Thursday, December 14, 2017
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U.S. Financial Services Candidates

Inside the Heads of Job Seekers

Beyond compensation, candidate motivations in the workforce differ based on personal values. For U.S. financial services candidates, however, the motivations are especially distinctive, if not altogether surprising. They follow the beat of their own drum and employers would be wise to understand what makes them tick on a deeper level if they want to attract and retain top talent.

For decades, U.S. financial services candidates followed the best brand names in the business to help build their careers and climb the corporate ladder. Mergers, acquisitions and the Great Recession have changed that playing field. Technology and automation have forever altered the nature of the industry. Turnover has become the major pain point. But the long-term forecast for financial services candidates suggests a talent squeeze; Gen Xers (ages 35 to 49) will start retiring with an insufficient number of millennials (ages 25 to 34) to replace them. One in four CEOs in financial services sector reports that they cancelled or delayed a key strategic initiative within the past 12 months because the right people were not available.

To better understand how employers can leverage global candidate preferences and perceptions, ManpowerGroup Solutions, the world’s largest Recruitment Process Outsourcing (RPO) provider, went directly to the source: candidates. In the Global Candidate Preferences Survey, nearly 14,000 individuals currently in the workforce between the ages of 18 and 65 shared what matters to them in the job search process. The survey was fielded in 19 influential countries around the world during the fourth quarter of 2016. In the United States, ManpowerGroup Solutions surveyed 1,384 candidates and special emphasis was given to the fastest growing industries: financial services, healthcare, information technology (IT) and retail.

The fourth in a series exploring U.S. candidate preferences by industry, this report provides new insight into the successful recruitment and hiring of financial services candidates. The results reveal what is important to financial services candidates, how they are different from much sought-after IT candidates and why thoughtful strategies for recruitment and retention can help avoid a potential talent shortage in the industry.

Download the Whitepaper, Infographic or view the Microsite for more information.

2017 Q4 Global Quarterly Market Report

ManpowerGroup Solutions provides market trends as well as insight into the global contingent workforce as it evolves each quarter. Featured in this fourth quarter of 2017 are Global Workforce Management Trends, Contingent Labor Utilization, and Key Labor Trends for 2018 planning as well as regional labor statistics and overviews.

In a fast-paced, unpredictable marketplace, organizations must be able to react quickly. Today, organizations increasingly rely on the contingent workforce, such as independent contractors, temporary workers, consultants and freelancers. The contingent workforce is scalable and flexible, which provides organizations with the agility they need to remain competitive.

As the world of contingent work evolves, how can organizations keep pace with change? The key is for organizations to consult analyst insights and data. Through the ManpowerGroup Solutions and TAPFIN Quarterly Market Reports, organizations can access market intelligence on a local, regional and global scale and determine how trends and regulations may impact worker cost, performance and availability - giving organizations a quantifiable advantage.

Download the complete Q4 2017 Global Quarterly Market Report.

 

 

Swipe Right: Candidate Technology Preferences During the Job Search

Human Resource professionals would attest to the notion that technology has changed everything when it comes to attracting and hiring top talent. Technology is embedded in everything we do and it has affected most (or nearly all) aspects of the hiring cycle. Candidates use technology to search and apply for jobs. Employers use technology to engage candidates, build talent communities and interview prospects. Yet, what is not widely known is how candidate preferences about technology can be leveraged by employers. How can companies use technology to ensure a competitive advantage in today’s war for talent?

This report provides new insights into candidate technology preferences including global trends and country nuances. The research also reveals that the adoption of recruiting technology is light years behind consumer marketing technology. Candidates’ expectations for job searching are being driven more by contemporary dating apps than by current job search protocols. This report highlights what candidates need, want and expect from technology in the job search process and suggests new strategies employers can use to attract, develop and retain skilled talent.

Download the Whitepaper, Infographic or view the Microsite for more information.

U.S. Retail Candidate Preferences

Inside the Heads of Job Seekers

It does not take an online retailer’s drone to deliver the message that the retail industry is undergoing seismic shifts in how people shop for and purchase products. Most retail employers are well aware that omnichannel retailing is quickly becoming the norm.

During the first six months of 2017, the growth of online retailing has been blamed for more than 5,300 store closures in the U.S., triple the rate for the same period last year. Many cash-strapped retailers are looking to the holiday season to offset lagging revenues. As a result, seasonal retail hiring has never been more important.

In the ManpowerGroup 2016-17 U.S. Talent Shortage Survey, sales representatives (including retail salespeople) ranked third in the United States among the top 10 hardest jobs to fill. They also ranked third globally as the most challenging positions to hire. Moreover, they have appeared on the top 10 list for 11 consecutive years.

For decades, retailers have focused their energies on building brands that engage consumers. Now, they must shift their thinking to building employer brands. If the product bundle was the topic of retailing and marketing books in the past few decades, today’s management books should focus on the job bundle necessary to recruit top talent to the retail floor, warehouse and managers’ office. Just as products expand beyond traditional definitions of widgets for a price to include lifestyle branding and reputational association, jobs should be more than a job description and hourly wage. Now, jobs include all aspects of employer brand, such as a company’s social vision, philosophy on work-life balance and willingness to be a disruptive force for change.

To better understand how employers can leverage global candidate preferences and perceptions, ManpowerGroup Solutions, the world’s largest Recruitment Process Outsourcing (RPO) provider, went directly to the source: candidates. In the Global Candidate Preferences Survey, nearly 14,000 individuals currently in the workforce between the ages of 18 and 65 shared what matters to them in the job search process. The survey was fielded in 19 influential countries around the world during the fourth quarter of 2016. In the United States, ManpowerGroup Solutions surveyed 1,384 candidates and special emphasis was given to the fastest growing industries: retail, healthcare, IT and financial services.

The third in a series exploring U.S. candidate preferences by industry, this report provides new insight into the successful recruitment and hiring of retail candidates. The results reveal what is important to retail candidates, how process may cause them to self-select out of the pipeline and what employers can do to ensure the best prospects get to and through the application process.

Download the Whitepaper, Infographic or view the Microsite for more information.

As the nation’s largest private sector employer, retailers deeply understand and take pride in the space they hold in the marketplace for many job seekers. Whether an individual is looking for a first job, a second chance in the workforce or a highly skilled profession within a global supply chain, retailers provide opportunities for a wide range of career paths.

The unique needs of retail job seekers combined with an increasingly competitive labor market make “Inside the Heads of Job Seekers: U.S. Retail Candidate Preferences” a valuable tool for retail employers seeking top talent. This independent workforce study is also a mustread for policymakers grappling with state and local workforce rules and regulations. Before considering new laws, lawmakers should consider what retail employees value in their employment.

“Inside the Heads of Job Seekers: U.S. Retail Candidate Preferences” does an effective job detailing the desires of retail job seekers; specifically, that most retail job seekers prioritize flexibility and innovative work arrangements. As the marketplace for workers continues to evolve in a tech-forward manner, the report highlights how retailers can market job positions and optimize online recruitment processes to attract and retain the top job seekers.

As the trade association representing the world’s largest and most innovative retail companies, RILA and our Human Resources Leaders Council would like to thank ManpowerGroup Solutions for delivering this thought-provoking research, which will help retailers and policymakers understand and optimize the needs of a modern workforce.

Total Workforce Index Successes

Road to the Total Workforce Index

Launched in 2013, ManpowerGroup Solutions’ Contingent Workforce Index was developed to provide an in-depth review of the global contingent labor market. Initially focused exclusively on the contingent workforce across 75 markets, the Contingent Workforce Index addressed half of the talent landscape. With the surge of employers committed to global workforce management and integrated workforce programs, the annual index has evolved in 2017 to include the total workforce. The total workforce consists of the permanent and contingent workforces, along with the subset of contingent identified as the informal workforce.

The segmented views of the global workforce provided by the Total Workforce Index enable organizations to easily benchmark their own workforce mix and cost efficiency across global operations. For the first time, employers have one resource that provides a global perspective on gender diversity, millennial impact, informal (gig) workforce participation and the gap between permanent and contingent workers from one market to the next.

Total Workforce Index Success Stories

Success Stories from Leveraging the Total Workforce Index

Workforce planning is an increasingly essential component of business strategy. The Total Workforce IndexTM allows companies to gain deeper insight into talent trends and workforce composition data to enhance workforce planning decisions.

A global outsourcing firm engaged ManpowerGroup Solutions’ market analysis and Total Workforce Index (TWI) capabilities to support its global workforce strategy. The Chief Procurement Officer and Vice President of HR participated in a location strategy workshop to determine which market was best suited for its next service center and what the workforce mix and compensation strategy should be for that site location.

A global insurance provider wanted to assess its contingent labor usage and craft an approach for expanding its contingent workforce programs to additional markets. Rather than merely relying using criteria beyond spend or headcount levels, ManpowerGroup Solutions’ assessment helped them determine markets likely to yield the most value in terms of cost savings and process improvement. Using the Contingent Workforce Index (CWI), procurement leaders participated in a location strategy workshop to measure the value and impact of more than 90 different market conditions related to contingent workforce availability, cost, regulation, and productivity. They identified the next four expansion markets in which to expand based on current market data.

A global technology leader sought to centralize a number of core technology functions within its business to streamline cost and productivity related to its support model. Based on the availability of critical technology skills and cost savings objectives, the CTO and HR leaders participated in an all-day location strategy workshop to weight out market considerations related to contingent labor strategies. This engagement resulted in the selection of a new market in Latin America to support these centralized services globally. The market leveraged untapped talent at substantially lower costs with an engagement model that increased 24/7 productivity across the organization.

A global financial services firm approached ManpowerGroup Solutions to assess the global landscape and identify the best market for its Center of Excellence for financial compliance. A location strategy workshop with HR, finance, and legal executives resulted in a weighted market evaluation based on the targeting of specialized financial skills along with number of critical considerations related to language proficiency, data privacy, and intellectual property protection standards. The engagement resulted in three countries being selected for more detailed assessment, ultimately leading to the recommendation of two cities on opposite sides of the world, to achieve all strategic objectives set forth by the business.

An industrial automation leader’s sizable growth had surpassed its talent strategy. With talent shifts and shortages challenging many core operations, the organization sought new and emerging markets for expansion that would tap into new talent hubs. A location strategy workshop with HR and engineering leaders determined the effective weightings of their market criteria to enable the Total Workforce Index (TWI) to identify three new emerging markets in which to drive the organization's future growth strategy.

Download the Success Stories in a shareable PDF format

Download the Infographic in a shareable PDF format

Customize the Total Workforce Index

DOES YOUR ORGANIZATION HAVE SPECIFIC PRIORITIES?

The Total Workforce Index is fully customizable to suit the strategic priorities of an individual organization. Our proprietary weighting system can be customized to rank 75 markets based on the unique workforce priorities and prospective labor markets of each organization.

Connect with ManpowerGroup Solutions to learn how you can receive a custom workshop
and assessment based on the Total Workforce Index

 

 

Next-Gen Manufacturing Roles in the United States

Research by UI LABS and ManpowerGroup identified 165 roles that'll shape the "factory of the future," and why there couldn't be a more exciting time to be in manufacturing than now.

This research was recently reported on by TechTarget SearchERP and is available here.

The Digital Manufacturing and Design business ecosystem grows and evolves every day. For small companies and large enterprises, the digital transformation beckons brightly, capturing broad attention and commanding major initiatives. From the high school and community college “maker space classrooms” – the 21st century “shop class” - to the technology innovation labs of startups; from the Csuite of a global appliance maker to the crafter entrepreneur’s loft workshop; from the floor of the modern aerospace factory of the future to the bullpen where a factory automation manager combines old and new, digital represents an opportunity, a requirement, an equalizer and an accelerator all in one. Few will escape the challenge of digital transformation. Most hope to embrace it.

Along the way, the entire ecosystem of manufacturers, government, educators and the workforce itself needs to ask and answer:

• What’s on the roadmap to being successful in adopting Digital Manufacturing and Design
technologies?

• Where are the skills and capabilities to lead and delivery on the promise of digital technology?

• How do we describe the work to be done, the jobs and the roles, and workforce to do it?

• How can workforce role and job structures flex to accelerate the succession - the change in response to a disruption - of a transforming global industry?

We intend that some of the most foundational answers begin with this Roles Taxonomy and the related outputs and assets. We invite you to engage and benefit from the innovative changes available to the many stakeholders in manufacturing and our broader economy and society. Join the conversation about the workforce – the people and roles that operate as Partners in Connection – for digital manufacturing and a resurgent manufacturing ecosystem.

Download the full report The Digital Workforce - Succession in Manufacturing here.

Ireland – 2017 Total Workforce Index™ Country Profile Article

High English proficiency, proximity to England and a cost advantage over London has encouraged interest in Ireland by many employers with customer footprints in Europe. A workforce that is nearly one-third millennial coupled with favorable immigration policies, transparent business tax regulations and a greater ease of doing business already makes Ireland a favorable opportunity for business growth and expansion into the global market for organizations seeking a new European market.

The Investment and Development Agency (IDA) has decided to take things a step further, offering more competitive tax rates, access to funding and 48-hour registration periods to Indian startups and enterprise companies focusing on the European market. The hope is that these organizations will also establish research and development centers within the market to ensure future technology sector growth.

The Irish workforce increased by 85,000 workers between 2010 and 2016, half of which occurred between 2015 and 2016. This growth rate will significantly increase demand for new jobs, many of which will require skills that are more technical in nature. To ensure they stay ahead of the technological curve, the market has also emphasized STEM skills training through a collaborative initiative with Irish universities.

View the full Total Workforce Index 2017 Country Profile - Ireland

France – 2017 Total Workforce Index™ Country Profile Article

Anticipated changes to labor regulations are designed to increase investment in French labor by reassuring foreign investors of the ability to adjust workforce priorities as business needs shift. The proposed labor law reform will include the capping of fines for unfair dismissals and give companies more control over unionized labor rules. This relaxing of the regulatory burdens on employers of French talent has already incentivized an increase in average payroll.

Employment in France rose by 89,700 in the first quarter of 2017, an increase of 0.4% − the sharpest increase in a decade. The majority of this activity was found in the private sector, which is indicative of reinvigorated hiring by employers optimistic about growth in the current climate.

France has also introduced a new Tech Visa and has plans to expedite requests for asylum to relax the market’s stance on immigration. These initiatives will be the first of many aspects of the market’s migration regulations to ease the process of hiring foreign talent and promote a more business-friendly environment to encourage the growth of startups with French headquarters.

View the full Total Workforce Index 2017 Country Profile - France

United States – 2017 Total Workforce Index™ Country Profile Article

The United States is experiencing much uncertainty with regard to the impact of changing regulations that affect the engagement of foreign workers. A variety of changes related to minimum wage, both paid sick leave and overtime, could shift the perception of national productivity and cost efficiency affecting current and future workforce engagement.

However, despite the national uncertainty during what seems to be political and economic turbulence, the current climate presents a unique opportunity for some of the world’s largest employers. For the first time, employers in this market are required to become more proactive and strategic in identifying and adding pockets of new and valuable skills to their unique workforce strategy at the state and even metropolitan level.

These micro-workforces are characterized by a unique level of regulatory flexibility and cost-saving opportunity. For instance, a manufacturer may be able to employ a variety of shifts to increase productivity while reducing costs when considering the wage, tax and operating costs associated with one state over another - or from one city to the next. Similarly, call centers have the ability to operate more cost effectively in some states as opposed to others, enabling reshoring efforts not previously considered.

View the full Total Workforce Index 2017 Country Profile - United States

United Arab Emirates – 2017 Total Workforce Index™ Country Profile Article

The United Arab Emirates is heavily reliant on a migrant workforce of an estimated eight million workers, or roughly 80% of the nation’s population. After recognizing this dependence on migrant workers, the market is actively working to improve conditions for national labor. A proposed new law will give national workers 30 days of paid vacation a year, one day off a week, medical insurance, and the requirement of a contract before starting work.

The proportion of women graduating in STEM subjects is much higher in the UAE than in the Western world, a fact that makes the UAE unique to both the region and the world. As a result, the UAE has become a regional hub ripe with opportunity where many women come to start and advance their careers. Additionally, the 28% of women who make up the UAE cabinet all play key roles in supporting technology and innovation in the market.

The UAE is more heavily invested in the development of its emerging workforce than most Middle Eastern markets with recently launched programs designed to empower and train young nationals in leadership across many strategic sectors. In addition, the market is more stable financially, politically and economically than many surrounding markets and is often used as a hub for regional workforce programs.

View the full Total Workforce Index 2017 Country Profile - United Arab Emirates