The Aging Workforce and What it Means for Employers

| September 28, 2018

article image
Demographic changes in the workforce are having a profound impact on employers as the number of workers ages 55 and older continues to grow. However, Pew research states that next year (2019), Millennials will, for the first time, outnumber Baby boomers in the USA  (73 million to 72 million). Baby boomers are born between the years 1946 to 1964 and Millennials are born between 1981 to 1996. The time of Boomers being the largest population in the workforce is ending.

Spotlight

OCG Consulting Ltd

OCG Consulting are specialists in Accounting & Finance, Human Resources, Sales & Marketing, Supply Chain & Operations, Information Technology and Business Support positions - industry wide. This includes the Financial Services, FMCG, Manufacturing & Industrial, Public, Retail & Wholesale and Services sectors. With offices in New Zealand (Auckland, Wellington & Christchurch), we represent a diverse and impressive client base which includes some of New Zealand's most successful companies and iconic brands.

OTHER ARTICLES

Reimagining the Post-2020 Employee Experience

Article | June 17, 2020

We currently find ourselves living in rather suddenly altered times. The way we work has dramatically transformed, and all of us have now lived through some form major personal and professional disruption. Even what we must collectively prioritize in our work has shifted dramatically in many cases as well. Organizations are also discovering themselves spending much of their energy managing the consequences of a global pandemic as well as emerging worldwide societal issues, all while coping with a very uncertain and impossible to ignore global economic outlook.

Read More

Diversity and inclusion: it’s time to champion greater social mobility for young talent

Article | June 17, 2020

How can HR practitioners attract and nurture a wholly diverse workforce, and why should they? That’s a big ask for one article, but in this piece I’m going to try to summarise the opportunities that employers have in recruiting a more diverse workforce. These days we speak a lot about employers’ responsibilities where diversity is concerned, and of course they do have a responsibility to be far more diverse and inclusive than they have been in the past.

Read More

Covid-19, Difficult Truths and the Urgency of Closing Racial Gaps

Article | June 17, 2020

In less than two months, COVID19 has forced America to look at an honest picture of itself that it has been avoiding for a long time. It isn’t pretty. We are witnessing the costs of building a society where a large part of the population experiences extreme financial instability, housing insecurity, student debt burdens, lack of basic health care, and can’t even provide broadband at home so their kids can go to school. None of this information is new, but it took a crisis like this to make it impossible to keep such shameful statistics at arms’ length, when so many of our family, friends and neighbors are suffering.

Read More

Hybrid Hiring: How Artificial Intelligence and Humans Are Creating Better Recruitment Results

Article | June 17, 2020

The accelerated integration of Artificial Intelligence into HR is poised to transform the recruitment market. Its rapid expansion has advanced a long-predicted change, as the industry responds to Covid-19 and the upheaval that almost all workforces have endured. But how can HR best embrace this swift change, ensuring that AI and human practice is synchronised, to optimise the recruitment process? David Bernard, CEO of predictive recruitment platform AssessFirst, evaluates how AI can help firms to hire, retain and develop the perfect candidate. A year ago, if you happened to encounter discourse concerning AI and recruitment, you would likely be reading one of two types of articles. The first would explain why AI will lead to widespread job losses. The second would counter that no, in fact, AI will lead to abundant recruitment and job opportunities. And then came the pandemic. It became apparent to most that social restrictions would stretch beyond weeks or even months and the perceived relationship between recruitment and AI shifted: from the forecast of opportunity for recruiters to the implementation of AI solutions. The Economist referred to the adoption of new technological solutions as “tech-celeration” in a report that collated business leaders' opinions - most of which spoke of our ten year evolutionary leap in digital adoption. For those hiring managers not able to assess candidates with traditional face-to-face thoroughness, AI has offered recruiters remarkable solutions. Rather than simply assessing degrees, scanning CVs and inviting candidates in for an interview, recruiters can use tailored, self-adapting algorithms with which to find ideal candidates. The emergence of artificial intelligence In a traditional recruitment process, a single person or team of people is responsible for identifying and evaluating the candidate's soft skills. The efficiency of this practice is dependent on the recruiter's experience but, even with the most adept recruiters, the process can be problematic. The very practice of conducting an interview, which is more complex than it is credited for, can result in the recruiter missing particular candidate skills - or misunderstanding them - due to cognitive biases. Similarity bias, confirmation bias, initial impression bias, projection, and groupthink are common occurrences when we need to make quick or pressured judgments. And there is little a recruiter can do about these biases. Since they are the result of the complexities of the subconscious, recognising when we are conceding to these biases is difficult. The probability of acknowledging them and adjusting our decisions accordingly during an interview is negligible. So what problem is this feeding? It leads to inconsistent judgments that vary from one candidate to the next. It fuels the lack of diversity in the workforce that most HR and business leaders are trying to address. However, AI allows recruiters to use data from behavioural assessments and provide candidates with a standardised assessment. A fair vehicle - driven by customisable parameters – so that employer and prospective employee benefit equally. Using AI to optimise the probability of success Although AI integration has been accelerated by the pandemic, digital adoption was already surpassing traditional recruitment processes for companies like Vodafone, Tesla, and Google. These organisations – at one time ahead of the curve - are now discovering others are following suit. At AssessFirst, we’ve found that our customers benefit most when candidate profiles are compared to top performing employees – or any employees for that matter. This ensures that desirable personality traits and skills for a particular role are found with accuracy and precision. The probability of success within a particular role, within a particular team, or working for a particular manager, is suddenly predictable. The threat of AI for human autonomy We are amid an irreversible recruitment sea-change. And some fear that AI will eventually sweep away the need for human contribution. As a CEO of a tech company, I don’t believe this to be the case. Recruiters should see AI as means to assist the process rather than replace the recruiter. Consider the prioritising of traits over degrees. This requires the computing of data from hundreds or thousands of candidates, analysed in the context of a fluid hiring process and environment. Handling huge quantities of data like this at speed, with accuracy is impossible for the human brain. But this is what AI is built to do. HR and hiring managers can then immerse themselves in the human aspects: leaving data-handling to the intricacies of machine learning. Rapport-building, mentorship, work-trials, and tasks will always require the human hand and eye. And, whilst a traditional interview is far from precise and objective, offering a role to a candidate without any human interaction is, most of the time, inconceivable and immoral. The judgment of skilled recruiters allied with data collected from AI will be required and desired indefinitely. We must also acknowledge that implementing AI gives rise to new job roles and functions. People will be required to monitor, track, and adjust algorithms and data input. And, as the scope of AI tasks increases, humans will be needed to expand and refine that input and monitoring process. AI presents recruiters with the ability to hire and manage candidates with greater efficiency than ever before. But, as John Giannandrea, Apple’s senior vice president of Machine Learning and AI strategy, has remarked: “The real safety question, if you want to call it that, is that if we give these systems biased data, they will be biased.” This clarifies a key concern for all recruiters. AI is not a panacea, but a greatly beneficial and essential tool that requires the guiding hand, and learned minds, of human skill and interaction.

Read More

Spotlight

OCG Consulting Ltd

OCG Consulting are specialists in Accounting & Finance, Human Resources, Sales & Marketing, Supply Chain & Operations, Information Technology and Business Support positions - industry wide. This includes the Financial Services, FMCG, Manufacturing & Industrial, Public, Retail & Wholesale and Services sectors. With offices in New Zealand (Auckland, Wellington & Christchurch), we represent a diverse and impressive client base which includes some of New Zealand's most successful companies and iconic brands.

Events