Friday Five for November 24, 2023 ReporterBy Reporter
November 24th, 2023 • 3 Minutes

Welcome to the Friday Five, post-Thanksgiving edition! You could call it our Black Friday Five! As we all recover from yesterday’s feasting and reflect on what we’re thankful for, it’s the perfect time to catch up on some of the most intriguing and impactful developments in the world of work.

This week, we’re diving into a variety of topics that are shaping the future of employment and technology. From the rise of AI in recruitment to the challenges facing new college graduates, these articles offer valuable insights into the evolving landscape of the job market. So, grab a leftover turkey sandwich, settle in and let’s explore these five fascinating topics that are sure to give you food for thought.

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1. AI Recruitment Market Regional Analysis by Forecast to 2030

This report from Digital Journal sheds light on the burgeoning AI recruitment market, revealing how AI is revolutionizing the recruitment landscape. Key statistics indicate a surge in AI adoption for streamlining candidate selection and enhancing hiring accuracy. The report highlights the market’s expected expansion, with detailed insights into revenue trends, strategic growth maneuvers and competitive dynamics. It’s not just about numbers; the regional analysis uncovers how different parts of the world are embracing AI in recruitment, painting a picture of a global shift towards more tech-driven hiring processes. This summary encapsulates the essence of AI’s transformative role in recruitment, offering our readers a glimpse into the future of talent acquisition.

2. Time to upskill? Employers may pay 77% more for AI roles

AI has becom a significant factor in employee salaries, especially in tech roles. According to a report from BizReport, AI-related jobs offer salaries 77.53% higher than other occupations, highlighting the growing value of AI skills. In 2023, 30% of all tech job postings were AI-related and this number is expected to rise with over 100,000 AI-related jobs forecasted by 2026. This trend is particularly noticeable in entry-level positions, where AI-related roles offer 128% higher compensation than non-AI roles. The article emphasizes the importance for job seekers to consider reskilling or upskilling in AI-related areas, as the demand for professionals with AI expertise increases. For employers, this means adjusting recruitment strategies to include AI-related training and upskilling, maintaining a balance between AI integration and human skills in the workplace.

3. Will Employers Be Fooled by Bots That Apply for Jobs?

Forrester Research predicts that by 2024, a high-profile company might hire a nonexistent job candidate due to AI-generated applications. This scenario underscores the need for HR professionals to balance AI tools with human judgment in the recruitment process. The article discusses how generative AI can both assist and complicate hiring, from automating routine tasks to potentially creating false candidate profiles. HR consultant Theresa Fesinstine emphasizes the importance of enhancing candidate verification practices, training recruiters on AI capabilities and investing in ethically designed AI. The article concludes by suggesting a symbiotic relationship between AI and human oversight, ensuring AI becomes an asset rather than a liability in talent management and recruiting.

4. Tech Pros Quitting Over Salary Stagnation, Stress

Tech professionals are increasingly leaving their jobs due to stagnant salaries and limited promotional prospects, as revealed by a Jefferson Frank study. The survey, involving tech professionals across various platforms like AWS, Salesforce and Azure, highlights the need for new challenges, transparent leadership and a clear company vision. To retain top talent, businesses are encouraged to foster a culture of transparency and opportunity, focusing not just on fair compensation but also on work-life balance, mentorship schemes, ongoing learning and leadership training. The study also found that flexible work schedules and mental health benefits are highly valued, especially among women who prefer fully remote work options. Companies are advised to regularly review market pay levels and consider creating a separate salary structure for IT roles to maintain competitiveness and address high attrition risk areas.

5. New college grads are more likely to be unemployed in today’s job market

Despite a robust job market, graduates since the pandemic are struggling more than the general population to find employment, a reversal from previous trends where a college degree almost guaranteed better job prospects. The unemployment rate for recent graduates is now 4.4%, higher than the overall rate and nearly double that of all college degree holders. This change is attributed to a mismatch between the industries experiencing worker shortages, like hospitality and healthcare, and the preferred sectors for graduates, such as tech and finance, which are currently scaling back on hiring. The article also discusses the broader implications of this trend, including increased living with parents, underemployment and political discontent among young adults.

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