Job Market Tightens as AI Reshapes Hiring

As retailers work to staff up for the holiday season, they would be well-advised to keep abreast of the latest trends in the hiring field. One such source is Workday Inc.’s latest semi-annual Global Workforce Report, which found that it’s becoming an employers’ market, with the number of job applications growing four times faster than job openings.

Despite these odds, top-performing employees are still quitting their jobs to look for better opportunities elsewhere. At the same time, organizations are turning to artificial intelligence (AI) to transform how they find and keep their best people.

“The job market is shifting to favor employers, but, at the same time, workers are getting more confident in what they want – competitive pay, clear growth paths and meaningful work,” said Ashley Goldsmith, Workday’s Chief People Officer. “It’s up to leaders to help employees find meaning in their work in order to retain the high-performing people who drive their organization’s success.”

More and more companies are using AI to help them winnow down the flood of candidates they’re seeing applying for openings, Workday found. Most leaders (70%) say AI will make hiring more fair, and 89% believe it will make their hiring processes more efficient.

In a similar vein, most companies (77%) plan to use AI in hiring even more in the coming year. The most popular ways they’re using it now include testing candidates’ skills (26%), screening resumes and applications (26%) and automating repetitive tasks (24%).

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