Each week, we’ll brief you on notable stats and happenings related to current events impacting the job market now or in the foreseeable future.
Talent Acquisition Year in Review 2017
What a year 2017 has been in talent acquisition! From the lowest unemployment rate in over a decade to the adoption of predictive analytics…or just the recognition of data capture and analytics as a whole, the industry has seen ample change and growth.
We took a look at this past year and created an overview, ‘Talent Acquisition Year in Review 2017’. In this piece, we cover:
- Influential Trends that Had an Impact
- Challenges Presented
- Key Learnings
- A Look Ahead to 2018
Doing more with less, tight labor market, and the embracing of data analytics and technology are just some of the trends that will continue in the new year. Check out this report to help ensure your organization is set up for success. Cheers to a strong 2018 in talent acquisition!
Top Pay for AI Engineers
Per Paysa, $1.35 billion is being invested in talent with artificial intelligence experience. Paysa listed the 20 highest-paying companies by average salary for an AI engineer, here are the top 5:
- Uber : $314,746
- WalmartLabs : $265,698
- Netflix : $264,799
- Facebook : $257,846
- Salesforce : $248,28
Bad Hires Hurt the Wallet
Per a survey released by CareerBuilder, each bad hire in the last year cost companies an average of $14,900. Nearly three in four employers, 74%, reported they have hired the wrong person for a position.
Randstad U.S.: List of Workplace Trends 2018
Talent analytics and advancements in artificial intelligence for talent acquisition key trends for 2018: “Technology has significantly impacted business models in nearly every sector,” said Alan Stukalsky, chief digital officer, Randstad North America. “The growing STEM skill shortage, AI both disrupting and creating jobs and talent driving a shift toward agile work arrangements is a lot for employers to keep up with. It requires progressive thinking to find talent and meet short- and long-term needs. We’re still in the infancy of most of this, but digitization will advance the pace of change in the labor market and workforce in 2018.”
Well-Being Programs Not Cutting It
Per the 22nd annual Best Practices in Health Care Employer Survey from Willis Towers Watson, 72% of employers plan to improve their health and well-being strategies and programs over the next three years, giving them a competitive edge.
About half, or 56% of employers stated their current programs encourage employees to live a healthy life, only 32% of employees agree.
Apprenticeships Could Triple in U.S.
New research from Harvard Business School’s Project on Managing the Future of Work in addition to labor market analytics from Burning Glass Technologies explored apprenticeships in the U.S. Per their findings, occupations that typically utilize apprenticeships could triple…and actual apprenticeships could expand eightfold.
Apprenticeships are common in Europe but in comparison, seldom used in the U.S. with only 27 occupations using this model. Out of more than 23.4 million job openings in 2016, only 410K were for apprentices. U.S. policymakers support apprenticeships as an option to employment not requiring traditional higher education…or student debt.
Manager-Employee Relationships Highly Effect Job Satisfaction
Per a new national study from Ultimate Software: for 93% of employees, trust in their direct boss is essential to staying satisfied at work, and over half of employees surveyed say if they aren’t satisfied at work, they can’t put forth their best effort. A good manager-employee relationship can play a significant role in retention, too: more than half of employees say they’d turn down a 10% pay increase to stay with a great boss.
Take That Vacation and Unplug
A Project: Time Off report, The Tethered Vacation, shows that just 14% of managers unplug when they’re on vacation. At the most senior levels of leadership, a mere 7% do. Further, organizations that don’t encourage employees unplugging during vacation have employees that are less engaged and less committed to the organization. Compared to employees in supportive cultures, they are less likely to say they feel valued by their company (69% to 50%) and cared about as a person (64% to 43%). They are, however, more likely to be looking for another job.
The HR Dive Awards 2017 Announced
The 2017 awards recognize the industry’s top disruptors and innovators. These executives, companies, trends, and breakthroughs are transforming the industry and shaping the future.