Technology innovation is moving at an unprecedented rate. That innovation is exciting, but it is also creating uncertainty in the hiring market. Automation is changing the way companies do business, and it is complicating job-growth predictions so much that even experts don’t know how to tell HR teams what to plan for.
A recent report from Bank of America Merrill Lynch indicates that the pace of innovation is far outpacing the Bureau of Labor Statistics’ growth estimates for the technology sector. Rather than steady and linear, growth is now best graphed in parabolic form. This meteoric shift is complicating future planning and investment for HR teams across the country.
The Impact of Smarter Technology on the Job Market
Take, for example, robotics and artificial intelligence. The field has seen nearly a 30 percent growth in sales year-over-year, while costs have dropped by nearly the same percentage. Investment in artificial intelligence has climbed to nearly $15 billion in the last year, and predictions indicate a 50 percent growth in the coming year. As the Internet of Things (IoT) begins to boom, those numbers will continue to climb.
What does this mean for jobs? Automation is taking over. IoT isn’t just about connecting home devices online, it’s also changing the way manufacturing does business. Automated services can reduce labor costs significantly while increasing output. Data from Oxford predicts that nearly half of all jobs in the United States may be susceptible to automation, stunting overall job growth while simultaneously creating an increased demand in IT hiring.
Even so, not all IT jobs are safe either. Given the pace of innovation in smart computing, knowledge workers who analyze data could also be at risk of losing jobs to technology. However, there will be an increased demand for jobs in complex problem solving and social intelligence.
How Can Companies Prepare for Such Uncertainty?
Companies must be prepared for this shift, though it is difficult to predict how things will truly change. Technology investments will increase, while there will be a serious shift in the way businesses hire for administrative, manufacturing and support positions.
This air of uncertainty can complicate long-term workforce planning. In order to ensure that your organization can remain agile and respond quickly to the changing market, you must develop strategic partnerships with employment experts. Strategic recruiting firms have their fingers on the pulse of the rapidly changing tech landscape and the way it impacts other areas of hiring. If your business must respond quickly to ramp up hiring, or shift your hiring focus, a strategic staffing partner can ensure you don’t suffer from unfilled positions. They can access the type of skilled talent you need, precisely when you need it.
If you are looking to develop a partnership with a proven expert in the field, email the recruiting team at Contemporary Staffing Solutions today. We can help your organization improve your hiring practices and remain agile no matter what the market throws at you. Reach out today to start the conversation.