Carmen Bryant, Director, Americas Employer Insights, Indeed, discussed how the internet economy is reshaping the markets for talent in her presentation to Argyle's CHRO membership at the 2017 Human Capital Leadership Forum in New York on May 4. In her presentation, Bryant explored several trends that are impacting HR professionals around the globe.
According to Bryant, technology has transformed the HR landscape. No longer can HR professionals rely on traditional practices to connect with talent and retain highly skilled professionals over an extended period of time. Instead, HR professionals must understand the true value of technology, or risk falling behind rivals in today's always-on, always-connected global job marketplace.
Ultimately, technology drives innovation, particularly in the HR space. The true value of technology has been illustrated over the years, and technology has been proven to help foster business improvement and collaboration, Bryant indicated.
"The greatest economic inflection points over the past several hundred years were driven by technology," Bryant said. "They were really driven by the world or helping us to work better with each other."
Software is quickly changing the way that HR professionals and job candidates interact with one another as well.
As new software becomes available, HR professionals must adapt accordingly. Otherwise, HR professionals may miss out on opportunities to generate interest from top talent.
"We live in a world where all automated software is integrated and accelerates everything that we do," Bryant stated.
Moreover, Bryant identified four trends that are transforming the markets for talent:
1. Every company is becoming a technology company.
Many companies – regardless of industry – define themselves as technology businesses. As such, the push for talented professionals who can help companies integrate best-in-class technologies into their day-to-day operations is increasing, and this trend likely will continue in the foreseeable future.
"Technology is driving a lot of innovation across industries," Bryant noted. "Technology is increasingly a core part of every industry."
At least 25 percent of software developers do not work for software firms, according to Bryant.
"There has been an increase in job openings and a decrease in unemployment. That's great, but it also means that we've been a part of a candidate-driven market."
Meanwhile, companies that embrace technology may be better equipped than others to attract and retain software developers who can help these businesses grow their operations.
"A lack of supply of [software development] talent can really impact our growth," Bryant said.
2. Specialized software is leading to a highly specialized workforce.
Although soft skills often played a key role in many industries, more companies than ever before are searching for job candidates who possess advanced technical skills.
"Even in jobs where soft skills have been required, we're starting to see technical skills come through," Bryant said. "Software is redefining almost every activity."
How companies define their job candidate searches may impact their efforts to employ a highly specialized workforce.
Businesses that understand the skills they need can craft job descriptions that highlight their ideal job candidates. Then, these companies can use social media, online job boards and other technologies to connect with top talent consistently.
3. The labor market is becoming two separate markets.
The labor market has evolved into two separate markets: one for highly skilled workers, and one for everyone else, Bryant said.
"Even in jobs where soft skills have been required, we're starting to see technical skills come through."
As a result, companies must allocate the necessary time and resources to focus on finding top talent. If businesses fail to do so, they may struggle to gain ground on rivals in a fierce worldwide job market.
"There has been an increase in job openings and a decrease in unemployment. That's great, but it also means that we've been a part of a candidate-driven market," Bryant stated. "It's very difficult to find that top talent that we're all looking for, and highly skilled roles are getting harder to fill."
4. Full-time jobs are being replaced by more flexible alternatives.
A company's decision to provide flexible and remote work opportunities could play a vital role in its immediate and long-term success.
If a business provides flexible and remote work options, it may be able to stand out from the competition. In fact, this business will be better equipped than its rivals to meet or exceed job candidates' expectations.
"The Millennial population wants more flexibility," Bryant said. "Flexible and remote are the second-most used query on [the Indeed] platform, right after a blank query. This shows the interest that many people have in flexible and remote opportunities."
The ability to provide flexible and remote work opportunities is available to businesses of all sizes and across all industries. Companies that embrace these opportunities may be able to generate additional interest from a wide range of highly skilled job candidates both now and in the future.
Carmen Bryant is one of Indeed.com’s go-to people for telling their story to the market - on stage at events, during industry-wide webcasts and in conference rooms at the largest companies. As both a product and customer expert, Carmen also works closely with Indeed’s sales force to help develop effective account specific go-to-market strategies. Carmen was previously at NBC Universal where she led the trends and insights practice for the Content Innovation Agency including oversight of The Curve, a trends and insights brand that examines consumer culture. She has also held positions at Essence, L’Oreal USA and Philip Morris USA.
She currently resides in Brooklyn, NY with her family.