Workplace Trends

The Microsoft and LinkedIn 2024 Work Trend Index Annual Report is out, and unsurprisingly, AI is rapidly transforming the global workforce. Based on a survey of 31,000 people across 31 countries, here are the highlights, and what it means for education. Key Highlights: - AI usage has more than doubled in the last 6 months, with 75% of global knowledge workers reporting using GenAI tools. - 79% of leaders agree their company needs to adopt AI to stay competitive, but 60% worry their organization lacks a plan and vision to implement it. - 78% of AI users are bringing their own AI tools to work (BYOAI), cutting across all generations. - Leaders say they would not hire someone without AI skills (66%) and would prefer a less experienced candidate with AI skills over a more experienced one without them (71%). - AI power users are experimenting frequently with AI, getting support and encouragement from leadership, and receiving tailored AI training. They are seeing significant benefits in productivity, creativity, and job satisfaction. What does it mean for education? - Experience with AI is becoming a key hiring criteria, in part due to research that shows that GenAI use can significantly decrease skill gaps. - 77% of leaders say early-in-career talent will be given greater responsibilities due to AI. This has major implications for how schools and universities prepare students for the job market. - Only 39% of people who use AI at work have received AI training from their company, and only 25% of companies plan to offer training on generative AI this year. This gap between need for training and availability is similarly playing out in schools and systems right now. - As AI reshapes work, the skills required for jobs are projected to change significantly. Educational institutions will need to adapt curricula to focus on the uniquely human skills that will be most valuable in an AI-enabled work world, such as creativity, critical thinking, and relationship building. The rapid rise of AI is transforming the workplace and the job market and the entire education ecosystem has an essential role to play in equipping students and workers with the AI skills and aptitudes that are and will be most in-demand. For the full report, visit: https://lnkd.in/eyfSRzNj AI for Education #aiforeducation #aieducation #durableskills #GenAI #AIliteracy

Don't let your Job Description be a laundry list of responsibilities without spelling out what the actual day-to-day work will look like. Here's a breakdown of a role, for instance, in Talent Acquisition, to illustrate how detailing can be helpful: Intake: 5% Dive into meetings with Hiring Managers, grasping their urgent needs. It's all about asking the right questions to sketch a clear talent and engagement strategy. Research: 5% Delve into the competitive talent landscape. Here, you're a researcher, creating talent maps based on candidate prototypes. Sourcing & Engagement: 60% This is where the magic happens. Use creative search techniques to find and engage passive technical talent from the maps you created. Develop long-term engagement plans, making every interaction count. Screen and Match: 25% Evaluate technical skills and delve into candidates' motivations and values. It's about matching the right talent with the right company, making impactful connections. Measurement and Strategy: 5% Analyze conversion rates and effectiveness of strategies. It's a constant process of learning and refining your approach. Now a candidate can look at this breakdown and self-select out if spending the majority of their time sourcing isn't aligned with their career ambitions at this time. Another way this is useful is that this can now act as a basis of your interview plan. You can build each interview to cover one of these key areas. On the back-end you could create some weighting of specific skills to help you make a hiring decision: *Numbers are completely made up* Sourcing hard-skills: .6 Communication: .2 Data and strategy: .1 Research: .1 Now when you have candidates that are stronger or weaker in specific areas, it's easier to stack rank against the most important aspects of the job. Push your Hiring Managers to describe the projected percentage of time the person will be spending on specific tasks. In the case there is some unknown, you can still do the skill-set ranking based on what the anticipated scope of work will be. #recruiting #hiring #techrecruiting

Navigating the employment market in the U.S. can be a daunting task. Despite our efforts in meticulously editing our CVs and tailoring cover letters for prospective jobs, success in the #recruitment process often hinges on 𝐡𝐨𝐰 𝐭𝐡𝐞 𝐩𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐞𝐦𝐩𝐥𝐨𝐲𝐞𝐫 𝐝𝐞𝐬𝐢𝐠𝐧𝐬 𝐭𝐡𝐞 𝐚𝐜𝐭𝐮𝐚𝐥 𝐫𝐞𝐜𝐫𝐮𝐢𝐭𝐦𝐞𝐧𝐭. Having recently undergone a positive recruitment process, I am eager to shine a spotlight on how Elisabeth Cohen of the Climate Action, Sustainability and Resiliency - City and County of Denver executed equitable hiring practices. 𝐒𝐞𝐧𝐝𝐢𝐧𝐠 𝐈𝐧𝐭𝐞𝐫𝐯𝐢𝐞𝐰 𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐀𝐝𝐯𝐚𝐧𝐜𝐞: Sending interview questions in advance is a good practice as it allows candidates to prepare thoroughly, fostering more thoughtful and well-structured responses. This approach promotes #fairness, ensuring all candidates have an #EqualOpportunity, while also reducing interview-related stress. 𝐌𝐨𝐭𝐢𝐯𝐚𝐭𝐢𝐨𝐧-𝐁𝐚𝐬𝐞𝐝 𝐈𝐧𝐭𝐞𝐫𝐯𝐢𝐞𝐰 (MBI): Prioritizing MBI extends beyond evaluating technical skills, offering insights into authentic enthusiasm, passion, and commitment. In certain instances, possessing relevant skills alone may not suffice; individuals overflowing with enthusiasm and passion often contribute to work with equal or greater efficacy. 𝐒𝐤𝐢𝐥𝐥𝐬-𝐅𝐢𝐫𝐬𝐭 𝐀𝐩𝐩𝐫𝐨𝐚𝐜𝐡: By prioritizing 𝘤𝘰𝘮𝘱𝘦𝘵𝘦𝘯𝘤𝘪𝘦𝘴 over traditional markers, CASR paved the way for candidates from diverse backgrounds. 𝐓𝐫𝐚𝐧𝐬𝐟𝐞𝐫𝐚𝐛𝐥𝐞 𝐒𝐤𝐢𝐥𝐥𝐬 𝐀𝐩𝐩𝐫𝐨𝐚𝐜𝐡: From the first screening interview onwards, it became evident that the hiring manager strongly prioritized transferable skills. Recognition of the value of transferable skills speaks volumes about CASR's commitment to assessing candidates beyond traditional qualifications. It's a game-changer that not only acknowledges the wealth of experiences individuals bring from various backgrounds but also enriches the organization with diverse perspectives and capabilities. 𝐏𝐫𝐨𝐜𝐞𝐬𝐬 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲: The CASR team demonstrated effective communication with candidates throughout every stage of the process. Transparency was key – from a clear timeline at each stage to ample time for tasks, the CASR Team ensured no guessing games about application status. Feeling #seen, #heard, and #valued throughout the entire journey was an empowering rarity. 𝐈𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧: The recruitment process fostered a secure and inclusive atmosphere, allowing the candidates to bring their authentic selves. CASR's recruitment practices are a beacon for other organizations aiming to create inclusive and equitable hiring processes. Hats off to the CASR Team for their unwavering dedication to Diversity, Equity, and Inclusion (#DEI). Encourage more organizations to embrace these practices by sharing and commenting on this post, thereby raising awareness on #EquitableHiring practices.

In another sign that more employers are shifting toward a "skills-first" hiring strategy, mentions of experience requirements in job postings have declined in recent years. In April, about 30% of US job postings on Indeed asked for a specific number of years of experience, down from almost 40% in April 2022. The pullback is most pronounced in sectors most likely to require higher levels of education, with the share of postings with experience requirements dropping from 66% in April 2022 to 44% last month. For more on this trend, check out Cory Stahle's research brief. The link is in the comments.

I'm proud to share insights on the critical issue of talent scarcity in my recent article featured in Fortune. 📈 The world is witnessing a seismic demographic shift with aging populations, posing challenges to workforce dynamics. The acuity of these trends cannot be overstated. Embracing technological advancements, coupled with strategic workforce planning, will be instrumental in navigating the evolving global talent landscape. Key factors include: 🤖 Embracing AI is absolutely pivotal. Technology, especially AI, emerges as a beacon in mitigating talent shortages. Contrary to fears, AI can empower workers, drive productivity and efficiency. Deliberate, equitably available, skilling programs are imperative to ensure fair and impactful AI adoption across industries. 💡 Multi-pronged strategies to future-proof the workforce. From immigration policies to the retention of older workers, each facet plays a vital role in bridging the talent gap. 🌐 The proportion of the global population over 60 is set to double by 2050, intensifying the structural gap in talent and setting a major demographic challenge. This means that specialized skills are now more crucial than ever, and the labor market will face endemic talent scarcity. 🌍 Global solutions need to rise to the fore. Governments should reconsider immigration policies impacting access to skilled talent pools. Encouraging older workers to remain active is key, requiring private and public sector collaboration for flexible schedules and working environments. If you’re keen to uncover more with me, please read the full article below. #FutureOfWork #TalentScarcity #GlobalWorkforce

I love the phrase "recovered but hardly the same". I was fortunate to have a wide-ranging conversation with Tim Smart (U.S. News & World Report ) on the post-pandemic labor market, with a particular focus on demographics like Gen Z, retirement-age folks, and women. https://lnkd.in/gsMSasZS Some key insights: 1) Teenager employment has outperformed every other age group this recovery, breaking a lengthy period of decline. Gains are particularly concentrated among high-school age folks. This probably reflects extreme labor shortages for a lot of lower-paid jobs. 2) Nearly every age group between 16 and 64 has more than fully recovered from the pandemic, with the exception of people in their early 20s. 3) Employment for folks ages 55-64 ("early post-prime-working-age") is fully recovered from the pandemic doing about as well as that for prime-working-age folks, an interesting bifurcation from over-65s’ employment which has not fully recovered ("late post-prime-working-age"). 4) Women without a high school diploma have seen particularly robust employment gains.

The 9-to-5 Exodus: Why The "Tough Job Market" Is Actually Creating Career Winners New LinkedIn data reveals something fascinating: while hiring is down 25% from pre-pandemic levels and job seekers are more pessimistic than ever, smart professionals are doing something unexpected—they're abandoning the traditional employment hunt entirely. 🔹 What I'm seeing in my executive coaching practice: The professionals thriving right now aren't the ones desperately applying to 200+ jobs. They're the ones who looked at the "8.4% hiring slowdown" and said, "I'm building my own opportunities." Last quarter alone, I coached a marketing director who launched a fractional CMO practice (booked solid in 6 weeks), a finance VP who started tax consulting (earning 40% more than her corporate salary), and an HR executive who created a remote team-building business (serving companies that can't afford full-time HR talent). 🔹Here's the plot twist everyone's missing: This isn't a retreat into gig work—it's a strategic advance. While everyone else competes for fewer jobs, these professionals created their own market where they're the only candidate. 🔹Why this "tough job market" is actually brilliant for the bold: ✅ Corporate Desperation = Consulting Gold: Companies pay premium rates for project expertise they can't hire full-time ✅ Skills Arbitrage: Your knowledge is worth more as a service than a salary ✅ Income Control: Employees negotiate once. Freelancers negotiate constantly. ✅ Competition Paradox: 100+ people fight for jobs; freelancers often win contracts unopposed 🔹The $2 trillion reality check: The global gig economy is projected to hit $2 trillion by 2033. That's not a side hustle—that's the new economy. And it's being built by professionals who refused to wait for permission to succeed. Companies are discovering that they can access specialized expertise without incurring overhead. Professionals are discovering they can earn more while working less. The "job shortage" is a redistribution of talent into higher-value work arrangements. The tough job market isn't a problem to solve—it's a signal to evolve. Coaching can help; let's chat. Enjoy this? ♻️ Repost it to your network and follow Joshua Miller for more tips on coaching, leadership, career + mindset. #TheWorkShift #GigEconomy #FutureOfWork #ExecutiveCoaching #CareerAdvice

Tuesday’s data on a number of key economic indicators suggested that the plane is about to land with further slowdown in growth and price gains observed in June and July. ⚠ All indicators came in lower than expected, implying that while the economy has remained resilient, it has lost some momentum as the Fed continues to press on the brake with more rate hikes. 🧊 Job openings fell to the lowest since April 2021 while the vacancy-to-unemployed ratio rose slightly to 1.6 in June. Together with a sizable downward revision to May’s opening data, the labor market has loosened quite fast in the last couple of months. ⤵ One key data point that the Fed is also looking at is the quit rate, which fell to 2.4% in June from 2.6% earlier. Job quits have been one of the most important factors that drive wage growth. With quit rates continuing to stabilize, the concern over a wage-price spiral should be put behind us in no time. 🔴 A slight uptick in the ISM manufacturing index was not enough to keep the sector out of contraction territory in July. Prices paid, the subindex for inflation, showed drops in prices for the third straight months, pointing to further disinflation from the goods sector. 🔑 Tuesday’s data supports our base case that July should be the last time we see a rate hike. We have updated our recession probability downwardly to 60%, which means it will be a lot harder to predict which outcome it is going to be as the economic signals moving forward will be both soft-landing-ish and recessionary. 

The January JOLTS report out today shows employers & workers alike are sitting tight in this job market: 1. The hires rate fell to 3.6%, continuing a string of weak gross hiring numbers, comparable to levels seen in 2017. Employers are holding back on hiring aggressively as they wait to see how the economy will evolve after a few years of more rapid hiring. Additionally, weak hiring may help explain why worker sentiment has been soft as job seekers find it difficult to find their next career move. 2. And that shows up in quits: The quits rate fell to 2.1% as workers sit tight. If workers lack confidence in the job market, they are unlikely to quit, instead prioritizing job security over career/income growth. 3. Despite a raft of layoff headlines in January, measured layoffs actually ticked down to 1,572,000. This is low by historical standards (layoffs averaged ~1.8m/month in the 2010s) and suggests employers are pulling back on hiring but still holding onto existing workers. 4. Openings fell slightly to 8,863,000 in January, continuing their unsteady downward trend. I would caution against just focusing on openings as a measure of job market health. While openings are still very high, other indicators from JOLTS like hires or quits tell a story of a job market that is flirting with weakness outright or at least pointing to softer wage growth ahead. Overall, this points to a job market where job seekers & employees feel like there aren't good opportunities on the open market and are sitting tight as a result. Thankfully, layoffs remain low, but unless employers feel the confidence to reaccelerate hiring, the pause we are in may make it harder for new/returning workers to get their foot in the door and existing workers to level up their careers. #economy #news #JOLTS

A bad hire can cost you 30% of their annual pay, according to the Department of Labor. I think it’s usually even more. Here is how. Last year a founder came to me distraught after his first seasoned sales hire had gone wrong. The hires salary was a big investment, but the anticipation for increasing revenue and growth was justifying it. After three months, the salesperson had only brought in 1 or 2 leads. Another three months later and revenue was less than $10K. In a word, this was a disaster. It set the business back and delayed projected growth by a year, not to mention the cash flow issues it caused or the mental impact on the founder and other team members. If you calculate the time spent hiring the person, 6 months compensation, and a year of delayed growth/revenue, then you can how the cost of a bad hire can be even more than 30% of their compensation. It's easy to point fingers at new hire, but as a business owner, it’s your responsibility to minimize hiring risks and avoid the revolving door. Here are 9 best practices that I urge you to follow for hiring and onboarding: 1- Clearly define the role. 2- Set performance objectives. 3- Assess their domain knowledge: how much do they know about your services, niche, and market? 4- Background: make sure you understand the size of the companies they have worked in and the size of clients they have worked with. Also make sure their expectations of systems, processes, and support align with your company's operations. 5- Determine the type of contract and compensation. 6- Decide if you want to hire junior or experienced talent and adjust your expectations accordingly. Junior hires draw a lower salary and can bring new energy but will need more hand holding by you. Conversely, a senior hire commands greater compensation but can hit the ground running. A general rule here: if you’re hiring for something that you don’t know much about or can’t afford to have someone learn everything from scratch, hire a senior person. 7- Work out non-competes, non-disclosures, and other legal considerations for your industry. 8- Once hiring is completed, invest the time to onboard them and get them up to speed on your services as well as your internal systems, processes, and policies. 9- Highlight the importance of continuous learning; this way, they stay vigilant and competitive. Are there other best practices I am missing? Let me know and leave a comment below so other founders and hiring managers benefit too. Sign up for the Daily Advisor for more best practices:  https://lnkd.in/e5kHksep #hiring #sales #consulting #entrepreneurship