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The Era of Talent Intelligence: ReImagine HR Slides
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Event: ReImagine HR London 2018 Speaker : Annmarie McCormack Talent strategy is getting smarter and faster. The era of Talent Intelligence has begun, driven by the combination of unprecedented market forces, data signals, powerful insights unlocked by AI, and your instincts to make people your competitive advantage has begun. Hear how talent intelligence is driving LinkedIn’s next wave of product innovation and discover new ways and means of accelerating your business with LinkedIn Talent Insights.
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The Era of Talent Intelligence: ReImagine HR Slides
- ANNMARIE MCCORMACK INSIGHTS LEAD, LINKEDIN EMEA THE ERA OF TALENT INTELLIGENCE
- Where should I focus my campaign media efforts? What skill sets am I hiring and how has that changed over time? Is my company’s attrition rate above or below average? How can I help create more diverse teams across the organisation? For a hard-to-fill role, where does our target talent live and what do they care about? Which skills and functions have competitors added to their workforce in the past year? What trends do I see in the marketplace around skill development? Where should we locate our next office to get the talent we need?
- THE ERA OF TALENT INTELLIGENCE
- T H E F O U R T H I N D U S T R I A L R E V O L U T I O N I S H E R E
- 3 K E Y T R E N D S I N T H E N E W E R A O F W O R K INDEPENDENT WO RK AI AND AUTO MATIO N THE SKILLS GAP
- TREND 01 AI & AUTOMATION ArtificialIntelligence,Big Data& CloudComputingaretransforming the workforce,and its effectis acceleratingastechnologiesbecome moredevelopedandaccepted.
- JOBS WILL BE ELIMINATED BY AI & AUTOMATION Source: McKinsey Global Institute
- BUT NEW JOBS ARE BEING CREATED Source: LinkedIn Emerging Jobs Report AI Trainer AI Interaction machine learning developers big data anal AI Trainer cloud computing specialists AI Interaction Design machine learning developers big data analysts cloud computing specialists Cyber Security Expert Experience Designer Data Scientist Full stack engineer Customer Success Manager
- TREND 02 SKILLS GAP Skillsgapswill exacerbate asactivitiesbecomeautomated andnewrolesarecreated; Skillswill be lessfrequentlydefinedby qualifications
- OF THE JOBS WE WILL HIRE FOR IN THE FUTURE DO NOT EVEN EXIST TODAY Source: World Economic Forum
- OF EMPLOYERS PLACE AS MUCH OR MORE EMPHASIS ON SOFT SKILLS AS TECHNICAL SKILLS Source: World Economic Forum THE RISE OF SOFT SKILLS
- TREND 03 INDEPENDENT WORK Independentwork is already meaningful,andonlyexpected to increasedueto demographic, technology,andpolicytrends.
- ~ INDEPENDENT WORKERS IN THE EU-15 Source: KELLY OCG
- community! our call to leadership! This is
- % of organisations have usable data % of CEO’s see talent as a competitive advantage
- OUR VISION Create economic opportunity for every member of the global workforce
- Powerful data that we can turn into insight O U R M E M B E R S G E N E R AT E Intent Identity + Engagement =
- LinkedIn Talent Insights A New Category-DefiningTalent Analytics Product
- DEVELOP WINNING TEAMS DRIVE STRATEGY INFORM HIRING
- WITH GREAT DATA COMES GREAT responsibility
- Thank you.
Notas do Editor
- Introduce myself – Analytics leader at LinkedIn Been working in this space for many years having gained experience in Consulting I joined LinkedIn to lead a Dealing with the same challenges as everyone in this room and also work with clients on a daily basis to help them with their challenges and strategies
- The talent landscape is constantly shifting and we all see that every day. In fact we are adapted to change as a profession, but I am seeing a groundswell happening which is elevating the strategic importance of everyone in this room. The complexity of the questions we now need to answer and the potential impact our decisions are having on the business means that gut and instinct can only get you so far. You have to use both qualitative and quantitative data to be able to talk to the business Without data, it becomes impossible to accurately answer these questions and forge strategies and that’s why I believe we have entered an era of Talent Intelligence Nice to have: Some of the questions I am constantly looking to answer are: For a hard-to-fill role, where does our target talent live and what do they care about? How does this talent feel about my company as an employer? Who is employing this talent and who are our competitors hiring? Do we need to expand our search criteria? Should my organization consider relocation or remote work options? Where are we winning and losing talent and who are we competing with? Which skills and functions have competitors added to their workforce in the past year? Is my company’s attrition rate above or below average? Has our attrition increased or decreased over the past year? For a high-priority talent pool, where does our target talent live? How competitive is the talent market for a given role? Where should I focus my campaign media efforts? Without data, it becomes impossible to accurately answer these questions and forge strategies and that’s why I believe we have entered an era of Talent Intelligence
- What do I mean by this? Talent intelligence is where you can use data and insights to make people your competitive advantage And that’s why we are all here today. The era of talent intelligence is the most exciting time for anyone in the talent industry and we this is our opportunity to shine.
- As you will all know, globally we have entered the 4th industrial revolution which relates to the next wave of technological advancement that is catapulting the world forward. Each revolution has been powered by breaking new technologies The first Industrial revolution saw the development of mechanical production techniques harnessing steam power The second was powered by electricity and mass production techniques The third was underpinned by advances in computing technology Now the 4th revolution which is characterised by a range of new interconnecting technologies that are blurring the physical and the digital worlds This new revolution is impacting all disciplines, economies and industries. And significantly altering the labour market. What we've learned from the previous industrial revolutions are that some jobs become obsolete due to technological advancement but at the same time, new jobs are being created. The difference is how rapidly this current revolution is changing the talent landscape and the trends that will evolve he companies we work for, our own jobs and the broader labor market.
- The 3 trends I will focus on today are: AI & Automation The Skills Gap Rise of Independent Work I’ll also talk through how these trends are impacting LinkedIn, not as a product but as a company and the implications on my talent organization.
- When it comes to AI – I’m sure you will all agree there is a ton of hype and it can be hard to understand what’s actually going on. As consumers we see AI more and more today, for example, in the way Netflix recommends movies, amazon recommends gift purchases, Linkedin recommends jobs. but it’s not a new concept--- It’s been around since the 1950’s But it’s really in the past few years there has been a significant technological leap as AI, especially as Big Data and Cloud computing integrate - setting off a wave of innovation that now powers some of the most impressive systems on the planet, systems like search engines and self-driving cars to IBM’s Watson. We believe that we are just on the cusp of the transformational impacts that AI will bring and the impacts that this will have on the labour market.
- In fact, 46% of activities in advanced economies such as ours are susceptible to AI & the resulting automation – This is potentially impacting 5million jobs
- But many more jobs will be created In fact, new jobs are emerging more rapidly than at any other time in history. It’s not just a case of old jobs dying and fresh jobs being born. Traditional roles are mutating and evolving into new hybrids before our eyes. Jobs that sounded obscure yesterday are suddenly commonplace today The question is what will jobs look like in another 5 years? Implication: as old opportunitites disappear you need to capitalise on new ones; gain a deeper understanding of the labour market ___________________________ In fact, the top 5 emerging jobs from our Australia emerging jobs report, are: Customer Success Manager Data Scientist Full Stack Engineer Cyber Security Expert Experience Designer 5 years ago, some of these would have seemed alien to us and the skills needed are certainly different The question is what will jobs look like in another 5 years?
- We have just looked at the impact of AI and automation on the jobs market and this will exasperate the skills gap that we are already seeing in the labor market today. We are also seeing a lack of mobility: Specifically geographic mobility is at all time low since WW2 -- and it looks like that could be further reduced as a result of the current political climate. As the acceleration of role changes continues we will also become less reliant on the traditional qualification. A skill is a skill, and soft skills will become more important
- 65% of the jobs we will hire for in the future do not exist today. Or to put it another way, of all the bright-eyed kids who started primary school in the UK this year, two thirds are predicted to start their working lives in a job that does not currently exist.
- We are also seeing a significant rise in the value of soft skills For over a generation the market has been evolving into a service economy. The advancement of technology has created a range of new business models, like Software as a Service (SaaS), which, in turn, demand new models of customer engagement. Yet the problem with desirable soft skills – like adaptability, collaboration, and leadership – is they can be tough to identify and the challenge for HR and talent acquisition teams is to find reliable ways to identify individuals with soft skills at scale, rather than waiting for the interview process. This helps explain the rise of customer success manager as the top emerging job in Australia over the past five years. CSM is a role reliant on soft skills and a terrific example of how job candidates don’t need to be tooled-up with hard STEM skills to be part of a tech-driven economy. In fact, research by the Department of Jobs and Small Business found that around 70 per cent of employers place as much or more emphasis on soft skills as they do on technical skills. Yet the problem with desirable soft skills – like adaptability, collaboration, and leadership – is they can be tough to identify and the challenge for HR and talent acquisition teams is to find reliable ways to identify individuals with soft skills at scale, rather than waiting for the interview process.
- The third theme we want to cover is the rise of independent work. We believe this movement is one of the most fundamental shifts we are seeing in terms of the impact on the future of work and workforces Whilst there are early signs that this is a significant shift in the workforce, we believe that certain factors will continue to drive this phenomenon forward The why. So what’s driving this trend: First, the rise of Millennials. By 2025 its expected M’s will comprise nearly 75% of the global workforce. What’s important to them? When it comes to work, millennials are interested in greater autonomy. Greater flexibility. And in purposeful work. Growth of online marketplaces: as companies like Uber, AirBnB, Deliveroo, etc. continue to hire more independent workers and as they continue to grow, we will see demand for independent workers rise. Companies find it increasingly cost effective to hire these independent workers - it provides them with more flexibility. Irreversible secular trend…. Our data backs up this growing trend: According to our Global Recruiting Trends report, over half of recruiters surveyed believe that the need for contractors/freelancers will rise over the next 5 years, and placing contingent workers will be one of the leading trends to shape the future of
- Independent workers in the EU-15 (26% of the entire workforce) As this trend towards a gig economy continues, everyone in this room is going to need to develop talent strategies that drive wider organizational changes
- Having the best intelligence on the market will help you to gain strategic advantage and hire the very best talent – we want to be on this journey with you
- It's all well and good to want to answer questions with data and ready yourself for the trends I discussed But the problem is that only 8% of HR organizations believe they have usable data. This is staggering! Systems rarely speak with each other and when they do, it translates to data with limited insight Yet over 70% of CEO’s see talent as a source of competitive advantage and by putting data into your hands, we change the paradigm. If we solve this, you will be able to quickly answer some of the biggest questions facing not just your recruiting process, but your entire talent strategy.
- So how does LinkedIn bring this vision to life? It starts with our vision to create economic opportunity for every member of the global workforce
- Our members visit daily to see relevant professional content in their feed, to engage in conversations with peers and to help them grow in their professional career. All of this activity generates a very powerful data set with both their static profile information (role, company, skills, experiences, location) paired with their engagement data (content they engage with, employee connections, job applications etc.)..... We can use this data to start to show signals of intent at both a macro and micro level
- This data is also allowing us to develop game changing new products like LinkedIn Talent Insights, which I have the pleasure to introduce to you today. LinkedIn Talent Insights is a category defining analytics product that provides real time, actionable, on-demand access to LinkedIn’s talent data Organisaional leads have been asking LinkedIn for meaningful access to our insights for years, and as of this fall we will be making it available to everyone in this room
- And with these insights, you will be able to change the talent paradigm in 3 material ways: Inform hiring needs People analytics isn’t new, but we have access to data and insights today that can give us a much wider, global perspective so we can make more informed decisions. Hiring Strategy | Employer Branding Answer the strategic questions that matter to your organization Tying the story together is critical because the stakes are higher than ever. We are answering questions around everything from diversity to workforce planning to AI and making our organizations better. Competitive Intelligence | Geolocation Decisions Develop winning teams by connecting across from hiring to development. There’s an opportunity to think longer term about the cultures and teams we’re building. And part of that is a thoughtful approach to investing and developing the people we hire. Workforce Planning
- Now before I close I do want to talk about one last topic, as it is on every one of us here to always make sure we are using data in ways that build trust. At LinkedIn, we have an especially high bar given the type of information our members- and customers- share with us. We can’t do any of what we do without the trust of our member and our customers. Members First is one of our core company values. And every single employee lives this value every day
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