Source | FastCompany : By LYDIA DISHMAN
This was a “remarkable” year for hiring, according to Glassdoor’s chief economist, Andrew Chamberlain. He says that the U.S. added an average 180,000 new jobs per month, well above the “break even” pace of job growth of 50,000 to 110,000 economists estimate the economy needs to keep Americans fully employed.
Pay is also on the rise. Median base pay for U.S. workers was up 3.1% from 2015, the fastest pace in three years. Can we top all that in 2017?
According to Glassdoor’s newest report on job trends, there are also a record number of unfilled jobs—5.85 million as of April—which represents the most since the BLS started tracking job openings in 2000. That’s compounded with the fact that every employer is hiring for tech roles, Chamberlain observes, and there are just so many talented candidates out there.
Which is why he’s predicting that 2017 is going to be the year human resources transforms itself into “people science.”
Chamberlain argues that the rise of big data has infiltrated and transformed everything from product design to finance. As businesses generate more data from their employees and customers, good analysis of that data can lead to smarter decisions, shorter project time lines, and happier consumers.
Unfortunately, HR and recruiting have been largely absent from this evolution, says Chamberlain. Data scientists, one of the most in-demand positions for the past two years, haven’t been much of a presence in HR-related tasks. But as Chamberlain points out, “Using data science in HR to make even small improvements in recruiting, hiring, and engagement has the potential for huge benefits to organizations.”
A good place for HR to start is by tapping into workforce analytics that can track every stage of an employee’s progression through a company from on-boarding, through training and promotions. These are available at low cost through a number of third party providers.
Another solution is to use a sentiment tracker to gather feedback in real time. Amanda Moskowitz, founder of the startup leadership sharing resource Stacklist, told Fast Company in an interview that founders of companies that don’t have formal HR departments are using tools like Glint and Small Improvements. Other available tools include platforms for A/B testing to experiment with different methods of workforce management. Chamberlain points out “there are many low-hanging fruit today for better data science in HR” and they don’t cost much.
There’s a lot of talk about automation and how much its advancement will make human workers obsolete. Chamberlain cites research from the Journal of Economic Perspectives that indicate mass layoffs due to automation are unlikely. This correlates with findings from the McKinsey Global Institute (MGI) on the potential for automation across 54 countries and more than 2,000 work activities. The report found that the number of jobs that can be fully automated by adapting currently demonstrated technology is less than 5%. That number could go as high as 20% in some middle skill categories.