Want the perfect candidate? Be psychic, says Korn Ferry

07 February 2019 Consulting.us

The rapidly shifting business landscape means talent acquisition professionals must "'look into their crystal ball' while hiring for both near-term and future need,” according to a new survey by global organizational consulting firm Korn Ferry. 

The growing trend shows that companies are more and more hiring on the basis of skill, with 57% of respondents stating that they have hired a candidate possessing a specific skill or skillset, even if there were no open positions for that candidate. Meanwhile, 77% are hiring for roles today that didn’t exist a year ago. 

These are rather unprecedented, but not wholly surprising, statistics. Technology’s natural exponential growth means business are becoming more and more tech-driven, creating not only new job openings but entirely new sectors. The speed with which technology grows and transforms businesses, however, also brings with it bad news – 67% of respondents said they have had to lay off people whose roles are no longer relevant to the organization’s direction. 

“While technological advances are creating new roles in areas such as data analytics and artificial intelligence, other trends, such as an enhanced focus on the customer experience journey, are putting a premium on different skillsets,” Jacob Zabkowicz, Korn Ferry global vice president and general manager of recruitment process outsourcing, said. “Businesses increasingly understand that the rapid pace of change means that, to thrive in the future, they will need access to skills and expertise that don’t necessarily fit within existing job descriptions.” 

Look forward, but within 

While there is no concrete action plan that can possibly be conceived – predictions can be made as to where technology will take businesses, but there are no certainties – many companies are relying on training programs for existing employees to source talent. Sixty-one percent of respondents said they are investing more in “upskilling” than external recruitment. “Nearly half (47%) say they have formal retraining programs for workers whose jobs have evolved,” the survey found.Want the perfect candidate? Be psychic, says Korn FerryRecruitment, too, exists mostly in-house, with only 39% of respondents having a recruitment process outsourcing solution – and 23% of those who answered “no” to the previous question considering putting one in place - to find the perfect candidate.

“With the labor market as tight as it has been in decades, it’s critical that employers look inside their own walls to find talented people who could be trained to meet the evolving needs of the organization, today and well into the future,” Zabkowicz said.

‘Smart’ is a certainty, employment is not

Whatever the technological future holds, it is undoubtedly “smart.” That is, focused on the development, sale, and widespread use of devices and processes that are automated, connected, and self-optimized, be it mobile phones, cars, refrigerators, televisions – even entire cities. Nearly all forms of technology are headed in that direction, meaning jobs in the artificial intelligence (AI) and automation industries will be in extraordinary demand. AI, for example, stands to save retail companies $300 billion if correctly leveraged and scaled. 

Because of their newness, their projected importance, and their purely technological bases, these sectors are especially subject to rapid, exponential change. This potentially leaves highly sought-after employees in a tricky position, as today’s revolutionary skillset could literally be yesterday’s news with even the slightest technological step forward.


Wellness Workdays acquires health coach Occupational Medical Consulting

22 April 2019 Consulting.us

Corporate wellness program advisor Wellness Workdays has acquired health coaching firm Occupational Medical Consulting.

Healthcare approaches have long been premised on after-the-fact treatment, which is both more costly and often less effective than preventative measures. If doctors and public health specialists could get everyone to exercise daily, eat leafy greens, cut down sugar intake, and relax, then national healthcare costs would be a great deal lower. Buy-in is the tough part, however.

From a corporate standpoint, wellness programs are becoming more popular for a number of reasons. For one thing, either health-centric or financial wellness programs can cut down on stress, which in turn can cut down on productivity loss. Health-based wellness programs aim to decrease sick days and illness absences, while lowering health insurance costs and premiums.

According to a Harvard meta-review of research in the field, every $1.00 spent on worksite wellness programs has an expected ROI of $3.27, and when absenteeism is factored in, the return increases to $6.00. In the end, a healthy workforce is a more effective and efficient one – but once again, how do you get buy-in?Wellness Workdays acquires health coach Occupational Medical ConsultingMaine-based OMC’s health wellness program method is physician-driven, and rooted in behavioral science that gets strong results. Behavioral science is a popular field that seeks to understand and exploit the peculiar biases and irrationalities of humans in order to drive favorable policy results. A fun example of behavioral nudging is Amsterdam Schiphol Airport’s strategy of painting houseflies inside men’s urinals in order to “improve aim.”

In the case of health coaching, the process might involve playing on people’s loss aversion – setting exercise goals, for example, where you are forced to lose something valuable if you fail to follow through.

The consulting firm reports that its standardized coaching process and proprietary software drive wellness program participation rates well above national norms – reaching 80-95% participation rates on average.  As a result of OMC’s advisory work, clients have decreased behavioral health risks and costs risks – reducing and preventing excess medical spending and insurance premium increases in the process.

OMC has now been acquired by Massachusetts-based wellness consulting firm Wellness Workdays. The consultancy delivers corporate wellness services and nutritional programs that aim to promote employee health and morale, increase productivity, and lower health care costs. The firm’s four-step process covers assessment, strategy, implementation, and evaluation.

Wellness Workdays has additional offices in New York, Florida, and Texas, and has worked with notable clients such as MIT, Brown University, Putnam Investments, and New Balance.

As part of the acquisition OMC will now operate as a subsidiary of Wellness Workdays, and will be rebranded as OMC Wellness.

"OMC provides an exciting opportunity for Wellness Workdays to further enhance and expand its wellness offerings," said Debra Wein, founder and CEO of Wellness Workdays and CEO of OMC. "The organization shares our common vision related to a high-touch, outcomes-driven approach to wellness, as well as a passion and commitment to promote employee health and well-being.

“The acquisition brings our proprietary approach to wellness together with OMC's highly trained health coaches to drive better health outcomes and ultimately, healthier employees," she added.