Global Talent #13
The Worrying Rise of Ghost Jobs and the Promise of 30-Second Candidate Searches
Why Has the Hire-Per-Job-Posting Rate Dropped by Half Since 2019, and What Does This Tell Us About Modern Recruitment?
Roy Maurer | SHRM | October 31, 2024
The controversial phenomenon of "ghost jobs" - job postings for positions companies don't actually intend to fill - has sparked heated debate in 2024's labor market. While job seekers report frustration with seemingly endless applications that go nowhere, the reality appears more nuanced than intentional deception. Data shows hire-per-posting rates have dropped 50% since 2019, while Greenhouse Software reports that 20% of listings show no hiring activity per quarter since 2022. The apparent surge in "ghost jobs" may actually reflect a combination of overwhelmed recruiting teams, outdated listings that weren't removed, duplicate postings by third-party agencies, and "evergreen" roles that companies continuously recruit for.
The Rise of Remote Work: 50% Hybrid, 20% Remote, 30% Office?
TechChrunch | October 29, 2024
An interesting panel discussion at the TechCrunch Disrupt 2024, centered around the evolving landscape of work, particularly the impact of remote work and the role of HR technology. While some companies like Amazon are mandating a return to the office, the broader trend leans towards hybrid and remote work models. Employees now have greater leverage to negotiate better work arrangements and benefits. Advanced HR platforms enable seamless management of distributed workforces, including payroll, benefits, and equity. Companies are increasingly hiring talent from across the globe, necessitating robust HR solutions to manage compliance and benefits. The future of work is likely to be a blend of remote, hybrid, and traditional office models, with technology playing a crucial role in enabling flexibility and efficiency.
How Can Organizations Create A More Unified Talent Strategy While Maintaining Departmental Efficiency?
Graham Peelle | Forbes Technology Council | October 30, 2024
The integration of HR and talent functions is becoming increasingly critical as companies trend toward leaner operations. A recent Forbes analysis suggests that while many organizations are cutting talent-related departments first, this approach may be counterproductive. The piece outlines a four-step strategy for integrating talent management: reassessing current workflows, creating detailed roadmaps, ensuring leadership alignment, and implementing continuous monitoring. The analysis emphasizes treating employees as investments rather than expenses, marking a significant shift from traditional HR perspectives. This integrated approach aims to address both hiring and development gaps simultaneously, potentially improving retention and reducing redundant hiring processes.
Is the Promise of 30-Second Candidate Searches Too Good to Be True, or Has LinkedIn Cracked the Recruitment Code?
Enacy Mapakame | MSN | October 31, 2024
LinkedIn is making a strategic push into AI-powered recruitment with its new Hiring Assistant tool, marking a significant evolution in the professional networking platform's business model. The tool, set to launch broadly in Q1 2025, is already being tested by major corporations like AMD, Canva, and Siemens. Leveraging Microsoft's partnership with OpenAI, the assistant aims to streamline recruitment by automating job description creation, candidate sourcing, and engagement processes. What sets this tool apart is its ability to analyze LinkedIn's vast database of 1 billion users, 68 million companies, and 41,000 skills to match candidates based on capabilities rather than traditional metrics like location or education. Early adopters report dramatic efficiency gains, with search times dropping from 15 minutes to just 30 seconds.
What's Behind the Alarming 20% Turnover Rate Among Non-Officers in the Banking Sector?
Jerone Abueva | Samsung Insights | October 28, 2024
Banks are facing a significant talent crisis, with non-officer turnover reaching nearly 20% and one-third of employees reporting burnout and desire to exit the industry. The traditional high-pressure banking environment has intensified, with 42% of employees citing heavy workloads as a major stressor, while 32% struggle with longer hours and 26% with tight deadlines. While many banks initially embraced hybrid work models, recent trends show financial institutions reverting to full-time office requirements. This misalignment is costly – replacing an employee can amount to double their salary, while also impacting revenue, productivity, and institutional knowledge retention. To address these challenges, forward-thinking banks are leveraging AI and cloud technologies to enhance employee experience.
