Talent Intelligence Collective Digest: April 2024

Talent Intelligence Collective Digest: April 2024

Welcome to the latest and Talent Intelligence Collective Digest. The TIC Digest aims to be your go to source for all matters talent intelligence, workforce planning and people analytics and will publish monthly.


First up we've extended the Talent Intelligence Collective WhatsApp group with subgroups for People Analytics and Strategic Workforce Planning. Amazing engagement so far with some world class thought leadership.


Events:


News:

  • Elon Musk Stirs Up Competition in AI Talent Market Elon Musk fuels AI talent war, accusing rivals like OpenAI of poaching Tesla's top engineers for his new AI venture xAI. Musk ramps up compensation at Tesla's Autopilot division to retain expertise amid fierce competition for limited AI talent pool. As engineers defect to xAI, Tesla investors raise concerns over potential misuse of resources and lack of oversight. However, Musk's moves position xAI as a formidable AI player, underscoring the cutthroat battle to secure the brightest minds driving AI's future.
  • Inside Big Tech's nasty battle for coveted AI talent In the heated race for coveted AI talent, tech giants like Microsoft and Meta are flexing their financial might, luring top professionals with million-dollar pay packages that startups can't match. As demand for AI skills skyrockets, a severe talent shortage is exacerbating the hiring battle. Candidates with the right technical expertise - from coding to data science - are in short supply, while non-technical roles requiring AI fluency are equally scarce. Big Tech's dominance and deep pockets allow them to poach talent from smaller firms, squeezing out competitors. Startups are getting creative, offering equity and generous deals, but the playing field remains uneven. As AI adoption accelerates, companies scramble to upskill existing workers and hire consultants, but the talent war rages on, favoring deep-pocketed incumbents - at least for now.
  • Businesses will be 'priced out of market' for talent by new immigration rules ?The UK's substantial hike in immigration salary thresholds from April 2024 has been blasted as a "reckless act of national self-harm" that will price many businesses out of accessing vital overseas talent. Under the overhaul, the minimum skilled worker salary soars 48% to £38,700, while only 8% of eligible roles now qualify for lower "going rates" on a shrunken Immigration Salary List. Engineering, hospitality, horse racing, architecture and IT startups face being severely impacted, unable to afford the inflated salaries needed to hire from abroad. Lawyers warn of a "chilling effect" on projects nationwide as firms rush visa applications before the April deadline. With skills gaps already acute across multiple sectors, the draconian immigration reforms risk crippling talent pipelines and jeopardising the UK's economic competitiveness.
  • LATAM Tech Talent Boom: A Global Shift In Workforce Dynamics Latin America's tech talent boom is reshaping global workforce dynamics through e-migration - the digital relocation of tech workers. Surging internet access and investment in education are unleashing a torrent of skilled software engineers and developers, with Mexico and Brazil alone churning out over 600,000 annually. Despite economic volatility, resilient tech markets like Brazil's $45 billion IT sector showcase the region's ascendance. As U.S. tech talent gaps widen, companies are tapping into Latin America's quality, cost-effective nearshore outsourcing. This symbiotic exchange, facilitated by cultural affinity and overlapping timezones, is an economic boon - predicted to drive the region's exports after 2023. But capitalizing requires strategic sourcing of top talent and fostering synergistic cross-cultural collaboration. With thoughtful engagement, Latin America's digital diaspora promises competitive excellence for globalized tech innovation
  • IoD press release Labour market cools, yet skills shortages persist for businesses Commenting on this morning’s release of labour market statistics that showed a slowing of annual wage growth and a drop in the number of vacancies in the three months to February 2024, Alexandra Hall-Chen, Principal Policy Advisor for Employment at the Institute of Directors, said: “Despite a further small decrease, the number of vacancies remains above pre-pandemic levels and many businesses are still struggling to access the skills they need. “The slight fall in economic inactivity over the past month is welcome, but the inactivity rate remains higher than both the previous quarter and the same period a year ago. With little in the recent Budget by way of measures to increase the domestic labour supply, government should focus on delivering on its promised expansion to childcare provision. A future government should place tackling skills shortages and increasing labour force participation at the centre of its growth plan. “The continued easing of wage growth is a positive development which supports the case for the Bank of England to cut interest rates, a step which would bolster companies’ confidence to invest.”
  • Responsible AI in recruitment Guidance Guidance from the UK Department for Science, Innovation and Technology, Adopting Artificial Intelligence (AI)?enabled tools in HR and recruitment processes offers the automation and simplification of existing processes, promising greater efficiency, scalability, and consistency. However, these technologies also pose novel risks, including perpetuating existing biases, digital exclusion, and discriminatory job advertising and targeting


Jobs:

Overall the market is fairly busy especially when you look atthe broader WFP and PA landscpae. We are still seeing a new core Talent Intelligence teams being stood up, a few hybrid sourcing and talent intelligence, but overall the market is in a much more positive place than even 6m ago.


APAC:

?

EMEA:

Americas:


So that's it. That is the latest of the Talent Intelligence Collective Digest's. Come over to the Talent Intelligence Collective Facebook Group , join Talent Intelligence Collective WhatsApp to let me know any thoughts and join in the conversations.

Thank you,

Toby

Great resource for staying up to date on the latest talent intelligence and workforce planning trends. What topics are you most looking forward to exploring in future issues?

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