Last Updated on May 28, 2022 by Rashid Hassan
The world is changing. The way we work, the skills we need, and the jobs that are available to us are all evolving at an unprecedented rate.
Global unemployment rates
Unemployment rates around the globe vary widely. In developed economies, unemployment tends to fall below 5%. But in developing countries, it often exceeds 10%.
Unemployment levels have been rising in recent years. This trend reflects both the economic slowdown and the rise of populism in several major economies. However, the situation varies significantly across regions.
For example, unemployment rates in Europe remain relatively low, but the number of people out of work in the UK has risen sharply since 2016. In contrast, unemployment in China remains high despite the country’s efforts to reduce joblessness through its ‘Made in China 2025’ initiative.
The future of work is shaped by the technology trends
Technology has transformed how we live, learn and work. It’s changing the way we communicate, collaborate, shop, play, and even sleep. And it’s only going to get faster.
As a result, there will be more opportunities for those who embrace emerging technologies. For example, artificial intelligence (AI) and machine learning (ML), which are already being used in many industries, could eliminate up to 4 million manufacturing jobs over the next decade.
Technology is changing the types of skills needed for success in today’s workplace.
In a recent survey conducted by LinkedIn, nearly half (48 percent) of employees said they were looking to change their skill sets because they felt that traditional job skills weren’t enough to succeed in today’s competitive marketplace.
This highlights an important point: The type of skills required for success in the modern workplace may not always align perfectly with what employers expect from potential recruits.
So if you’re planning on making changes to your recruitment strategy, you might want to start by taking a close look at the skills you currently offer. Are they relevant? Do they match the needs of your organization? And are they aligned with the skills your target audience wants?
The good news is that AI and ML can help you answer all three questions.
AI and machine learning technologies are already being used to screen resumes and identify keywords or phrases that indicate whether someone is likely to perform well in a specific role.
Similarly, AI and ML can help HR professionals assess applicants based on their responses to interview questions.
And when it comes to hiring managers, AI and ML can assist them with their decision-making processes. These technologies can help them evaluate candidates based on factors including their performance during interviews, how well they interact with others, and even their body language.
And as we mentioned earlier, AI and ML can also help recruiters find hidden talent. By analyzing social media profiles, online interactions, and other data sources, companies can identify individuals who don’t appear to have any obvious connection to their organization.
Recruiters can reach out to these individuals directly via email or phone call to gauge their interest in working for their organization.
You spend hours scouring job boards and applying to hundreds of positions only to receive no response.
You might feel discouraged and wonder why there aren’t more opportunities available. But the truth is, many jobs simply go unfilled because they haven’t been advertised yet.
We understand how frustrating this can be, which is why our Recruitment Process Outsourcing (RPO) services allow you to focus on growing your business while we handle the tedious tasks associated with recruiting new staff members.
HR professionals and recruiting agencies have Implications for these trends
Human resource (HR) executives are increasingly concerned about their ability to attract, develop and retain top talent. They want to ensure that their organizations can adapt quickly to meet the demands of this new generation of working life.
To do this, they must understand how technology is impacting how they recruit, hire and develop staff. In particular, they should consider how AI and ML tools can help them find better candidates for open positions and improve the quality of hires.
They also need to prepare for the future of work. As more jobs become automated, companies will need to look beyond traditional measures such as salary and benefits to create competitive offers that include training, mentoring, and other support services.
But before you make any changes, you first need to know where your workforce stands today. So let’s take a closer look at the current state of the global labor market.
Talent Acquisition Services
Our Freelance Talent Acquisition services include everything from sourcing qualified candidates to conducting reference checks and screening applications. We take care of everything else, allowing you to concentrate on running your business.
By outsourcing your recruitment efforts to us, you gain access to an extensive pool of skilled freelancers who can quickly fill open roles across multiple industries. Our talented workforce includes accountants, sales representatives, marketing specialists, and administrative assistants – all of whom are eager to earn extra money by taking on part-time assignments.