Talent Acquisition Newswatch - Issue 1.25
TOP STORY
A two-year study on corporate leadership programs has revealed that companies have been neglecting leadership development, which can have a negative impact on performance. The study found that only 25% of companies believe their leadership development is delivering high value, and only 24% say their leadership model is up to date or highly relevant. Furthermore, the study highlighted that only a small percentage of companies embrace mentoring and coaching for managers and leaders, monitor and mitigate leader burnout, have a succession management process, or feel ready for an unplanned CEO replacement. Spending on leadership development was also found to be low, with more than 60% of companies spending less than $500 per year per person.
COMPENSATION & BENEFITS
The demand for skilled AI talent is increasing as companies prioritize investments in generative AI and seek a competitive edge. The average salary for an AI engineer has grown by 12% since last quarter, reaching around $188,000, which is 21% higher than non-AI software engineers. The number of AI-related job postings has risen by 22% in the past three months, as more companies require skilled talent for their generative AI plans. Machine learning engineer, AI engineer, machine learning scientist, and computer vision engineer are among the most common titles for AI-related job postings.
Median raises have remained at 4% for the third consecutive year, according to Salary.com's Annual National Salary Budget Survey. The worker shortage caused by the pandemic has contributed to the high median salary ranges, as companies aim to retain talent and avoid pricing themselves out of the market. While individual raise rates may vary depending on the company and job market, companies should carefully plan compensation to ensure they are attracting and retaining the right talent. Experts predict that the 4% raise may continue in the future due to factors such as low unemployment, a worker shortage, and the absence of significant automation or immigration impacts.
A new survey by MFS Investment Management found that 63% of employees anticipate retirement involving reduced hours or a different job, instead of a clean break from their careers, and 66% have pushed back the age they hope to leave the workforce. Inflation and other financial challenges are impacting workers' financial wellness, with 66% lacking confidence in their ability to save enough for retirement and 62% listing inflation as their biggest obstacle. TIAA Institute found that a quarter of adults reduced their retirement savings because of inflation, and 12% stopped saving for retirement completely. Employers can help mitigate interruptions or changes in saving patterns by reiterating the message to their workforce that long-term consistency is the best approach. Access to financial advisers or other tools and programs that can personalize the savings experience are also important in order to help employees have a successful retirement.
DIVERISTY, EQUITY & INCLUSION
At the 2023 SHRM Inclusion conference, experts discussed how fear of language barriers can be a major obstacle to hiring refugees. To help break down these barriers, employers should create a workplace culture that is inclusive of multiple languages, with universal signage and translated documents to ensure health and safety. To ensure successful collaboration, employers should ensure transparency in expectations and communication protocols, and should overcommunicate. Examples of initiatives for successful hiring of refugees include legal support, ESL training, and Chobani's Afghan refugee hiring initiative.
Latimer is a new AI platform that is taking steps to foster inclusivity within Large Language Models by incorporating cultural and historical perspectives of Black and Brown communities. Latimer aims to address AI bias and discrimination by incorporating diverse strategies to minimize bias, as well as supplementary training on Black and Brown histories. Latimer is focused on providing an inclusive AI tool for students, agencies, and brands, as well as the general public, and can be used to mitigate biases in decision-making, create personalized learning programs, promote diverse representation, and drive societal problem-solving.
HR INSIGHTS
Gallup research has revealed six worrying numbers about the workplace and provides advice on how organizations can manage them. These numbers include a lack of trust in leadership, a lack of recognition, lack of preparedness for advanced technologies, increased job-seeking, lack of connection to organizational culture, and a lack of reporting of unethical behaviour. Organizations are encouraged to assess their employees' engagement, connection to the culture, and investment in leaders' goals in order to stay ahead of the trends and create an exceptional workplace.
LEADERSHIP & TALENT MANAGEMENT
领英推荐
Leaders who follow the 'perform and transform' approach grow their organizations 6.7% faster than their peers. To succeed in today's business environment, leaders need to manage current performance and simultaneously transform for the future. The six key levers for success are: defining impact that creates real value, being agile, adopting the right frame of mind, anticipating, visualizing, and creating, making bold decisions, and delivering consistent results, and inspiring purpose to develop new capabilities. Being in the right mindset and interconnecting purpose, performance, and collective impact will accelerate an organization's performance.
RECRUITING & RETENTION
Employers told Indeed that they spend a significant amount of time on basic recruiting tasks, such as candidate sourcing and assessment, which could benefit from automation. Nearly 90% of employers said they support automation in the hiring process to increase productivity, reduce cost-per-hire and improve the overall candidate experience. However, employers agreed that the human element of the hiring process won't be going away anytime soon. Tools like ChatGPT can help with repetitive recruitment tasks, but legal challenges remain.
The Global Talent Trends report from LinkedIn provides insight into the new world of work, with data showing decreasing hiring rates across many countries, increased job seeking behavior, increased applications for job listings mentioning AI, and higher internal mobility rates for companies that encourage skill development. Companies should highlight AI in job descriptions and make sure to have an explicit partnership between the Talent Acquisition and Learning and Development teams for internal mobility.
LABOUR MARKET INSIGHTS
The labour market is shifting in favour of employers, as fewer job candidates are negotiating salary and receiving signing bonuses. Job switchers are experiencing reduced bargaining power, with fewer opportunities to negotiate higher salaries and counteroffers from old employers. The number of job openings is decreasing, indicating a more balanced job market, while the share of workers quitting their jobs is also declining.
According to new research, 73% of Gen Z employees are more likely to leave an organization if they don't receive frequent managerial feedback and communication, compared to only 52% of non-Gen Z employees. The majority of employees (76%) have check-ins with their managers once per month or less, highlighting a clear gap in regular communication and feedback. The lack of regular check-ins and feedback is a wake-up call for businesses that need to adopt a more structured approach to employee development and engagement. Companies must prioritize regular learning and development opportunities to engage and retain Gen Z employees, who are expected to make up a significant portion of the workforce in the coming years.
An Indeed Hiring Lab report has found that mid-career professionals (aged 25-54) face the highest potential exposure to change driven by generative artificial intelligence, while workers of Asian/Pacific Island descent have the highest level of exposure as well. To combat this, employers should consider providing training opportunities to their workers so they can develop and enhance their generative AI skills. Companies such as Walmart and Microsoft have already launched initiatives to help employees with this.
The global cybersecurity workforce has grown 8.7% to 5.5 million people in 2023, but there is still a 4 million person shortfall in qualified workers. Three-quarters of industry professionals say the threat landscape is the most challenging they have seen in the last five years, and only 52% of professionals say their organization has enough tools and personnel to handle the level of cyber risk they expect. To fill the gap, the White House has launched a major effort to increase cybersecurity training, while economic uncertainty has caused some firms to freeze new hires or cut jobs.
QUOTE OF THE WEEK
“There’s a ton of great talent out there, but their resumes don’t always match their real skills.” – Tigran Sloyan, CEO @ CodeSignal
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