Tag Archives: jobs

Talent And Motivation Are Critical To The Success Of Your Business

Individuals of great talent can have a significant and disproportionate bottom line impact in jobs that are highly complex…

talent
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According to McKinsey’s global talent survey.  Talent will increase productivity by 800 per cent in jobs that are very highly complex, but by just 125 per cent in high complexity jobs and just 50 per cent in low complexity jobs.

Very high complexity jobs include software developers and high level managers. Low complexity jobs are unskilled or semi-skilled labour such as assembly line workers.

This doesn’t mean the entire team needs to be highly talented.  A highly talented engineer can produce the work of nine average engineers in the same amount of time. 

Even ensuring one in five are highly talented will lift the average productivity of the team in high complexity jobs. It will also significantly reduce the time it takes to complete a project. 

As the late Steve Jobs once famously said after noting that his best engineers were 50 to 100 time more effective than his worst, “Go after the cream of the cream. A small team of A+ players can run circles around a giant team of B and C players.”

Disproportionate Impact

Talented individuals can have a significant and disproportionate bottom line impact in jobs that are highly complex, so, rather unsurprisingly, the competition for talent in those industries is fierce. Almost one third of senior leaders surveyed by McKinsey cited ‘finding talent’ as their most significant managerial challenge. 

And with a predicted shortfall of up to 18 million high skill workers in the United States and Europe by 2020 (and 23 million in China), that is to be expected. 

Based on the labour market sizes, this means 1 in 10 high complexity jobs in Europe and the US, and 1 in 6 in China will go unfilled.  Companies in complex industries will not be able to fill a significant percentage of the high skill jobs at all, let alone fill them with the most talented individuals.

Against this backdrop of significant talent shortage, you might assume businesses were highly skilled at seeking out and retaining talent. And you’d be dead wrong.  According to the McKinsey survey 82 per cent of Fortune 500 executives don’t think their companies recruit highly talented people and just 7 per cent agree with the proposition that their companies retain high performers.

No Engagement, No Talent

Big companies, by and large, are just not good at attracting and keeping talent. This is likely due to a lack of engagement.  A talented individual can work anywhere and usually knows it. If they are not motivated by the job, or engaged with it, they will probably leave.

Gallup conducts an annual survey of employee engagement for US employees.  While the numbers are improving, according to the latest results, more than half (53 per cent) of US workers are disengaged with their work or workplace and an additional 13 per cent were actively disengaged.

A disengaged worker is turning up and doing the minimum required but will leave the company for a slightly better offer.  An actively disengaged worker has a miserable work experience and would quit tomorrow if they had any other choice. These statistics match up to other surveys which suggest about three in four workers are actively looking for another job at any given time.

According to Gallup data, businesses that are in the top quartile for engagement achieve earnings per share growth that is four times that of their competitors in the bottom quartile.  They also experience better retention, fewer accidents and 21 per cent higher profitability.  Attracting and retaining talent by keeping them engaged is a license to print money.  But doing that is far from easy.

According to McKinsey, the key is to correctly identify the roles adding the most value.  Sometimes this is easy. Maybe it’s the engineer who checks in the most code or the salesperson who sells the most but usually its not that obvious.  Companies need to look below the surface for long term value.  Is the code bug-free?  Are the sales repeat business?  Is it actually a brilliant code tester adding the value or an incredible sales engineer?

Honesty Over Money – Honestly!

Once those roles are accurately identified the organisation needs to focus 95 per cent of its retention efforts on engaging and retaining those key individuals.  But it isn’t just about money, according to the McKinsey and Gallup surveys, money is the least important of the four primary motivators for retaining high value talent. 

The other three in order of importance are having inspirational and empowering leaders, working for a company with a reputation for honesty and integrity and having a job that makes a difference (has impact).

In short, don’t employee psychopathic leaders, develop an industry-wide reputation for honesty and integrity, doing something that makes a difference and treat your employees the way you would like to be treated and you will be a long way down the path to attracting and retaining the kind of people who can attach booster rockets the size of a SpaceX Falcon Heavy to your bottom line.

Don’t Move! Improve: How the Property Market Should Inspire your Career Choices

Photo by rawpixel.com from Pexels

When you’re considering your career choices, take inspiration from the property market. There are more similarities than you think.

As a nation we are pretty obsessed with house prices – what our property would fetch if we put it up for sale, what the neighbour’s/our boss’s/our ex’s home is worth, how much our ‘bricks and mortar’ has gone up/down in value. Even if we have no plans to sell up, “property porn” is highly addictive.

Well, you might not realise it, but the jobs market is very similar the housing market.

Who hasn’t got bored at work, and scrolled through job boards to see if there is a better paid role elsewhere? Who hasn’t looked at their pay and perks and wondered if they earn more or less than their colleagues and friends?

This is not the only similarity between the jobs and property markets.

Take supply and demand: When there is uncertainty, the supply of candidates drops. This is keeping “values” up with average pay up 3.9 per cent over the last year.

It’s a similar picture in the housing market. Fewer properties for sale is preventing a property price crash as there is less supply. So prices still managed a 0.9 per cent rise in the year to June (although in London they dipped 2.7 per cent).

Both are a Buyer’s Market

Just as homebuyers can negotiate hard – so can candidates. In 2018, employees who stuck with the same firm saw their average pay rise by just 0.6 per cent after inflation. Those changing employers saw their pay rise by seven times as much, up by 4.5 per cent.

However, this can be a risky strategy.

Yes, you tend to earn more by switching jobs but it’s not the only way to increase your earnings.

If you stay put and “improve” your job prospects, you won’t have all that uncertainty – not knowing if a new job is really for you, worrying that you won’t pass the probationary period and (even worse) waiting until your first day to discover that the job description could be something written by an estate agent (i.e. it bears very little resemblance to reality).

How to Improve Your Job

There has been a fivefold increase since 2013 in the number of homeowners choosing to improve rather than move. So, why not take a leaf out of their book and do the same with your career choices.

· Start with a Valuation

Just as with a house move, many of us wonder if we would be better off with a job move. But how do you know for sure? Well, check out salary benchmarking websites.

Check out Michael Page’s Salary Comparison tool, which compares pay for a number of procurement roles by sector to see if you are underpaid or not. Also check Glassdoor and scour a few job websites to check advertised salaries.

· The Best Improvements to Make

Look at the LinkedIn profiles of people who are one-step-up the career ladder to see what attributes they have that add to their value.

Just as bi-fold doors and open-plan living are desirable in the property market, there are some skills that really stand out among successful people (whether that it is soft-skills such as leadership or hard-skills like proficiency in the latest tech).

Check out job adverts too – are there any skills that seem to be in high demand, that you don’t have?

· Can you get away with a bit of DIY?

If your tech skills are lacking or you need a bit of CPD to bring you up-to-date with latest developments in your sector, online learning is an easy solution. You can learn in your own time, invest in the courses that work best for you and then have something to prove your worth to your employer.

When negotiating a pay rise, showing that you have invested your own time, money and effort in your own success – which could also help boost productivity – is a great bargaining chip.

· Or do you need Professional Help?

Sometimes a bit of DIY is not going to add value. In some cases it can even be a waste of time and money. So, this is where you may need to get professional help, perhaps studying a postgraduate or professional qualification with a recognised provider.

For this you are going to need finance. You can get postgraduate student loans (a bit like a home improvement loans, only for your career). These are similar to student finance for a first degree and you can borrow up to £10,906. Go here for more information.

Or you could simply ask your employer. Many professionals are reluctant to put in a training request (partly because they worry that they will appear as though they need training).

However, this is about career development – doing a better or bigger job – so sell the benefits. It is less of a big ask right now.

According to recruiters Robert Half the biggest talent management concern for senior executives is “employee retention and training” which will be a priority for 31 per cent over the next 12 months. Attracting talent comes in second at 29 per cent – showing that firms see greater benefit in up-skilling their staff than hiring new ones.

· Get Someone Else to Market You

Despite those online property platforms offering to sell your property for less, most homeowners still favour traditional high-street estate agents. Paying someone else to sell your property is not only easier, they are professionals so should (in theory) be able to get you a higher price.

Do the same for your career. If you can find someone else to champion your career, you might not have to ask for that promotion or pay rise – you could be identified as a “potential highflyer” and approached instead.

Seek out mentors, who can help guide your career but who also have currency within your organisation. Perhaps a manager in a different department or even the person who first hired you (and has an interest in you doing well).

Also, reach out via LinkedIn – post thought-provoking and intelligent ideas, link to senior professionals and build your brand through endorsements and connections.

· Get a New Valuation

Finally, prepare your career for the market – declutter your social media, spruce up your online presence and update your particulars (your CV). Now ask for a chat with your line manager (tell him or her what it is about) and go in with a clear asking price (use your research to determine your value). Then see what offers are made.

If your improvements do not yield results, it’s not the end for your career choices. At least you are ready to put yourself on the market!

A Brief Overview Of The 2019 Procurement Job Market

So far this year, most organisations have been more actively hiring procurement employees on a permanent basis as opposed to on contracts.

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How has the supply chain & procurement hiring landscape been over the first half of 2019?

As all contracts with suppliers from the European Union continue to be reviewed as part of Brexit contingency planning, the first half of 2019 has revealed an increased level of permanent recruitment compared to the hiring of contract or temporary supply chain & procurement professionals. As cost savings remain key in the City, the market has remained extremely buoyant, with a strong preference from hiring managers for individuals possessing experience in IT or tech. The thirst for data is continually increasing and with procurement in mind, lots of emerging solutions that provide procurement and vendor dashboards are always needed. Therefore, these roles have frequently been recruited for.

Across Financial Services, Banking and Insurance, organisations are still busy and hiring. More specifically, the mid-tier and SME businesses have been busier than the larger tier 1 banks, as they seek to reduce their spend and ensure contract risks are minimal in these uncertain times.

Procurement is a money driven profession and salaries are particularly competitive at present, so bonuses and benefits packages can be crucial deciding factors when professionals are looking for new roles. From the perspective of hiring organisations, they have to be prepared to exercise flexibility in terms of salaries or day rates if they want to bring professionals with the right skill sets to the business. 

How to keep the workforce motivated and attract new employees

A large number of professionals are now requesting an element of flexibility in their role or the opportunity to work remotely.  The 9 – 5 working day is no longer how professionals in the UK operate. Flexible working, in terms of hours or being able to work remotely, is expected by the majority of employees in the UK. Organisations have to offer a level of flexibility if they want to attract high quality applicants in what has become a highly competitive marketplace.  

Some organisations continue to lean towards implementing tools or programmes for learning and development that are tailored specifically to procurement professionals. This shows an increased effort to bolster their candidate attraction and retention in these key business areas. In turn, this empowers employees to increase their knowledge in areas such as ‘best practice procurement’, sourcing methodologies and stakeholder engagement. This has become a real talking point, showing the right business highly prioritises procurement and its people.

What has made a Supply Chain & Procurement CV stand out?

Category Management remains a key area of hiring, so upskilling in this is hugely beneficial for all procurement professionals. Those candidates possessing detailed Category Management experience, including spend, savings and projects have been highly sought after by hiring managers. The increase in specialist IT category roles was category specific, mainly consisting of infrastructure, applications and digital transformation spend areas.

Any candidates who upskill in these areas will put themselves in a strong position. Having a good level of experience in any of these will make you stand out against other applicants. Businesses have also continued searching for tendering specialists who can help them mitigate risk on their EU contracts amid all the Brexit confusion. Those with transformation experience is sought after as businesses will require such support to guide them through the uncertainty of Brexit.

How can supply chain & procurement job seekers stay motivated over the slower summer months?

It is not looking like things are going to slow down for Procurement professionals during the summer months – it is a busy time for the industry. For those job seekers actively engaged in any processes, it’s important to keep in touch with your recruitment consultant. Call in weekly to make sure you are hearing about all suitable opportunities; this will keep you at the forefront of your consultant’s mind.

Procurement specialists need to develop their wider skills to implement in negotiations to ensure ‘compliant contracts’ that mitigate risk without over-engineering a low risk engagement – robust frameworks to manage third party engagements could inhibit flexibility for a negotiator.

This article was written by Natalie Limerick, Director – Morgan McKinley

Is Artificial Intelligence Destroying Your Job?

Just because a machine can learn from mistakes doesn’t mean it is self-aware and about to deploy robots to destroy humanity throughout time and space.  But it does mean that increasingly, machines can take on more and more human work.

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On 11 February this year, President Trump signed an executive order directing US government agencies to prioritise investments in Artificial Intelligence (AI) research and development. There isn’t any detail on how the AI Leadership executive order will be paid for, but as a statement of intent right from the top, it’s pretty powerful.  So, is this something you need to worry about?  Will robots be taking your job next Tuesday?  Probably not, but the answer is not as reassuring as it sounds.

When we think of AI, we probably think of Skynet (the evil computer that hunts humans in the Terminator films) or the similar tricked-up calculator that is the meanie in the Matrix films.  But real AI is a little more mundane.  It is more likely to be making sure your car headlights are on when you need them (and not on when you don’t), sending a nuisance spam call to your voice-mail or suggesting the next thing to watch on Netflix.  AI is the catchall term for software that can solve problems based on rules rather than a linear set of fixed instructions.  Really advanced AI can modify the rules based on how things turned out the last time or patterns that it detects in the environment.

Just because a machine can learn from mistakes doesn’t mean it is self-aware and about to deploy robots to destroy humanity throughout time and space.  But it does mean that increasingly, machines can take on more and more human work.  In recent decades we have seen this kind of automation steadily eat away at assembly line jobs as increasingly AI driven robots replace workers performing limited and repetitive functions.  A robot can sort big apples from small oranges more efficiently than a human and it never needs to take a break (or be paid). 

As the technology advances, it’s starting to creep into areas we might have thought of as immune from automation.  Medical diagnosis is increasingly the target for deep learning AI, the kind that recognises patterns and makes predictions based on those patterns.  During their career a doctor might see a few thousand x-rays or MRI images and get better at noticing patterns.  But AI software can review every x-ray ever made before the doctor has finished her morning coffee. 

A recent study, for example, compared the diagnostic precision of AI software with that of teams of specialist doctors from all over China.  The AI software was 87 per cent accurate in diagnosing brain tumours in 15 minutes.  The doctors could only diagnose 67 per cent and needed twice as much time to do it.  The AI increased precision and saved time because it was able to learn from a much larger base of experience than any individual doctor or team of doctors ever could. It uses like this that are why AI is predicted to add $15 trillion to the global economy by 2030.

President Trump joined the 18 other countries that have announced AI strategies since March 2017, because he wants the US to be a leader in AI rather than a follower.  And it is why investment in AI based startups jumped 72 per cent to almost $10 billion in 2018 alone.  

And even though some analysts are predicting 1.8 million jobs will be lost to AI in 2019 alone, those same analysts are predicting that the AI industry will create 2.3 million jobs in the same timeframe.  You can’t buy buggy whips now because the industry that created them was destroyed by Henry Ford, but there are many more jobs in the automobile industry he created than there ever were in the one he killed.

When analysts from McKinsey looked at the employment impact of AI in five sectors last year, they concluded that jobs which use basic cognitive skills, such as data input, manipulation and processing will likely decline, while demand for higher cognitive, social and emotional, and advanced technological skills should grow, as will the number of jobs that require customer and staff interaction and management.

If your job could be classified as administrative support then the future does not look bright.  And even if it requires you to do years of training so you can manipulate or recognise patterns in data, like those Chinese doctors, a financial analyst or a military strategist then AI will be coming to a workstation near you within the foreseeable future.  Humans are still a little too messy and unpredictable for the average AI bot.  So, if your job needs you to interact with humans and please them, such as in direct sales, management or counselling, then you are probably safe, for now.  And of course, if you are writing the programs that drive the AI then your career is assured.

AI is rapidly changing the face of the modern workplace.  And while nothing much will change by the end of the year, by the end of the decade, most jobs will be unrecognisable.  You’ve been warned. It’s time to transform yourself from a data geek to a people-person, before your computer takes your job.