Other parts of this series:
- Disrupting Talent Conundrum in Insurance, Google’s HR Tech Tool – Talent & Organization Weekly News Update
- AI in Talent Acquisition, How to Attract ‘Fintech Supergrads’ to Finance – Talent & Organization Weekly News Update
- The Benefits of Agile Working, How Banks are Luring Millennials – Talent & Organization Weekly News Update
Here are the top news stories in talent and organization from this week.
Tech savvy talent crucial for insurance
Dame Inga Beale, Lloyd’s CEO and president of the Chartered Insurance Institute (CII), believes attracting a new generation of technologically savvy professionals is ‘crucial to the success of the insurance industry,’ reports Insurance Business UK. “At its core, insurance should have this phenomenal appeal to millennials,” she said, speaking at a CII briefing on the UK’s apprenticeship program last week. “We’ve got all the attributes that they’re looking for, however, we do need to make sure that the environment that we encourage in all of our firms is seen as welcoming, dynamic, and exciting.” Apprenticeship programs can help the insurance industry attract new recruits and develop existing talent, according to Beale, but only if the industry modernizes its image: “We don’t want to put them off the moment they step inside an insurance environment and have them think – this isn’t what I want, this isn’t what I see in the modern world, this isn’t what excites me.”
How AI can improve talent acquisition
Artificial intelligence (AI) has the potential to make talent acquisition ‘faster, cheaper and better,’ writes Tim Sackett in this Fistful of Talent blog post. He believes AI technology will help talent acquisition leaders find better-quality candidates and help fill positions faster, while also measuring the performance of recruiters. Recruiter measurement and effectiveness software is crucial for talent acquisition leaders, Sackett notes: “If I’m a TA leader with 10 recruiters or 100 recruiters I should be able to easily tell you, with data, who is my #1 recruiter and who is my #100 recruiter, and which of those recruiters needs to go because they’re just ineffective.” He adds that AI technology should also be ‘prescriptive to tell me as a leader what exactly does each recruiter need to do more of, or do better, to increase their effectiveness.’
Three trends that will shape the future of work
LinkedIn CEO Jeff Weiner identified the top three trends impacting the global workforce at the Talent Connect conference in Nashville, reports LI’s Paul Petrone. “There are really three themes that are worth calling out: AI and automation, the skills gap, and the rise of independent work,” Weiner said. AI has the potential to disrupt more than half of the activities in the U.S. economy, according to Weiner, with industries such as manufacturing, hospitality and retail trade being the most prone to that disruption. When it comes to skills gap, he said the problem is multi-faceted: “There isn’t just one skills gap; instead, there are many skills gaps that exist across regions, for specific skills, at specific points in time.” Weiner believes the number of independent workers will continue to rise, partly because ‘millennials are hungry for more autonomy and a good side-hustle.’
How to attract the top financial talent in the digital age
According to Rachel Carpenter, Intrinio co-founder and CEO, it’s time for the financial services industry to ‘switch things up’ to attract the brightest minds coming out of finance and computer science programs. “Millennials are the ones who know how to upgrade your complicated infrastructure from Fortran to Ruby, how blockchain applies to your business model and how to save money on market data. Millennials can also streamline your interbank APIs and get your whole platform on the cloud,” Carpenter writes in a recent Forbes post. Here are her top tips for recruiting ‘fintech supergrads’: 1. Don’t pitch a tent on Wall Street (Reconsider your location and how it will appeal to the fintech generation), 2. Remember to water the office hydroponic garden (If millennials feel comfortable in their workspace, they’ll stay), 3. Give a little (Be creative with your culture and instill a vibe that attracts young technologists), 4. Allow them to create something meaningful (Millennials care about making an impact and working with purpose).
What HR can learn from soccer
In this blog post, Oracle’s HCM Strategy Director Andy Campbell offers an interesting analogy between team building and soccer. “Traditionally, coaches and fans would rate players based on how many goals they scored, apart from goalies of course. As a result, all the “best” players were strikers. Today, more nuanced analytics allow teams to track the contributions of each player on the pitch. A midfielder who has a touch on 70 percent of their team’s goals or breaks up 80 percent of opposing team’s attacks is clearly invaluable,” Campbell writes. “The same holds true in the world of business. Today’s talent analytics technologies allow companies to analyze each employee’s contribution to their team’s overall effectiveness, be it by driving collaboration, galvanizing employees, or directly contributing to the company’s bottom line.” He notes that while it may be tempting to exclusively target high achievers, a business needs the perfect mix of strengths, skills and temperaments to excel: “Businesses need to broaden their recruitment practices to extend beyond the traditional top tier of candidates.”
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