AI to Help Train, Not Reduce Employees
Research from SAP and the Economist Intelligence Unit via the report, ‘Making the Most of Machine Learning: 5 Lessons from Fast Learners’, finds that for the most part, machine learning will help to retrain workers – not replace them. 75% of senior executives responding stated they plan to use the technology to retrain employees who have been displaced by machine learning.
High Percentage of Companies Not Equipped For Change
The survey, ‘Corporate Learning Predictions, Observations and Trends’ from Computer Generated Solutions, finds that over 80% of learning and development professionals agree they are facing constant change, but less than 30% have processes in place to handle major change events.
Amazon Invests in Employee Education for In-Demand Careers
Per Jeff Bezos, Amazon pays up to $12K for employees to earn certificates and associates degrees for in-demand occupations – regardless if the skills correlate to Amazon or not.
“We fund education in areas that are in high demand and do so regardless of whether those skills are relevant to a career at Amazon,” Bezos said. The program is available in 10 countries and is expanding to South Africa, Costa Rica and Slovakia later this year. Commercial truck driving, healthcare, and information technology are the program’s most popular fields of study, he said.
Financial Experiences Differ Between Men and Women
A recent Merrill Lynch study found that 70% of women ‘believe men’s life journey differs from their own’. 77% of women say they ‘view money in terms of what it can do for them and their families’ while 2/3 of them prefer investing in causes they care about. 64% of women would like to live to 100 years old, but 44% think they will run out of money by the time they are 80 years old.
Young Employees Start to Settle Down
Per the U.S. Bureau of Labor Statistics, workers between the ages of 18-30 hold 7.8 jobs on average. Those aged 18-22 hold about 4.6 different jobs and those between 27-30 hold around 2.2 jobs on average.
Freelance Population Growing at Rapid Rate
A recent report from Upwork and Freelancers Union, ‘Freelancing in America: 2017’ found that 57.3 million Americans are freelancers, which is 36% of the U.S. workforce. As well, the number of freelancers is growing three times faster than the rest of the workforce, adding $1.4 trillion to the economy each year. 47% of millennials are already freelancing. 55% of freelancers are more prepared for AI since they are reskilling, compared with just 30% of other workforce segments. 63% are choosing to be freelancers which is up from 53% last year.
More Money, More Problems
A new LinkedIn survey found that of employees making between $35,000-$50,000 a year, 47% felt stressed at work. However, of those making $200,000 or more, 68% said they were stressed. As far as the happiness factor, the most satisfied workers came in at 81% and earned $50,000-$75,000 annually.
Labor Shortages Getting Employers to Get Creative
The Conference Board released a new report which stated that employers are allowing more telework and requiring fewer prerequisites for the job.
Workspaces are Loosening Up
A new report from Ted Moudis Associates finds that 92% of offices today are more open and spacious, 75% of open workspaces are considered ‘benching’ or ‘desking’. As well, 54% of seats were not formally assigned to one person.
Economists’ Have Cautious Positive Outlook
The April 2018 NABE Business Conditions survey stated that while the U.S. economy is doing well, wage growth and an increasing skills gap are big problems to address.
Beige Book Released
A ‘modest to moderate’ pace for the U.S. Economic activity is reported within the Federal Reserve Beige Book. Industries reported with the most reports of a labor shortage are engineering, IT, healthcare, construction, and healthcare.
Fewer Grads to Land a Job in 2018
The recent ‘Job Outlook Spring Update’ from the National Association of Colleges and Employers found that U.S. employers plan to hire graduates at 1.3% decline from last year. Insurance and retail industries are largely impacting this due to recent natural disasters.
Most Positive About AI but Don’t Want to Lose Human Touch
MetLife ran a survey that found that 56% of employers and 49% of workers have a positive outlook on automation technologies while 20% and 24% respectively have a negative view – men were more optimistic than women.
“While automation is the next workplace frontier, the biggest fear is that work is losing its human touch, likely due to unmet needs for personalization and recognition,” said Todd Katz, executive VP, Group Benefits at MetLife. “Employers who are able to balance their — and their employees’ — desire for innovation through automation, while creating great work experiences, will be tomorrow’s talent leaders.”
Relationships Still a Priority in the Gig Economy
Both gig economy workers and traditional 9-5 workers need a sense of purpose and belonging, per a piece by Nura Jabagi in The Globe and Mail newspaper.
“While strong employee-employer relationships can support this engagement, building these relationships will undoubtedly take some creativity in the new world of work.”
AI Brings Staffing Perks
Executive VP of Product Development at PRO Unlimited, Ted Sergott explored AI in the contingent workforce space within his article in Forbes, “First, it will enable organizations to make better hiring decisions. Secondly, it will allow businesses to more efficiently manage their contingent workforces. And finally, it will enhance the user experience.”
Disney Offering Hiring Bonuses for Seasonal Workers
To stay ahead of the competition in this tight market, Disney is offering up to $3,000 as hiring bonuses for seasonal bonuses. Housekeeping staff could receive a $1,250 bonus, lifeguards could receive $1,000, and culinary chefs could receive a $3,000 bonus.
Tech Skills Big for Employer Resume Searches, but Not the Top
‘Software Engineer’ is the most searched term by employers per a report from Indeed’s Hiring Lab. Buyer Planner, Editor, Developer, and Graphic Artist round out the top 5.
More than a Third of Hourly Workers Struggle Financially
38% of U.S. hourly workers making $20 or less per hour state they are struggling to make ends meet, per Snag’s annual State of the Hourly Worker Report.
Smartphones Poised to Help Speed Up Reference Checks
Research from SkillSurvey finds that ‘candidate references who use mobile devices submit 18% faster than those using conventional PCs. As well, in the past 5 years, the number of candidates using mobile devices to request references has increased 487%.
Most Applaud Minimum Wage Increases
According to a survey from the National Restaurant Association, 71% of Americans favor raising the federal minimum wage of $7.25 an hour to at least $10 an hour – even if it results in higher prices for meals.
Employee Turnover For Your Org Can Be Surveyed
A new survey from Culture Amp found that asking workers to respond to such statements as ‘I see myself still working at (company) in two years time.’ Respondents that answered with ‘strongly disagree’ were 136% more likely to churn than the average worker.
Wages for U.S. Workers Grew 2.9% YOY
“Wages for US workers grew 2.9% over the last year, increasing the average wage level by 57 cents to $27.36 an hour, according to the ADP Workforce Vitality Report, released today. The highest growth was in the Information industry where wages rose 5.6% to $41.38. The slowest growth was in the Resources and Mining industry where wages rose 1.7% to $34.96.
“In the first quarter of 2018 we saw an acceleration in wage growth for job switchers,” said Ahu Yildirmaz, co-head of the ADP Research Institute. “Additionally, as the labor market tightens, employers in some industries are paying a premium for talent with special skills. Job holders, job switchers and new entrants in the Construction and Information industries are all experiencing significant wage growth as employers seek to attract and retain the skilled labor these industries require.””