There has been no other time like now that signaled mixed messages of the economy between sentiments and data. U.S. job growth accelerated in July, lifting employment above its pre-pandemic level and pouring cold water on fears the economy was in recession. This week, I was fortunate to visit a few Nordic countries, and the digital momentum is at a record pace. The Norwegian-based Pangea Accelerator, an investment platform, plays the role of a matchmaker for African firms in different stages of growth. The founders have deep knowledge of the Nordics and African regions through their experience at P&G. The sentiments around deploying capital into all things tech and digital are growing. Talent is still the most precious resource. We can only dream about the possibilities such access to the rich Nordic funds will bring into the African tech system. Oslo-based PortalOne is gearing up to capture the global gaming market. The U.S. VC dry powder ( a term often used to refer to the capital in hand for deployment) is at an all-time high of USD 290.1 billion, representing at least three years of capital in hand given the past four-quarter contribution totals (source Pitchbook). The data sets around inflation and supply chain continue to worry companies, and as a result, many companies are focused on staff adjustments and reductions.
When it comes to Talent Acquisition and Workforce Planning staff, these are essential elements of building your human capital. They can genuinely be your discovery agents of innovative talent.
One unique advantage we have now is that we live in the era of hyper-automation, innovation, and Machine Learning. Maybe it is time to reimagine the science of TA and WFP through the automation and innovation lens. Look at all aspects of what does not work well currently and build a robust platform leveraging your top recruiters and workforce planners. This approach is what Tesla has done recently. Tesla plans to work on proprietary software for tracking job Applicants, a move that could lower hiring costs. This action is an unusual step in developing internal technology, but Tesla sees a rare opportunity to use its internal resources and implement the system. The arrival of low-code/no-code also offers a new possibility. For example, a savvy recruiter can quickly build an onboarding app using the Servicenow technology called AppEngine. This time frame is an era of translating workflows into Apps. (similar technologies are available using AWS and MSFT tech stack depending on organization choice). You can also build an app to validate talent market availability data within a team of Recruiters. The possibilities are endless with Low Code/No Code.
Now is the time to take Recruitment to Recruitment 4.0. Draup’s definition of how Recruitment has evolved in the last 20-plus years. In the last 20 years, Recruitment has translated from Resume based hiring (1.0) to Social hiring (2.0), and AI and ML influenced Social Hiring (3.0). Through the combination of Low Code/No Code and integration of Workforce Planning and Recruitment, we can take Recruitment into 4.0.
In Recruitment 4.0, the roles of a modern-day recruiter and Workforce planner will be around storytelling. Here is a set of possibilities. They will be working hand in hand to build the actual human capital for the company
- A workforce planner will tell you labor stories. For example, a workforce planner will present to the board and say Ethiopia has an undue water advantage – so they may gain more eco power in the next 15 years, so we need to plan a talent strategy around this. Water will be more precious than oil very soon (Ethiopia has twelve large lakes and nine significant rivers that supply water to its neighbors and thereby have political leverage)
- A recruiter will be a digital savvy number cruncher who will deeply reflect upon why the talent pool availability of a full stack developer should be higher than what data platforms say and build solid points of view
- A recruiter will showcase the app they have built using low code/no code for candidate feedback.
The following graphic shows the transition into Recruitment 4.0. This world is full of possibilities to build the future talent you need.
One of the most crucial steps in enabling this transformation will be a granular Job Architecture. This activity will be very critical in mapping the future organization’s needs. Equally important are soft skills and how critical across the years of experience. We recently developed a soft skill map for Cybersecurity architects by experience levels.
Here are some other positive labor market trends for the week
- Boeing is setting up a super innovative R&D lab in Japan to conduct advanced sustainable aviation fuel research
- Infosys sets up a digital living lab in Sydney to give real-life experiences of concepts like Metaverse
- In partnership with Purdue, Taiwan-based Mediatek will set up a new chip design center in Indiana
- Broadridge will open a new center in Singapore to focus on product development and research insights
- Commify sets up a new engineering center in Romania
- Electric vehicle manufacturer VinFast took another step in ramping up the planned $4 billion electric vehicle assembly and battery plant in North Carolina