Keep up with the latest hiring trends!
In recruitment news this week:
Introducing “LinkedIn Salary”
The new feature uses data from more than 460 million LinkedIn members to provide “deep insights” into the compensation landscape including; salary, bonus, equity data for specific job titles, and how different factors such as years of experience, industry, company size, location and education level affect salary.
Members will now be able to get a clear picture of what their base salary should be based on experience and company size, the top paying locations for specific jobs, which educational path they should take to improve their salary prospects, which industries pay the most, and which companies pay the most. LinkedIn Premium members will also now be able to filter jobs by LinkedIn Salary data.
How will LinkedIn Salary affect recruiters?
LinkedIn’s Ryan Sandler believes the new feature will provide 2 new ways to improve your recruiting experience:
1. It will help you lead a transparent and well-informed discussion with the candidates and hiring managers
According to LinkedIn, LinkedIn Salary data will prepare you for what compensation the candidate will expect and give you a proof point that your pay is competitive. The information the features provides will also provide you with a background for a nuanced discussion about how the candidate’s skills, experience, and education may influence their pay. And in the cases when candidates are unwilling to discuss their current salary, this is a good opportunity to break through by using third-party data as a reference point. You can also use it to position yourself as a “consultative partner” to the hiring manager. In fact, LinkedIn encourage recruiters to look up salary ranges before your next intake meeting and using it to guide the job description and candidate profile being sourced.
2. It shifts your focus to developing clear messaging about the value your job/company will bring to the candidate
LinkedIn’s research tells us that while compensation and benefits are still the number one factor in candidates’ decision to take a job, other factors like opportunities for career advancement and challenging work are right in its heels. They therefore suggest that recruiters work on building a strong employer brand to serve as a great differentiator from competitors.
You can access the LinkedIn Salary website now and explore how the tool works, here. Please note however, that the LinkedIn Salary feature will be available to members in the U.S., Canada and U.K on desktop and mobile. Members elsewhere should expect the new feature to roll out globally in 2017.
“Landmark” Uber Ruling Will “Send Shockwaves” Through Nation’s So-Called ’Gig Economy’
Uber drivers now have the same employment rights (sick pay, national minimum wage, holidays etc.) as other full-time employees in Britain, a court has ruled in a landmark decision which looks likely to send shockwaves through the nation’s so-called “gig economy,” reports ARS Technica. Uber had argued that it was a tech firm rather than a transport one, and that as its drivers were self-employed contractors it was not obliged to provide the kinds of statutory employment rights full-time workers would expect.
And after the GMB stated that the Central London Employment Tribunal’s decision will have ramifications in other industries which rely on casualised labour, and that “similar contracts masquerading as bogus self employment will all be reviewed,” two leading recruitment bodies have come forward to offer their take on the court ruling.
Tania Bowers, General Counsel at The Association of Professional Staffing Companies (APSCo) classified the event as a “landmark case”, reiterating that whilst it does not directly affect the recruitment market, “the ruling will have a significant impact on the ‘gig economy’ where individuals work for multiple employers day to day without having a fixed contract.”
She went on to say: “Recruitment firms have been responsibly supplying compliant agency workers and professional contractors to the employment market for decades before the phrase ‘gig economy’ was coined and will continue to be an essential component of the flexible labour market. Nonetheless it is important that the recruitment sector does not get landed with the responsibility – and ensuing liability – for determining an individual’s employment status – as is planned by the proposed changes to IR35 legislation for workers in the public sector. We believe there is a need for greater clarity and we support the Review of Modern Employment to be undertaken by RSA Chief Executive Matthew Taylor at the request of the Prime Minister.”
REC, CEO, Kevin Green, also commented on the ruling in a press release in which he explained how the case, though finished in reality, is far from over. “In the meantime,” he said, “the government should provide greater clarity to employers and individuals about who is legitimately self-employed.” He continued: “UK consumers want to maintain the many benefits that ‘gig economy’ platforms such as Uber provide. At the same time the people who provide the services for these tech companies should be fairly treated and rewarded. We expect the Taylor Review to explore innovative and creative thinking aimed at solving some of the challenges created by new ways of working and ‘gig economy’ business models. The REC is ready to contribute our expertise to that review.”
What are your thoughts on the ruling? Is this a positive step forward in the gig economy? Does the recruitment industry need more Government guidelines around this kind of employment? Let us know your thoughts in the comments below.
LinkedIn’s Q3 Earnings Beat Analysts’ Projections Ahead of $26bn Microsoft Acquisition Close
Microsoft expects to close its $26.2 billion acquisition of LinkedIn by the end of this year – pending a few final regulatory approvals – so, in light of that, last week saw LinkedIn post a very basic Q3 earnings report. Unusually, they’re skipping the customary analyst call and are no longer providing financial guidance for the coming quarter.
The report did show that the site reported growth in its key metrics. Revenues for the third quarter were $960 million (analysts predicted $959m), that’s up 23% on a year ago. Earnings per share were $1.18 (analysts predicted $0.91), that’s up $0.40 in last year’s $0.78. Non-GAAP net income was $163 million. And membership numbers are up 18% to 467 million.
It was LinkedIn’s Talent Solutions offering that made up the majority of its revenue, which was up 24% year-over-year to $623 million. Its ad business, Marketing Solutions, brought in $175 million, while premium subscriptions brought in $162 million, with Sales Navigator the strongest premium subscription product. Only $67 million total revenue came from learning solutions (i.e. the Lynda.com business).
The other interesting thing to note from the report is that mobile now accounts for 60% of all traffic to LinkedIn, and is growing at double the rate of its desktop service.
“In Q3, continued product investments across our platform drove another quarter of strong engagement and financial performance,” said Jeff Weiner, CEO of LinkedIn. “As we look forward, our combination with Microsoft creates the opportunity for us to dramatically increase the impact and scale with which we deliver value to our members and customers.”
Adzuna’s Jobs Report for September 2016 is in!
According to Adzuna’s latest UK job market report, jobseekers are currently enjoying a 10-month competition low as vacancies recover after slipping in August. The total number of advertised vacancies increased by 0.8% totalling 1,132,844 in September. While the number of job seekers per vacancy now stands at 0.47. The report also states that the employment rate has remained steady at 74.5% – its joint record highest level since comparable records started in 1971, according to the ONS.
Despite a slight increase in unemployment figures at the same time, the increase in average advertised vacancies, the rise in self-employment and part-time vacancies show signs of a healthy workforce.
Cambridge remains the best city to find a job, with 0.06 jobseekers per advertised vacancy. Guildford, Oxford, Reading and Winchester also made it into the top five. The worst city in the UK to secure a job is Belfast, despite jobseekers per advertised vacancy falling to 4.18, in comparison to 5.42 in August. Competition for jobs may be so tense partly due to the small number of average advertised vacancies, currently standing at just 5,135. Coming in a close second to Belfast, is Sunderland, with 3.07 jobseekers per vacancy.
Doug Monro, Co-Founder of Adzuna, comments: “Jobseekers looking to move into a new role or those that are fresh to the jobs market hold all the aces at present. Many predicted that Brexit would deflate the jobs market, but the opposite in fact has occurred. September’s figures represent a bouncing back from the momentous EU referendum result and renewed consumer and employer confidence.”
View the full report here.