Global human capital management (HCM) technology company Ceridian has released results from its latest Future of Work report, which examines the strategies and priorities shaping the future of work among executives globally.
The report revealed:
- The majority, 53 per cent, (UK: 52 per cent, AU: 47 per cent, NZ: 58 per cent) of executives say they will increase the size of their team within the organisation in the next 12 months, with 35 per cent (UK: 27 per cent, AU: 44 per cent, NZ: 54 per cent) leveraging gig workers to do so. One of the main drivers for increasing team size to respond to demand for services, 56 per cent (UK: 57 per cent, AU: 65 per cent, NZ: 49 per cent)
- Looking ahead, 71 per cent (UK: 70 per cent, AU: 65 per cent, NZ: 64 per cent) agree they will hire more remote employees in the next two years, with 63 per cent (UK: 59 per cent, AU: 64 per cent, NZ: 70 per cent) agreeing that they will hire outside of their country
- As the gig economy model goes mainstream, the majority, 62 per cent, (UK 55 per cent, AU: 63 per cent, NZ: 69 per cent) agree that freelance or gig workers will substantially replace full-time employees within the next 5 years
“As the competition for talent heats up, employers will need to come to terms with the fact that the power dynamic has shifted in favour of the employee, and the idea of employer exclusivity is quickly becoming a relic of the past,” said Steve Knox, VP of global talent acquisition, Ceridian. “One trend we’re seeing is that talent – even those working as salaried, full-time employees – are beginning to embrace the tenets of the gig economy, seeking roles for shorter periods of time with multiple organisations. We believe this approach to work life will become the norm, and the data shows that employers are already beginning to adjust their recruitment and talent management strategies accordingly.”
The findings also showed how the post-pandemic workplace may be configured, with many executives maintaining hybrid and remote work arrangements. Executives said 27 per cent (UK: 25 per cent, AU: 27 per cent, NZ: 24 per cent) of their workforce will utilise remote work post-pandemic, while nearly one-third, 29 per cent, (UK: 30 per cent, AU: 27 per cent, NZ: 26 per cent) of their workforce will utilise a hybrid model, alternating between remote and a physical location. Meanwhile, only 38 per cent (UK: 40 per cent, AU: 37 per cent, NZ: 42 per cent) of their workforce will utilise a physical location.
The role of AI
As employers ramp up efforts to replenish the ranks in response to rising demand, many are embracing the latest technology to enhance the recruiting processes, including screening, shortlisting, and identifying top candidates. In fact, 46 per cent (UK: 45 per cent, AU: 57 per cent, NZ: 51 per cent) of executives plan on using AI tools for recruiting and talent management, while another 42 per cent (UK: 39 per cent, AU: 34 per cent, NZ: 39 per cent) are already doing so.
“AI has become a very powerful tool for recruiters globally, as it allows employers to make more accurate, efficient, and fair talent decisions, which is especially important now given that competition for talent and the need to make quick hiring decisions has never been higher,” added Knox.
Recently, Ceridian reinforced its commitment to AI-enabled talent recruitment strategies through its acquisition of Ideal, a leading talent intelligence software provider based in Toronto, Ontario. Ceridian’s customers can access data-backed insights to make smart, fair, and efficient talent decision-making and improve equity throughout their entire organisation.