The challenges and talent shortages are universal. Whether I am in the US, Asia, Australia, or Europe, the skill shortages are acute in tech firms, health care, aged care, and the trades. Many sectors, including mining and retail, face an aging workforce.
With birthrates below replacement and an aging population, talent shortages are expected to grow unless significant investment is made in upskilling and finding ways to employ the retired, semi-retired, and those who do not want full-time employment.
Learnings:
- Unemployment is still very low, and there are talent shortages as elsewhere.
- ChatGPT and other AI apps are widely used personally but not specifically for recruiting. This is also true in the US and elsewhere. It will be 2-3 years before we see widespread adoption of AI making a difference in recruiting. This may be further delayed in the EU due to the recently enacted EU AI Act.
- The EU AI Act will classify as “High Risk” recruiting apps and “AI systems used for specific purposes, such as employment and HR systems, employment evaluation or recruitment systems, biometric identification systems, educational and vocational training or evaluation systems, etc. The use of “high risk” AI systems will be strictly regulated…”
- This act is controversial, as you can imagine, and no one knows exactly how it will be applied to recruiting apps. However, there is no doubt most companies will not adopt tools until they have a clear view of risks and potential penalties.
- We had a few discussions about Netflix’s CEO’s proposed concept of talent density. Is it just another name for Quality of Hire? Is it something that can be measured objectively? Is it just one more HR/recruiting fad? What do you think?
Recruitment Leaders Network
The Recruitment Leaders Network (RLN) was established to bring together like-minded professionals responsible for recruitment and hiring strategies, including budget allocation. The Future of Talent event exemplifies this mission. RLN provides a warm and welcoming environment where knowledge and best practices are freely shared, valuable connections are made, and collective efforts elevate the standards for talent acquisition and employer branding. Click here for information about the Recruitment Leaders Network.
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