work.

“By joining Workday, we’ll be able to expand the value we bring to customers, helping provide greater visibility, collaboration, and oversight to workforce needs and opportunities.”

 

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Reskilling workforce key to plugging skills shortage hole

The newest McKinsey Global Survey on reskilling has highlighted the urgency needed to address massive skills gaps across all industries. The accelerated move towards digitization and remote work has placed new demands on employees who now require different skills to support significant changes to the way they work and to the business priorities their companies are setting.

Most of the survey respondents said that skill building (more than hiring, contracting, or redeploying employees) is the best way to close skills gaps and that they have accelerated their efforts to reskill or upskill employees since the start of the pandemic. The results also pointed towards a shift in the most important skills to develop, which leaned towards being social and emotional in nature, for example, empathy, leadership, and adaptability.

The survey suggested that the need to address skill gaps is imperative with most respondents (58%) saying that closing skill gaps in their companies’ workforces has become a higher priority since the pandemic began. And of five key actions to close these gaps – hiring, contracting, redeploying, releasing, and building skills within the current workforce – skill building is more prevalent now than it was in the months preceding the pandemic. Sixty-nine percent of respondents said that their organizations do more skill building now than they did before the COVID-19 crisis.

The redeploying of talent to new roles often requires some degree of skill building and has become more commonplace over the past year with 46% of respondents reporting an increase in redeploying talent within their organizations.

Additionally, the results of the survey suggested that this commitment to skill building represents more than a one-time investment. More than half of respondents said that their companies plan to increase their spending on learning and skill building over the next year, compared with their investments since the end of 2019.

 

 

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PageUp, the global talent management software company has expanded its UK footprint by its acquisition of eArcu, a UK-based provider of SaaS hiring solutions, it was announced today.

eArcu was founded in 2009, and its talent acquisition suite enables well over 100 customers in the UK and around the world. The combination of PageUp and eArcu’s talent management offerings will allow the PageUp Group to accelerate its presence in the UK and European markets. It will provide existing and new eArcu customers access to an expanded portfolio of recruitment marketing and talent management solutions.

PageUp CEO Mark Rice commented: “We’re excited to bring eArcu into the PageUp family. We look forward to working with the team to build on their well-deserved reputation for innovation and world-class customer service.”

eArcu CEO Andy Randall commented: “After a period of sustained growth, we’re thrilled to join forces with PageUp, a major player in the global talent management space. This will be a fantastic time for our clients who will benefit from the synergies between us, and for our team to bring their thought leadership to an ever-growing audience.”

 

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