Global talent shortage has nearly doubled in the past decade

HR Dive | January 22, 2020

The global talent shortage has nearly doubled in the past decade, according to ManpowerGroup research released Jan. 17. More than half (54%) of the international businesses polled reported skill shortages; businesses in 36 of 44 countries also reported more difficulty attracting talent now than in 2018. In other findings, Gen Z showed a preference for money and career development; women prioritized pay twice as much as developing skills, while men placed skill development on par with money. Millennials favored flexibility and challenging work, while Gen X respondents said they desire balance between work and personal time. And although Boomers were motivated by pay, flexibility and challenging work, those over 65 were moved more by purpose. "In an increasingly tech-enabled world, people with skills are in demand," Jonas Prising, ManpowerGroup chairman & CEO, said in a media release.

Spotlight

How valuable is ongoing performance management? Brandon Hall Group took an in-depth look into that question in their 2014 Performance Management study, discovering a strong relationship between performance management and employee retention, revenue and customer satisfaction. This white paper takes a close look at the statistics from the study, key performance management strategies and case studies of companies that have shifted to ongoing performance management. Explore how Halogen provides your HR department with a framework for ongoing performance management


Other News
HR STRATEGY

Randstad Sourceright named a Leader in Everest Group's CWM/MSP and Services Procurement/SOW PEAK Matrix® Assessments 2022.

Randstad Sourceright | September 23, 2022

Global talent solutions provider Randstad Sourceright today announced that it has been recognized as a Leader in Everest Group's 'Contingent Workforce Management (CWM) / Managed Services Provider (MSP) PEAK Matrix® Assessment 2022,' and a Leader and a Star Performer in Everest Group's 'Services Procurement / Statement of Work (SOW) PEAK Matrix® Assessment 2022.' In addition to being named a Leader which recognizes a provider's ability to successfully deliver MSP services — for the ninth consecutive time, Randstad Sourceright achieved the highest rating in the Vision and Capability Category for managed service providers (MSP). "It is an honor to be recognized by Everest Group once again as a Leader in MSP, In a market characterized by higher demand for skilled workers, growing talent shortages and uncertainty about the future, it's more important than ever to leverage the full spectrum of contingent talent freelance, temporary, independent contractor, gig and SOW. Our goal is to empower companies with analytics-based, easy-to-use and scalable solutions that connect them with the people who will help them achieve their priorities, all while providing the agility to quickly react and adjust to changing business needs." -Mike Smith, global CEO of Randstad Sourceright As a Star Performer in the Services Procurement / Statement of Work (SOW) assessment, Randstad Sourceright has shown significant improvement over its 2021 performance in the Vision and Capability and Market Impact categories. Reflecting the company's commitment to enhancing SOW management, such as the introduction of Services Procurement 360, Randstad Sourceright offers robust and simple ways for companies to manage their SOW engagements for greater efficiency and transparency. Over the past year, Randstad Sourceright greatly expanded our SOW capabilities to meet the needs of companies looking for effective ways to manage their third-party supplier engagements, Our Service Procurement 360 solution enables any company, no matter the level of maturity, to achieve greater value from their people-based services. We are honored that Everest Group has recognized how we're transforming the SOW process for businesses,said Paul Vincent, global head of Services Procurement at Randstad Sourceright. Everest Group's PEAK Matrix is the most trusted and factual analysis of service provider capabilities, covering over 50 different market segments each year. The CWM Assessment segments 24 CWM/MSP providers into Leaders, Major Contenders, Aspirants and Star Performers categories, while the "Services Procurement / Statement of Work (SOW) assessment does the same for 18 SOW providers. Each provider is evaluated on seven dimensions market adoption, portfolio mix, value delivered, scope of services offered, innovation and investments, delivery footprint, and vision and strategy. Randstad Sourceright remains a key player in contingent talent management, offering a breadth and depth of services to help businesses efficiently manage the MSP and SOW processes, The company's continued investment in expanding technical capabilities and growing focus on analytics, along with a high-touch delivery model, have all contributed to its positioning as a Leader,said Krishna Charan, Practice Director, Everest Group. As more companies seek to shift a greater number of roles to contingent, project or contract work, Randstad Sourceright offers the combination of technology and human intelligence to help companies achieve the flexibility, workforce agility and business readiness. This approach includes the latest MSP 4.0 strategies, such as market intelligence; employer branding; talent marketing; direct sourcing; talent pooling; and diversity, equity and inclusion. Along with the growing use of contract work, companies are often challenged to manage the link between talent acquisition and the utilization of project-based expertise. Introduced in May 2022, the Services Procurement 360 SOW management solution offers a holistic procurement workflow, spanning defining business requirements, sourcing talent, monitoring contracted deliverables, and evaluating service provider performance. The result is a simple, customizable model to manage services procurement processes more effectively. About Randstad Sourceright Randstad Sourceright is a global talent solutions leader, driving the talent acquisition and human capital management strategies for the world's most successful employers. We empower companies by leveraging a Human Forward strategy that balances the use of innovative technologies with expert insights, supporting both organizations and people in realizing their true potential.  As an operating company of Randstad N.V. — the world's leading global provider of HR services with revenue of € 24.6 billion — Randstad Sourceright's subject matter experts and thought leaders around the world continuously build and evolve our solutions across recruitment process outsourcing (RPO), managed services programs (MSP) and total talent solutions.

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TALENT MANAGEMENT,EMPLOYEE BENEFITS

WorkFaith Launches WorkFaith Now

WorkFaith | August 03, 2022

WorkFaith announced WorkFaith Now, a new online learning platform for job seekers and employees. WorkFaith Now offers self-paced job readiness and career development courses at no cost to both individuals looking for work and staffing agencies who want to upskill their clients. "WorkFaith Now is a transformative digital platform that gives 24/7 access to faith-based training and coaching opportunities. No longer is time or transportation a barrier for those who need immediate access to critical job resources, When you access WorkFaith Now, you can expect to receive essential job training skills that have helped thousands of individuals obtain employment over the years. WorkFaith is an industry leader in workforce development, and has a vetted process that caters to individuals looking for long-term employment." -Nick Hardy, Chief Program Officer at WorkFaith Features of WorkFaith Now include: 24/7 access from a smart device Engaging on-demand content No cost to the user WorkFaith Now will be available starting August 1. About WorkFaith: WorkFaith is a organization that provides faith-based training and coaching for anyone who desires long-term employment. WorkFaith has helped thousands of people find work and achieve long-term success for over 16 years.

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EMPLOYEE ENGAGEMENT

Paychex Research Reveals Job Stability and Meaningful Work Are What Makes Employees Stay

Paychex | August 01, 2022

New research from Paychex, Inc., a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services, explores the challenge of employee retention and the key drivers motivating employees when making choices about their career paths. With 4.3 million people quitting their jobs as recently as May 2022, the survey of more than 600 U.S. workers provides insight employers can use when developing strategies for increasing retention. The study—which was conducted in partnership with Future Workplace, an Executive Networks member company—revealed a gap between the employer perceptions and employee sentiments related to retention. When asked about factors (other than compensation and benefits) that contribute to their decisions to stay in with their company, 30% of respondents indicated that perceived job stability is their most important motivator and 60% ranked it in their top three. Feeling that the work was meaningful (45%) and having a passion for their field (33%) were the second- and third-most-popular answers, respectively. Reasons related to employers' brands (19%), corporate culture (19%), and products (13%) are the least important to employees, despite many companies' focus on these elements in their recruiting and retention efforts. "Research shows that almost half of employees say they do not want to change companies within the next 12 months, but that is never a guarantee that those employees will stick around long-term, The Great Resignation may be slowing, but that doesn't mean companies can take a passive approach. Rather, they should use this opportunity to offer programs, perks, and benefits that meet employees' diverse needs." -Alison Stevens, director of HR Services at Paychex. Generation Influences Why Employees Work at Their Companies While job stability and performing meaningful work ranked among the top two reasons respondents stayed at their companies, Baby Boomers (32%), Gen X (35%), and Millennials (31%) were significantly more likely to cite job stability as the most important reason than Gen Z (14%). Instead, Gen Z (18%) prioritizes meaningful work over job stability. In addition, Baby Boomers (41%) said that passion for their field and industry are among the most important reasons to work at their company. Gen X (30%) focused on close relationships with coworkers, and Millennials (39%) cited opportunities for career growth. Gen Z (27%) said company growth and success were especially important to them. Flexibility Reigns as Top Priority for Employee Retention When asked what would make employees more likely to stay in their roles, respondents noted a desire for more flexible scheduling. Over one-third (35%) of all respondents ranked flexibility in work hours and schedule as the number one reason they'd be more likely to stay at their organization long-term, and 70% ranked it among their top three. It was significantly more likely for Baby Boomers (46%) to say that flexibility would make them more likely to stay at their organizations long-term than Gen X (38%), Millennials (31%), and Gen Z (24%). Opportunities for career advancement, skills development, and internal job mobility, and increased commitment to work/life balance ranked second and third overall with 50% of employees putting each in their top three most-desired perks. A promise of better work/life balance was particularly compelling to financial services workers (29%) compared to those in leisure/hospitality (10%), manufacturing (11%), education/health services (14%), retail/trade/transportation/utilities (13%), and other professions (11%). Keeping Employees Long-Term Health insurance (64%) and retirement plans (62%) are the top two benefits shown to keep employees long-term. However, the research shows that the importance of mental health benefits is on the rise among younger generations. Gen Z (23%) is significantly more likely to say that mental health benefits would make them more likely to stay at their organization long-term than Millennials (14%), Gen X (5%), or Baby Boomers (3%). Financial wellness benefits (41%), such as tuition reimbursement, professional development stipends, student loan repayment, and child-care support, ranked third among benefits most important for employee retention. "Perhaps the most compelling takeaway from this study is the confluence of factors that affect employees' decisions to say with a company, Each employee presents a different intersection of the demographics outlined in the study, and the only way to really know what will keep them in their position for the long haul is to ask. Even so, employers rarely do it. We found that only 29% of employees have had what we call a 'stay interview.' These open conversations with employees can give HR staff insights into the unique values of their employee populations to increase retention, even in a difficult labor market." -Jeanne Meister, the founder of Future Workplace and executive vice president at Executive Networks. About the Research: The research findings are based on a survey conducted across the United States between May 4, 2022, and May 11, 2022. For this survey, 604 full and part-time employees at small to mid-size businesses (20-500 employees) were asked general questions to understand employees' thoughts around retention. The study targeted employees who are between the ages of 18 years to 75 years old. This is a survey in a series of research reports administered by Future Workplace that will focus on the employee point of view and pinpoint top concerns, priorities, and trends facing the modern workforce. About Paychex: Paychex, Inc. (Nasdaq:PAYX) is a leading provider of integrated human capital management solutions for human resources, payroll, benefits, and insurance services. By combining innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers business owners to focus on the growth and management of their business. Backed by 50 years of industry expertise, Paychex serves more than 730,000 payroll clients as of May 31, 2022 in the U.S. and Europe, and pays one out of every 12 American private sector employees.

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RECRUITMENT & RETENTION

Compete Aligns with Globalization Partners to Enhance Global Recruitment Process

Compete and Globalization Partners | September 21, 2022

Compete, developers of the leading SaaS platform for real-time compensation and benefits benchmarking, has announced that it will be partnering with (G-P), the leading Global Employment Platform™ that makes it fast, simple, and compliant for companies to hire anyone, anywhere. Together, they will enable companies to hire talent in over 187 countries smartly and competitively. This announcement follows the launch earlier this year of G-P Recruit by Globalization Partners. G-P Recruit provides G-P Customers with exclusive access to an unrivaled network of global recruiting specialists to find the perfect talent based on their unique requirements, including industry, location, prior roles, and more. Given how benchmarking salaries and benefits is one of the most significant components of the hiring process, Globalization Partners was looking for an organization capable of integrating this data into its global employment platform. This is essential to enable companies to quickly identify and hire new team members in key locations globally. Compete provides immediate insights into complete compensation package data and enables organizations to develop more effective workforce management strategies. Compete empowers leaders with analysis of over 50 types of benefits, real-time benchmarking data, advanced analytics, and tailored insights to support hiring decisions, identify risks, improve retention, and develop informed compensation policies. "Companies are trying to navigate the challenges of hiring talent as employee motivations have shifted beyond monetary benefits to include things such as more flexible remote working environments, more accommodating leave policies, and the like, We are excited about this integration with Compete to empower customers worldwide with insights on the compensation packages unique to each region and to support their ability to hire talent with just a few clicks via our platform.” -Nick Adams, Director EMEA at Globalization Partners The real-time benchmarking of compensation data provided by Compete reflects a dynamic talent environment. This is one where organizations are reliant on accessing the right data to make smart decisions around talent acquisition to reduce the pay and equity gap many organizations are experiencing. Partnering with an industry leader like Globalization Partners reinforces our value proposition of providing organizations with a 360-degree understanding of real-time compensation benchmarking data, Our data, when combined with the global footprint of Globalization Partners, enable any organization regardless of location to gain a competitive advantage in the job market,said Amit Rapaport, CEO and Co-Founder of Compete. About Compete Visibility into common compensation and benefits practices is a must for developing workforce management strategies. Taking the guess out of guesswork, Compete gives an unfair advantage with immediate insights into complete compensation package data, including parental leave, work from home policies, and health benefits. An easy-to-use SaaS solution, Compete provides real-time data and instant analysis with advanced filtering capabilities perfectly tailored for tech companies. Founded in 2020 and headquartered in Israel, Compete is trusted by hundreds of leading tech companies around the world. About Globalization Partners Hire international talent quickly and easily. Use our AI-driven, automated, Global Employment Platform™ supported by our in-house, worldwide HR experts. Trust the named industry leader that consistently attains 98% customer satisfaction ratings. Globalization Partners: Succeed Faster.

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Spotlight

How valuable is ongoing performance management? Brandon Hall Group took an in-depth look into that question in their 2014 Performance Management study, discovering a strong relationship between performance management and employee retention, revenue and customer satisfaction. This white paper takes a close look at the statistics from the study, key performance management strategies and case studies of companies that have shifted to ongoing performance management. Explore how Halogen provides your HR department with a framework for ongoing performance management

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