AI to lead the way for career prospects in 2021
Sydney, December 7: Australia’s leading recruitment firm, Hudson, says technology and AI will play a vital role in reducing the economic impact of large-scale redundancies estimated across Australia in 2021. AI will form an increasingly important way of connecting people with their future roles in a world that is changing as a result of COVID-19.
Australia has already seen the impact of COVID-19 on the Australian workforce, with more than 22% of Australians unemployed or underemployed, according to Roy Morgan data released in November.
While recent government and Australian Bureau of Statistics employment figures have been encouraging and provide the impression that economic recovery is already underway, there remain many mechanisms in place that are shielding both businesses and individuals from what may be an uncertain future.
Hudson Recruitment CEO, Mark Steyn, shared, “The sad news is that we are already working with tier one firms on further redundancy rounds, which will take place before March next year. We are looking at up to 10,000 redundancies to take place by March, and that’s with just five or six large businesses.”
Leaders in talent solutions and advanced technology systems, Hudson has developed an AI program called JobAccelerator that has already supported more than 400 companies assist approximately 3,000 participants who were made redundant to find new careers.
The platform provides a structured learning environment for candidates who are undergoing career transitions and importantly assesses job opportunities within different industries and sectors that can pivot a candidate’s skill set and progress up to five weeks faster than traditional methods.
The platform also provides dynamic CV building, application tracking, industry monitoring, and access to one-on-one live sessions with counsellors, career coaches and other support staff.
Hudson estimates that the first three months are critical for a candidate finding a new role.
Simon Moylan, a founder of JobAccelerator, shared, “Being made redundant is never easy to process, and it takes a huge impact on your mental health and finances. Early intervention is essential. If we can help a candidate with their job-ready skills within the first two weeks of being made redundant, they are more likely to find a job within eight weeks instead of the usual 14 weeks – or 43% faster with that early support.”
JobAccelerator has placed the same AI that is used in the screening process for large businesses into the hands of the candidates. For large firms, tech platforms like Hudson’s JobAccelerator can help return redundant staff to the workforce between four and five weeks faster.
Early intervention is critical for a candidate’s career and the economy. The risk of people becoming long-term unemployed has increased dramatically as a result of COVID, compared to other economic shocks.
“Pivot is the word for all those looking to secure a new role in 2021. Working alongside businesses including Adzuna, JobAccelerator plugs into current job opportunities and recommends new industries for candidates to consider, that is based on skills and experience,” Moylan said.
Moylan continued: “When we look back to the GFC, we had a shorter and more profound impact. COVID is already a more extended event, and it will continue through next year and possibly beyond. We must be alert to the risks this event presents, including the risk of people falling into long-term unemployment.
“If someone hits three months unemployed, their risk of making it to six months increases significantly. And so too from six months to 12, and 12 to 24. This is of particular concern for areas like Melbourne, for example.”
Research from Hudson indicates that every 100,000 people who return to work four weeks earlier is a saving of up to $250 million to the national budget.
Successfully backed by some of the largest companies in Australia, including ATO, ANZ, and Tafe, Hudson is also developing candidate-direct access for its JobAccelerator program that will be available in 2021.
Issue date: 2020 Dec 14