'Workforce Orchestration' Vision
Rebecca Carr, the CEO of recruiting platform SmartRecruiters, has called for "workforce orchestration" to become the next economic operating system. Her vision emphasizes that winning platforms must help companies dynamically align skills supply with demand across both internal and external talent pools.
- The "workforce orchestration" concept moves beyond traditional hiring by asking leaders to determine the most capital-efficient way to access skills, which may include using permanent hires, contingent talent, or automating tasks. - In the financial services sector, key recruiting priorities for 2024 include a focus on diversity and inclusion, the integration of AI and machine learning in the hiring process, and an emphasis on upskilling and internal talent mobility. A PwC report indicated that 85% of financial services CEOs believe diversity and inclusion improve business performance. - For enterprise buyers of recruiting platforms, key ROI metrics include "time to fill," "cost per hire," and "quality of hire," which measures a new employee's performance and retention. Companies that provide a strong candidate experience see a 70% increase in the quality of hires. - The competitive landscape for early-career recruiting platforms includes players like Handshake, WayUp, and RippleMatch. These platforms are increasingly using AI for candidate matching and to streamline the application process for Gen Z, which is projected to make up 30% of the global workforce by 2030. - Bulge bracket investment banks typically offer more structured, formal training programs and greater opportunities for internal mobility, attracting students who may be less certain about their long-term career path. - Boutique and private equity firms often provide earlier exposure to senior bankers and clients, with a greater emphasis on on-the-job learning. This environment can be more appealing to undergraduates who are confident in their desire for a finance career and seek hands-on experience from day one. - Hedge funds, when hiring at the undergraduate level, often look for candidates with demonstrated passion for investing, which can be evidenced through personal trading accounts, investment club involvement, and relevant internships. - A significant trend in campus recruiting is the increasing use of generative AI by students for job searches and interview preparation, with student reliance on these tools growing from 9% in March 2023 to 38% in November 2023.
