According to a study, 4 in 5 employers worldwide struggle to find skilled talent due to rapid technological advancements creating a skills gap. Since 2014, the global talent shortage has more than doubled.
AI automates repetitive tasks, enhances the candidate experience, and provides valuable insights into the hiring process. By leveraging machine learning algorithms and natural language processing, AI can analyze resumes, conduct initial interviews, and predict a candidate's likelihood of success.
The decrease in job advertisements mirrors the broader economic challenges Australia is facing. High interest rates, aimed at curbing inflation, have slowed economic activity, including hiring.
AI and automation, DEI initiatives, remote and hybrid work models, improved employee experience and data-driven decision making will define the future of talent acquisition. HR leaders and systems will be at the forefront of these trends.
The Australian Bureau of Statistics (ABS) reported a net increase of 39,700 jobs in May, surpassing the expected 30,000. Full-time employment rose by 41,700 positions, while part-time jobs decreased by about 2,000.
John Lewis Partnership, a UK-based department store firm, has adopted transparency by providing job seekers access to its entire recruitment process, including interview questions, on its website.