Q4 2018 Global Talent Market Quarterly
Heading into 2019, global economic growth is forecast to continue to cool slightly to 3.1%. Several factors are weighing on the global growth outlook, including financial volatility and ongoing trade tensions, particularly between the world’s two largest economies, the US and China. Despite the moderation in economic growth, labor markets across the globe remain tight as demand for skilled workers persists.
In an ideal world, people are employed in jobs that capitalize on their unique educational backgrounds, skills, and competencies. Data from the OECD shows that many people are not so well-suited to their jobs: around a third of workers in OECD countries are mismatched by field of study (that is, their educational background is not aligned with their current job), while just over 36% of workers on average are either over- or underqualified for their positions.
Artificial intelligence has the potential to transform the way business is being conducted in multiple ways, and talent acquisition and management is no exception. Talent professionals are just beginning to create and understand the role of AI in HR processes, one which will continue to evolve as technologies progress.