The Role of LinkedIn for a Changing Workforce I Jeff Weiner Talent Connect 2017

[Music] if everyone had a great first day and enjoyed last night and thank you so much for joining us here at our eighth annual talent connect it's amazing to see the progress that we've made over those eight events and of course that owes to you your support your partnership thank you so much very much appreciate it I had a chance you may have just heard to walk out to Zac Brown Band any fans well my favorite bands not sure how that would play in Silicon Valley but here in Nashville heart of country music thought I'd give it a go on a far more serious note a country music festival was the backdrop to the horrific tragedy that just took place in Las Vegas and I know I speak on behalf of all LinkedIn employees when I say our thoughts our hearts are with the victims and their families with that let's begin so going to talk today about the role of LinkedIn for a changing workforce and when it comes to the changing workforce there's really three themes that I believe are worth calling out AI and automation on everyone's mind these days the skills gap and the rise of independent work with regard to AI and automation a lot of people think about the future implications of this the potential disruption interestingly enough according to the McKinsey Global Institute based on existing technology based on what's already available today over half of activities in the US economy are susceptible to automation that's today now when we talk about being susceptible we're not necessarily saying jobs are gonna be replaced or that jobs will be created and this is a very very active debate however what we do know is that middle-skill industries manufacturing hospitality foodservice retail trade are going to be most readily impacted as a matter of fact just earlier this week Shake Shack any Shake Shack fans in the audience I think that's about equal with the Zac Brown fans earlier this week Shake Shack announced that they're gonna be going cashless and they're gonna be replacing cashiers with kiosks so it's not just these middle-skill industries that are gonna be impacted it seems like with each passing day there's another headline with another CEO and other economist another pundit that's coming out and predicting that AI is also going to disrupt industries like banking like the legal profession like accounting and so I think it's incumbent upon all of us given the the far-reaching implications of this fast rising technology to understand how we're gonna prepare for this rise of the robot for the coming age of AI what jobs will be impacted what jobs will be displaced what jobs will be created as a result of this new technology and perhaps most importantly how we train our collective workforces for the jobs that that are and will be based on this technology and not just the jobs that once were speaking of training brings me to the second theme we wanted to cover today and that's the skills gap today in the United States there are six million available jobs six million open positions this is the biggest number on record since the Department of Labor has been tracking that data and despite the number of record availabilities we still have seven million people unemployed and when you include temporary workers the underemployed the marginally attached that number jumps to almost 14 million so how could this be record number of open jobs nearly fourteen million people looking for additional work and some would argue this is because we have a skills gap now at the same time we have economists who would tell you it's not a skills gap this is a natural byproduct of the economic cycle and that once wages increase by enough you'll have people coming in off the sidelines and retraining themselves to take advantage of these six million available at LinkedIn we believe this is a false debate that there's not just a singular skills gap but many skills gaps and the way we define that is a supply demand imbalance with regard to specific skills in a specific market or locality at a specific time and you can see this all over the United States right now take Detroit for example where the automobile industry is undergoing a major transition from the way cars used to be built to increasingly housing software that is expected in the car of the future and not surprisingly Detroit a seen a shortage of software quality engineers there's also skills gap in Washington DC for law enforcement for those of you from the Bay Area you know with all the tech hiring we have a shortage of folks like you HR recruiting and some of the skills gaps in the states are a little less intuitive for example in Salt Lake City with the investment being made by gaming companies like EA and Disney Interactive there's a shortage of game developers these skills gaps exist all across the country and they're largely emanating by virtue of three dimensions or causes the first in some of these areas there's just low supply of talent I mentioned AI earlier and there's only so many PhDs in AI on a global basis available to do that work the second is the lack of mobility specifically geographic mobility which has at an all-time low since World War two so people are not moving to where the jobs are and the third is information asymmetry people who have the skills are not necessarily aware that the jobs exists and hiring managers and recruiters like you don't necessarily know where to find the people who have the requisite skills all of this raises some fundamental and key questions how do we collectively identify the right talent with the right skills in the right location at the right time the third trend I wanted to delve into a bit more is the rise of independent work and independent workers and the way will define independent work for this discussion was freelancers short-term contractors and people participating in the gig economy some of you may not realize this but today according to that definition there are 16 million independent workers in the United States and by some estimates as many as 90 million people are interested in independent work why what's driving this trend first the rise of Millennials those aged 18 to 34 who are interested in greater autonomy greater flexibility and a good side hustle they can find one I just learned the meaning of side hustle several months ago and try to drop it into conversation wherever possible to show my millennial bona fides thank you very much by the year 2025 it's expected that Millennials will comprise nearly 75% of the global workforce so definitely a trend to keep an eye on second the growth in online marketplaces uber lyft instacart Airbnb these marketplaces are growing so quickly they're going to increasingly be hiring more and more independent workers interestingly enough they only comprise about 15% of that number I showed you just a moment ago so as they continue to grow there'll be more opportunities for independent workers and then third companies find independent work to be increasingly more cost-effective provides them more flexibility so as a result of these three underlying trends with regard to the rise of independent work we believe this is an irreversible secular trend is something we all need to be increasingly prepared for identifying the right independent workers how to recruit and retain those workers is going to be increasingly important to our work for strategies okay so three important themes driving increasingly driving the global workforce AI and automation the skills gap and the rise of independent work lots of open-ended questions posed as a result of the trends lots of debate lots of discussion lots of subjective opinions being shared and um has instinct and gut driven as the next person however I know about you but when I'm in a meeting and we're having an important discussion and people start throwing around subjective opinions one of the first things I'll do is ask for the data and this is where we think LinkedIn can make a difference of course when it comes to LinkedIn it starts with our mission statement to connect the world's professionals to make them more productive and successful some of you may be asking has this mission changed in any way since the acquisition of LinkedIn by Microsoft we closed last December we haven't had a chance to get back together since then and I'm very happy to report absolutely nothing has changed with regard to our mission our independence and one of the reasons we are in such a strong position with regard to this mission is because of Microsoft's mission when Satya took over a CEO he worked with the executive team of Microsoft to restate and redraft their mission statement to empower every person in every organization on the planet to achieve more very similar to LinkedIn's mission statements slightly different wording and they certainly go about it in a different way through historically software and increasingly the cloud while LinkedIn has pursued a strategy oriented around our professional network but given the alignment between our sense of purpose Microsoft and LinkedIn we're now in a position to leverage Microsoft's global footprint of over a billion individual customers their incredible investment in advanced technology and the amazing talent they have within that organization to accelerate the realization of our mission and our vision and our vision remains to create economic opportunity for every member of the global workforce all three billion plus people in the global workforce as socio-economic stratification continues to widen we believe that this vision is more important than ever before how will we realize our vision how do we not effective it's through the development of the world's first economic graph an economic graph that will digitally map the global economy across six pillars or dimensions ultimately we're going to have a profile for every member of the global workforce a profile for every company in the world a digital representation for every available job made possible through those companies a digital representation for every skill required to obtain the jobs offered by those companies a profile for every higher educational organization vocational training facility or four-year university that enables people to acquire those skills and a publishing platform that enables every individual every company in every university to share their professionally relevant content if they're interested in doing so and then we expect and hope intellectual capital working capital and of course human capital will flow to where it can best be leveraged and in doing so the dream is that we can help lift and transform the global economy when we first rolled out this vision and narrative over five years ago it was just that a vision it was TrueNorth for us it was a dream but over time we've decided to operationalize it and since that time we've been making excellent progress across all of these dimensions you can see now we have signed up over half a billion people on LinkedIn nearly 20 million companies 11 million jobs 50,000 skills 29,000 schools and over a hundred and ninety billion updates viewed flowing through our system in just the last year alone how have we been able to scale this ecosystem well it starts with the investment that we make in our platform and in creating more and more engagement starting with the re-imagination of our mobile experience roughly two years ago that we announced for the first time at talent connect since that time we've also reimagined our desktop experience this was rolled out over the last year and now these two experiences these two channels are far more consistent and seamlessly oriented we also completely overhauled the way in which we develop these products through a new front end framework that enables us to simultaneously ship for both channels which accelerates our pace of innovation and as a result we've seen record traffic third levels of engagement as a matter of fact in 2017 we expect that we're gonna generate over 21 billion sessions or visits that's up 29% year over year which is an acceleration from the 25% we saw last year and that's off of a really large base so we're thrilled to see the progress that the platform has been making if we were to double-click on - this could show you a few of the specific areas where we're seeing the greatest progress and growth jobs would be a great example of that we're helping our members to find the right job is one of our singularly most important value propositions and we are now featuring jobs not only in the desktop experience but we've also created a tab in the mobile flagship experience which has really accelerated the growth of our active job seekers historically we were very focused on passive candidates open candidates now increasingly active job seekers your potential prospects we've also created a career hub within the profile experience this is one of the most important experiences throughout the LinkedIn ecosystem and as a result of this hub people can now ask for career advice they can ask for mentorship they can raise their hand as an open candidate who may be interested in work but aren't actively seeking it the byproduct of all of these advancements with regard to our jobs offerings is that jobs unique users are up 70% year-over-year which means far more relevant prospects for all of you another example of where we're generating greater engagement through investment and innovation is our feet how many folks in the audience have tried the LinkedIn feed within the last month or so raise your hands okay so this number continues to increase over time and it's in part due to the investment we're making in relevancy personalization the quality of comments the sense of community and some of the more specific areas we've invested in include storylines storylines our editorially curated packages that our editors work with our data scientists to showcase on LinkedIn because we think they're highly relevant for professionals and if you click on a storyline in the feed you get a package that aggregates stories across various publishers influencers and members and we've been having great success with this people talking about all the value-add there and if you're not on LinkedIn when these storylines are breaking we also have the ability to send out a daily rundown digest so you can see those stories via push mode of notifications or email and that has the benefit of bringing people back into LinkedIn in addition to innovations in the feed such as story lines we're also very excited about the progress we've been making on video extremely well received thus far by our members and whether its members or influencers Millennials or senior executives blue collar workers or white collar workers we've been blown away by the way in which our members are starting to innovate and create their own use cases but rather than tell you why don't I let them show you hello LinkedIn if you are in Texas if you've been displaced by the flooding need a job out of work and you have this particular skill set [Music] we are going to go over a topic that I think a lot of people here struggle with which use how the network when you are shy or introverted or you're maybe just not feeling it one of my biggest objectives with doing these videos is to be able to show people number one how big the HVAC industry is first off and she's a science which is really good so all right getting into the tutorial all you need is excel sheet [Music] [Music] so the net result of these investments in our feet and improving feed quality is that updates viewed are up 60% that's that 190 billion updates viewed number I talked about earlier so great to see such a large number growing so significantly if you're going to engage people on a consumer website or application day in and day out there's really two ways you can go about it one is through content like our feed the others through communications and a couple of years ago we completely overhauled communications on LinkedIn in our inbox which had grown highly antiquated I guess that would be a euphemistic way of putting it and replace that with a more modern messaging capability and we continue to build on that with a contextual overlay that enables you to easily access people you're interested in messaging across LinkedIn the rollout of active status so you can see when those people are actually on the site thus increasing the likelihood that they're going to be responding to you and quick replies which makes it much easier for people to get started with their messaging and as a result one of the most important numbers for all of you as recruiters in male response rates is up 45 percent year-over-year which we've been really excited to see okay so lots of engagement lots of innovation taking place and as a result we're seeing far more data flowing through our platform rich data valuable relevant data and as a result of that we're seeing far more valuable insights created a great example of that would be our monthly workforce report talking about key workforce trends on a local level across the United States and you can see all the pickup we're seeing from publishers and news outlets it's not just in the United States that this data is relevant increasingly we're seeing global organizations like the World Economic Forum the World Bank finding value in our data and how it helps them to better understand future trends so what does this mean for you at the onset of the presentation I talked about three trends and we identified a number of open-ended questions as a result of those three trends imagine a world where you had the data and you have the analytical tools to start to answer those questions and develop exactly the right workforce strategy for your organization imagine a world where you could identify the fastest growing skills within your company where demand is accelerating the fastest where there are potential skills gaps within your company and having the ability to develop the right recruiting and learning and development strategies to close those gaps imagine a world where you could compare the skills of your organization to that of the competition's to be able to identify potential competitive advantages and disadvantages imagine a world where once you identify that kind of talent and skills you need to take advantage of future opportunities you could key in on specific cities on a global basis that have a surplus of that talent and revives and refine your global workforce strategy accordingly to take advantage of these surpluses imagine a world where once you identify your hiring needs you can start to pinpoint the talent pool available to enable you to fulfill those needs imagine a world where once you identify the right prospect you're able to better understand how they're interested in working for your organization through contract work independent work or full time and when all of these building blocks are in place imagine a world where you can measure the effectiveness of your workforce strategy by evaluating talent inflows and outflows relative to your competition you won't need to imagine any longer because the next era of talent is here the era of talent intelligence you have incredible instincts that go beyond tiring [Music] while instincts alone are strong they're not enough to get you where you want to go insights help you close the gap when's the right time to reach out how do I craft the perfect message and know who is likely to respond as my industry gaining or losing can I predict competitive hiring drugs where should we open our next office are our compensation packages competitive who our turnover risks how do we prevent them how to skill gender and race makeup all works the combination of your instincts and our insights help you reimagine the future of your company and your role in it this is talent intelligence [Music]

Channel: LinkedIn Talent Solutions

Views: 22,271

Keywords: #LinkedIn, #hiring, #recruiting, #futureofhiring

Id: Z16gb8H0Z8E

Length: 22min 56sec (1376 seconds)

Published: Wed Oct 04 2017