TALKING POINTS: The economy is back! It was a long road for businesses and job seekers alike as the economy emerged from the dark days of peak job loss in 2009. (As of December 2009, Detroit’s unemployment was as high as 14.9% New York - 10.4% San Francisco - 10.1% Source: BLS] Where do you think those first red masses emerged from? It started in Detroit with the collapse of automakers and in Louisiana following Hurricane Katrina. Then came the collapse of the housing market, Lehman went under and red exploded across the U.S. ● Unemployment hit all time highs since the Great Depression, wiping out millions of jobs in its wake. In 2013 we began to see a dim light at the end of the tunnel: blue dots came out of hibernation, as the economy slowly began to recover. (As of Dec ‘13, NYC down to 7.5% unemployment, SF down to 5.6%, Chicago down to 8.3%. Source: BLS) In 2014 blue dominated the map once again, as we experienced the highest year for job creation since 1999 [Source: NPR 2014]. (As of Dec ‘14, NYC unemployment down to - 6.4%, Chicago down to 5.6%, San Francisco down to 4.4%. Source: BLS Today, major metropolitan areas like New York, Dallas and Miami are gaining strength, but some of the lowest rates of unemployment appear in new hubs emerging like Denver (3.9% unemployment in Dec ‘14), and Portland (5.8% unemployment Dec ‘14), and Orlando (5.0% unemployment Dec ‘14) Source: BLS data.
TALKING POINTS Unemployment rates are at all time lows now Highly educated and skilled job seekers are reaping the benefits [I’ll come back to this chart]
TALKING POINTS Recovery here has outpaced other global economies We have the highest overall GDP globally, and our rate of change is quickly catching up — and will soon surpass — China. We’ve regained our position as a global leader
TALKING POINTS This growth means that competition isn’t just overseas, it’s increasingly domestic. A great example of this is that we’re now a leading net exporter of energy. This is giving us advantages in manufacturing and production. Although we undoubtedly live in a global society, right now, most of the competition for resources and talent is coming from right here in the U.S.
TALKING POINTS: The economy is healthy, employment is up, but the way we do business has changed. Today’s economic climate is volatile, dynamic — and often risky. What does this mean for us? We can’t take anything for granted – as employers, as job seekers, as citizens.
TALKING POINTS: Workers have become more disposable with each recession. In the past, layoffs were in capital rather than human expenses. In the 80s there was a dramatic change where capital and human losses were almost equal, but this began to change in the 90s and “.bomb” recessions. When the mother of all recessions hit in 2007/2008 people were the first to be dropped. Layoffs used to take time and company leadership used to be slow to change, but today this happens immediately and the outcomes are massive. This is starkly different from my father’s generation, which saw layoffs as evil — now when business isn’t booming, layoffs are a given across industries.
TALKING POINTS Today, work is driven by immediate cause & effect situations. Even in one of the fastest growing sectors — technology — jobs aren’t always safe eBay and PayPal have recently begun major rounds of layoffs. On the flip side, hiring happens equally as fast and in volume as the market demands.
TALKING POINTS In this real-time economy company leadership is changing quickly, even at leading global companies: McDonaldsjust changed their CEO after only 5 years, Target changed theirs in October, Larry Ellison stepped down from Oracle There were 1,341 CEO changes in 2014 vs. 1,246 in 2013. My time could even be running short. CEOs are just as disposable as employees. "The swiftness of the forced exit is happening more now," says Michael Useem, a management professor at University of Pennsylvania's Wharton School. “Industries in slower sectors, like energy, may face concerns in 2015.” [Source]
Talking points: People go from assignment to assignment or from job to job with no long term commitment. Skilled workers can call the shots, so work happens when it’s needed now. Short term jobs are more popular than ever - and this will likely continue Employers: CareerBuilder’s survey found 46 percent of employers planning to add temp and contract workers in 2015, almost a 10 percent increase over last year, and a consulting firm predicts that temp employment will add 135,000 new temp workers in Q1 of 2015 Employees: More and more people are using platforms like TaskRabbit to find flexible, short-term sources of income. Data from JSN (Job Seeker Nation Survey 2015) reveals that job seekers are constantly on the lookout 45% of all employees are satisfied in their current jobs, but open to new ones This is especially true for younger employees: 71% of millennials view their current job as a an entry level or stepping stone position. (Versus 50% of all employees) Tech is especially prone to churn: 53% of people in this industry plan leave a job after 1 to 5 years - the highest of any industry.
Transition to III. We’ve talked about what is happening, and why. Now it’s time to consider what this means for business and what companies must do to be successful and prosper in this new world.
Talking Points: We're seeing a massive convergence of computing power and interconnectivity — on the Internet, in the cloud, and on numerous devices — which requires a new set of skills. Some predict that a rise in STEM jobs, will result in a global shortage of 38-40 million appropriately skilled workers by 2020 [Source: McKinsey] Every job will be affected — including traditional functions like sales and marketing — as technology is now deeply embedded in our daily work. Companies must understand that business is changing from the inside out and that every position will need to adapt to accommodate the demand for new skills.
Talking Points: We're seeing a massive convergence of computing power and interconnectivity — on the Internet, in the cloud, and on numerous devices — which requires a new set of skills. Some predict that a rise in STEM jobs, will result in a global shortage of 38-40 million appropriately skilled workers by 2020 [Source: McKinsey] Every job will be affected — including traditional functions like sales and marketing — as technology is now deeply embedded in our daily work. Companies must understand that business is changing from the inside out and that every position will need to adapt to accommodate the demand for new skills.
Talking Points: We’re already seeing the effects of this take shape, with a severe talent crunch. The median duration of advertising for a STEM vacancy is more than twice as long as for a non-STEM vacancy. For STEM openings requiring a Ph.D. or other professional degree, advertisements last an average of 50 days, compared to 33 days for all non-STEM vacancies. There are some 40,000 computer science bachelor’s degree earners each year but roughly 100 times more 4 million job vacancies for computer workers.
DESIGN NOTE: Insert graphics for following statistics: The median duration of advertising for a STEM vacancy is more than twice as long as for a non-STEM vacancy. For STEM openings requiring a Ph.D. or other professional degree, advertisements last an average of 50 days, compared to 33 days for all non-STEM vacancies. There are some 40,000 computer science bachelor’s degree earners each year but roughly 4 million job vacancies for computer workers.
CITATION: Source: Brookings Institute, http://www.brookings.edu/research/interactives/2014/job-vacancies-and-stem-skills#/M10420
Talking points: This has moved beyond a conversation amongst business leaders. The severe demand for talent, coupled with rapidly growing industry has resulted in a national conversation. New initiatives are now gaining traction not for political reasons, but for economic ones. President Obama just announced a tech training initiative, offering a way to meet the demand for skilled workers Immigration reform is at the top of Obama’s agenda, because we need to widen our talent pool and are limited by strict immigration policies.
Talking points: Automation is replacing jobs traditionally done by humans. Gartner predicts that 1/3 of all jobs will be replaced by automation by the end of the decade. [ComputerWorld] And within two-decades economists believe that nearly half of all current jobs will be performed with machine technology [source: WSJ 2015] As traditional jobs disappear, new positions appear that require a new set of skills. People must adapt to survive in a knowledge-based high-skill labor market. Productivity and employment grew in tandem until 2000, when productivity surpassed employed due to automation [source: WSJ 2015] Many new powerhouse companies are using big data to give consumers what they want. Netflix offers a proprietary recommendation algorithm AirBnb analyzes its data to concentrate efforts on signing up landlords in popular destinations at peak times, and structure pricing to optimize their network Palantir, uses big data algorithms to combat terrorists and financial fraud around the world.
"Software substitution, whether it's for drivers or waiters or nurses … it's progressing. ... Technology over time will reduce demand for jobs, particularly at the lower end of skill set. ... 20 years from now, labor demand for lots of skill sets will be substantially lower. I don’t think people have that in their mental model.” Bill Gates, May 2014
Talking points: Automation is replacing jobs traditionally done by humans. Gartner predicts that 1/3 of all jobs will be replaced by automation by the end of the decade. [ComputerWorld] And within two-decades economists believe that nearly half of all current jobs will be performed with machine technology [source: WSJ 2015] As traditional jobs disappear, new positions appear that require a new set of skills. People must adapt to survive in a knowledge-based high-skill labor market. Productivity and employment grew in tandem until 2000, when productivity surpassed employed due to automation [source: WSJ 2015] Many new powerhouse companies are using big data to give consumers what they want. Netflix offers a proprietary recommendation algorithm AirBnb analyzes its data to concentrate efforts on signing up landlords in popular destinations at peak times, and structure pricing to optimize their network Palantir, uses big data algorithms to combat terrorists and financial fraud around the world.
"Software substitution, whether it's for drivers or waiters or nurses … it's progressing. ... Technology over time will reduce demand for jobs, particularly at the lower end of skill set. ... 20 years from now, labor demand for lots of skill sets will be substantially lower. I don’t think people have that in their mental model.” Bill Gates, May 2014
Talking Points: As the economy grows and technology advances, routine jobs are being eliminated. As traditional jobs disappear, new positions appear that require a new set of skills. While some doors may be closing, others are opening for workers who continue to adapt and grow their skills.
LINK http://www.bls.gov/emp/ep_chart_001.htm
LINK http://www.fastcompany.com/magazine/162/average-time-spent-at-job-4-years
LINK http://www.fastcompany.com/magazine/162/average-time-spent-at-job-4-years
Talking Points: How many jobs have you held in your career? I’m guessing for most of you, that number has doubled if not tripled compared to your parent’s career spans. Today people don’t stay at one company for long: a trend that will only continue to grow as younger generations are estimated to hold as many as 15-20 jobs in their career. [Source: Financial Times 2015] Tech is especially prone to churn: 53% of people in this industry plan leave a job after 1 to 5 years - the highest of any industry. [JSN 2015] Churn is predicted to continue in the next decade: From 2012 to 2022, 50.6 million total job openings are expected. While growth will lead to many openings, more than two thirds--67.2 percent--are projected to come from replacement needs (Source: BLS)
LINK http://www.jobvite.com/wp-content/uploads/2015/01/jobvite_jobseeker_nation_2015.pdf
Talking points: With today’s crunch for skilled labor, every company is in a fight for quality talent. It’s the candidates that are now in the driver’s seat. They demand more from the companies they work for. This includes compensation, work/life balance, growth opportunities, and culture. Need to think like a “University”.
Talking Points
Although younger employees expect many things - money is still one of them. After all, living expenses are still expensive – especially here! Things change, but compensation will always be top of mind for anyone in thinking about their career
Talking points: You need to accommodate your workforce for how they work – and where they work. The way we live with, and communicate through technology is completely different from 10, 5 and in many cases, even 2 years ago. We don’t just connect with computers anymore. We connect with thermostats and TVs and cars. Businesses connect using components throughout the supply chain. We’re all wired into “the Internet of things.” This convergence and connectivity is accelerating how we do business, and even how we start businesses. Companies can launch faster, come together online, and engage in the cloud using new technologies and applications — many of which help us automate tasks and decisions that were previously assigned to humans. People expect their technology, on social and mobile, to empower them personally. Technology has made everything easier - ordering a car with Uber, food delivery with Seamless, and even couchsurfing with Airbnb. In our personal lives, technology is powerful and effective. So, people expect the same at work. Technology expectations shape every interaction - how people expect to do their job, which companies they work with, and which employers they prefer. Thus the way you recruit, and engage new people, is a clear indicator of what kind of company you are, and what your employees can expect from you.
Talking points: Work-life balance…at work I work, at home I work…but now we work at home, and want some of the many of the comforts of home at work. Today work is more immediate, connected and constant, making your personal life an extension of work. In return, companies are becoming more flexible and open to personalizing the office job. 38% of job seekers consider work/life balance a priority to take into account before taking a new job [source: 2015 JSN], which is prompting companies everywhere to offer work from home flexibility and even allow employees to bring their dogs to work. Co-working spaces like WeWork give people in remote locations the option to have an office and visiting exotic locations is no longer reserved for vacations — now you can code while surfing the Grand Canaria. And new job descriptions are cropping up to support this new office: Workplace coordinator for perks, such as Studio Nights, whiskey tastings
Talking Points Today, learning is continuous. Formal education isn’t the end game and job seekers must constantly touch up their skills. Education reform - President Obama is aiming to make community college free for everyone. Someone I went to high school with just became Yale’s new president…exciting for him and his family, I am sure. But why? Because the head of Yale left to become the CEO of Coursera. Coursera and the rise of the MOOCs — the existence of coursera and platforms like that will remove any excuse for companies to offer on-going education for employees in future…and now MasterCard: one course on web applications is offered to 2,500 employees, while 300 marketers have the option of taking behavioral economics taught by a Duke professor WSJ: $1.5 Billion acquisition “LinkedIn plans to market these courses to its 347 million members, part of a broader effort by the Mountain View, Calif., company to get those users to spend more time on the site and do more beyond updating their résumés and looking for jobs.” “Over two decades, the company has worked with professional educators to build a collection of more than 6,300 courses and 267,000 videos, for which users pay $25 to $37.50 a month to access.”
LINKS http://www.fastcoexist.com/3041738/change-generation/millennials-want-to-work-at-organizations-that-focus-on-purpose-not-just-p http://www.fastcompany.com/person/steve-almond Talking Points: Data: Millenials want to work for companies with a purpose beyond profit….(Survey? Research?) http://www.fastcoexist.com/3041738/change-generation/millennials-want-to-work-at-organizations-that-focus-on-purpose-not-just-p The survey polled over 7,800 millennials with college degrees who also work full-time (defined as having been born after 1982). As in past years, Deloitte found that most respondents said that when they first launched their careers, they looked for companies with a strong sense of purpose beyond a simple profit motive. "They believe the business ethos has too short-term a focus. Beyond that, millennials believe companies should spend less time on short-time roles and more time on broadly building contributions to society, more time focusing on their people," says Deloitte Global Chairman Steve Almond. And also, you are building a brand at work as we speak. Quote? Brand is what people say about you when you are not there… Offices have become an extension of our personal lives, so culture and values matter more than ever. Snacks and ping pong tables don’t make a culture — the people do. Similar to selecting what college to attend, job seekers are equally as picky when selecting a company to work for. They’re looking for a place with a solid reputation, great facilities, quality people, exceptional growth opportunities and of course flexibility. Job seekers today want to join a company where they’ll grow, cultivate relationships and leave with an alumni network similar to when they left a college. Ex. Netflix - They’ve made a slideshare of their company values public, and it’s been viewed over 11 million times. People are hungry to spread their company culture, and Netflix presents a transparent, honest way to do that.
Talking points: Recruiting is continuous…Recruiting Never, Ever, Ever Stops! The future is going to be about hiring fast, firing fast and high churn. Recruiting from this point forward will remain a continuous process that’s critical lifeblood to the health and success of companies. Just as marketing and sales pump revenue into a company, recruiting pumps talent. Revenue and talent are the two lifebloods that will need continuous pumping to survive and thrive in this new world.
TALKING POINTS Gartner: By 2018, Gartner predicts, digital business will require 50% less business process workers and 500% more key digital business jobs, compared with traditional models. The top jobs for digital over the next seven years will be: • Integration Specialists • Digital Business Architects • Regulatory Analysts • Risk Professionals “You must build talent for the digital organization of 2020 now. Not just the digital technology organization, but the whole enterprise. Talent is the key to digital leadership.” Top 10 Strategic Predictions for 2015 and Beyond: Digital Business Is Driving 'Big Change' Published: 4 October 2014
Gartner: By 2018, Gartner predicts, digital business will require 50% less business process workers and 500% more key digital business jobs, compared with traditional models. The top jobs for digital over the next seven years will be: • Integration Specialists • Digital Business Architects • Regulatory Analysts • Risk Professionals “You must build talent for the digital organization of 2020 now. Not just the digital technology organization, but the whole enterprise. Talent is the key to digital leadership.”
Talking points: Talent is the lifeblood of business today It’s a new world that requires efficiency, collaboration and intelligence to constantly build meaningful relationships and maintain a healthy pipeline of talent.
Talking Points Marketing your company is not only important for sales, but crucial for recruiting Think of your job posting more like a graduate school admissions brochure. If your employee is only going to be sticking around for three years, you need to sell them on the idea that those will be three years well spent.
LINK http://www.statista.com/statistics/264097/number-of-1st-level-connections-of-linkedin-users/
Talking Points: Years ago some names and a phone number was the source of power in recruiting, but today new tools have emerged that enable us to do our jobs better, smarter and more personalized. Today our networks are vast and the reach we can have is enormous. 25% of people on LinkedIn have between 500 and 999 first degree connections on the social networking site. [Source] The more you market an opening, the more — and higher-quality — candidate options you’ll ultimately have.
Talking Points For many prospects, the job application site and interview process is the first, best impression they will have of your company The easier their access to the application process is, the better that impression is. For example, mobile applications are the new white pages – it lets people job search on the bus, or even at work, giving them a good impression of flexibility and ease. Mediocre candidates will put up with an application process that's slow, frustrating and confusing, but the ones you really want to hire won't – they'll have other options elsewhere.
Talking Points: With a centralized database you can build, manage, and mine a lasting talent pool. Everything can be in one place and accessible by those who need it is the most efficient way of filtering through prospects. Even after you hire, this talent pool is a long-term asset for future hiring campaigns
Talking Points: With a centralized database you can build, manage, and mine a lasting talent pool. Everything can be in one place and accessible by those who need it is the most efficient way of filtering through prospects. Even after you hire, this talent pool is a long-term asset for future hiring campaigns
Talking Points: Hiring one great candidate is a win; but it’s even better if you can see how you continuously hire the best. Successful sales and marketing departments don't blindly try to sell to just anyone. They gather good leads and then target them with a tailored approach. Recruiters need to do this just as much – if not more.
Talking points: The economy is healthy. Competition is high. Technology is more than technology. The lines in everything we do, everything we’ve known and everywhere we’re going are blurred.
Talking points: Given economic shifts and given that every industry is being transformed, we don’t have enough of the right people to accomplish everything we to do. Today, talent is the lifeblood of business, which makes recruiting essential. Harvard Business Review March 2011: It may sound cliché, but attracting and developing top talent is the most important job of the CEO, and the chief HR officer should, in partnership with business heads, lead the charge. I am convinced that in 25 years, talent acquisition is going to have an equal role to the chief revenue offer. Recruiting is critical, it is an essential function and it fuels the future of business.
However, remember that the good fortune we experience today could be gone tomorrow. This volatility demands that companies and professionals prepare not only for success, but for the next downturn. Those willing to embrace this blurred reality and are constantly reactive to market and economic shifts will realize their FULL POTENTIAL.
Source: Boston Consulting Group, “Realizing the Value of People Management; From Capability to Profitability”, August 2, 2012 https://www.bcgperspectives.com/content/articles/people_management_human_resources_leadership_from_capability_to_profitability/
42 Million Visitors visit CWS powered by Jobvite from 22 countries 5.4 MM Referred from 55 Soc Networks Jobvites were referred twice as much
10.1 MM new Contacts added in Talent Pool 190 K new talent pool created 250% higher app conversion than industry average
2.3 MM interviews 28 MM messages exchanged with applicants 76 More applicants per job than industry average
42 Million Visitors visit CWS powered by Jobvite from 22 countries 5.4 MM Referred from 55 Soc Networks Jobvites were referred twice as much
10.1 MM new Contacts added in Talent Pool 190 K new talent pool created 250% higher app conversion than industry average
2.3 MM interviews 28 MM messages exchanged with applicants 76 More applicants per job than industry average
Talking Points: The world will continue to advance and evolve, impacting how we find, engage and bring on quality talent. It is our privilege to support you every step of the way and help you to navigate the choppy waters ahead.
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