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Here are the top news stories in talent & organization from this week.
Four predictions for the future of work
With the end of each calendar year, come predictions for the New Year. Stephane Kasriel, the co-chair of the Council on the Future of Work, Gender and Education for the World Economic Forum (WEF), shares his four predictions for the future of work in this WEF blog post. 1. Artificial intelligence and robotics will create more jobs, not mass unemployment. 2. The talent war of the future will no longer be between companies, it will be between cities. 3. The majority of the U.S. workforce will be freelance by 2027. 4. Preparing students for tomorrow’s jobs requires breaking down the silos within education. “I am witnessing firsthand not only the immense changes within our industry, but also the speed with which they are occurring,” Kasriel writes. “We see that as the workforce evolves, we must finally break free from the industrial-era habits of the past to ensure a more productive and equitable future.”
Balancing people and machines in financial services
According to Roubini’s Wealth and Asset Management 2022 report, emerging financial services technologies will grow rapidly over the next five years. Specifically, the report predicts a 110 percent growth rate for blockchain, 108 percent for AI and 84 percent for robotic process automation. These statistics raise “serious questions about the effects this will have on financial services employees and the way companies interact with their customers,” writes a guest blogger for Oracle. “For all the headlines about how machines will replace humans, let us not forget that financial services is about relationships and exchanges between people,” the blog states. “The challenge for financial services companies taking on new technologies like AI and automation is to marry the creativity and ingenuity of human reasoning with the efficiency of machines.” A closer collaboration between finance and HR teams will be key to this balancing act: “The finance department, where a great deal of technology is being implemented, must work with HR leaders to understand where they need to have people managing processes and where it makes more strategic sense to automate.”
How to attract the best tech talent
Attracting and retaining technology talent continues to be a challenging task for the global labor market. In this WilsonHCG post, Alan Mellish outlines four key recommendations to better compete for tech talent: 1. Prioritize your talent attraction strategy (learn which positions are crucial to the everyday operations of the organization). 2. Know the target audience and learn how to market to them (craft an employment branding strategy that resonates with the talent pool). 3. Use the right tools, not the newest tools (technology should not replace talent strategies or processes). 4. Create expectations you can deliver on (authentic branding keeps candidate expectations grounded and improves the overall quality of the people hired). “Today’s tech talent has full transparency into what they’re worth and what competitors are offering. Not only will they happily reject a job offer or leave quickly if they don’t feel their expectations are being met, but they will waste no time sharing their experiences with peers on social media,” Mellish warns.
Freelancers, gig workers and contractors on the rise
According to the Q4 Talent Trends report by Randstad Sourceright, 61 percent of employers plan to replace up to 30 percent of their permanent positions with freelancers, gig workers and independent contractors to become more agile and flexible in the changing economy. “While in the last decade contingent workers have been viewed very differently as compared to full time positions, today’s companies are welcoming the opportunity to employ a more agile workforce, particularly as a greater number of gig workers embrace flexible work practices as well,” said Rebecca Henderson, Randstad CEO. The report also highlights how companies are investing more in training programs to meet the growing demand for talent. Fifty percent of employers said they have increased budgets for reskilling programs in 2017, and 52 percent say they are investing in training and development technologies at moderate or significant levels. “HR departments have quickly realized they can no longer stick to business as usual if they hope to hire top talent in the 21st century,” said James Stovall, Randstad Sourceright’s senior vice president of solution design.
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