Is China inc.’s Electric Car investments signaling an opportunity for the sharing economy..China continues to drive forward on the electric vehicle sector but what’s the bigger prize? Perhaps its street curb electricity? Perhaps Uber owners will be able to cash in on home delivery charging needs?
Tencent recently bought 5% of Tesla and now Geely has bought 10 per cent of Mercedes-Benz indeed another China Tech Giant Baidu makes continued investment in AI car automation software for next generation vehicles, so it is not too difficult to see how investments by China tech inc. are being made in to this near future market.
With the challenge of infrastructure, where all markets face charging service needs, needs that are currently under supplied, perhaps this is what makes Geely’s investment in Daimler very shrewd because Daimler ( Mercedes- Benz owner) are working to build a new recharge system. A system that enables truck delivery vehicles to operate more effectively; indeed when you consider how rapid growth for online shopping is stretching capacity of home delivery, a delivery service that is increasingly restricted by legislation banning diesel trucks from town centres and beyond its not too difficult to imagine why US companies like UPS are aligning with Workinghouse to build their own fleet of electric vehicles in the USA and that ever important charging network.
So the whilst the sexy end products of a Tesla roadster may catch your eye as an investor or consumer perhaps it is the fuel for the electric vehicles that maybe more alluring as a near future investment purchase.. Perhaps the sharing economy opportunity is for home owners to become the new electric stations of tomorrow; a recent article shared how in London an average home struggled to have the right 3 phase electricity to build a fast enough charging hub for an owners car making their recharge overnight almost impossible for their daily commute. So the express charger station owner ‘New Street’ may be the next investment for China Inc, maybe the next purchase by China inc is one house per block with curb side charging rights?
Maybe Uber will Trump the moment with owners offering free rides whilst you charge your car at their base station, Uber certainly has the network to rapidly respond to urban charging demands; perhaps Uber will provide off grid charging opportunities with Solar tech from companies like Envision
Whatever the investment opportunity it is fascinating to watch this new marketplace evolve.. What’s you POV; what do you think will be the main issues facing electric vehicles in the next 3 years?
likes in social media are a fail, one more choice would make them a success what do you think?
Whats in a like, a complete fail to understand my desire to see other points of view …
That’s because what I like effects my news feed from social media; so what that means is i see the world in a bubble (I only see articles that align to what i already think) and i assume that what i think is what everyone else thinks.
Filter bubbles result from personalized searches when a website algorithm selectively guesses what information a user would like to see based on information about the user (such as location, past click-behavior and search history). As a result, users become separated from information that disagrees with their viewpoints, effectively isolating them in their own cultural or ideological bubbles .  The choices made by these algorithms are not transparent. Prime examples include Google Personalized Search results and Facebook ‘s personalized news-stream . source Wiki
What if I don’t like it, but i am interested in it; the diverse view point, what if i want to see more on that diverse view that i don’t like?, if i only had one more option.
Please share if you would like one more button in the comments section and what that button would be: e.g. more, happy, interesting, rubbish but tell me more etc..
Diversity happens when we consider different views:
If Italy Ran you catering department would you stay for lunch and share ideas @ Work.
Imagine if your Airforce were consulted on how to overcome fear and create precision for your sales team
Diversity is about seeing transferable brilliance.
HR are responsible for Recruiting Diversity, but if they are not diverse in their thinking how can they be creative?
Diversity happens when you employ beyond the norms of conventional wisdom
Fun & creativity are key to Innovation, my company challenges conventional thinking, my company employs people like Varik who open opportunities for companies to think differently.
Diversity programs have been around for decades, but most companies still don’t have a highly inclusive workplace. Our research shows that companies want to shift from diversity as a program to diversity and inclusion as a business strategy. But nearly one-third of companies in the global survey say they are unprepared in this area, while only 19% claim to be fully ready. Deloitte Consulting link
How does your company consider diversity? is it more than the importance of Gender, is it open to military hire, does it consider transferable skills and does it let other cultures bring vitality to boardroom? it would be great to hear your thoughts on culture,engagement and diversity, or just add a line on who you would have running what in the comments, just for fun…
Typically, the cost per hire is calculated by this formula:
“Cost per hire – HR budget/amount of hires”
Because of this simple formula ,HR struggle to share the real picture of hiring costs with CFOs and CEOS, and so struggle to gain investment for innovation that could reduce cost and increase revenue. With some insight HR can change the obvious formula and help the CFO gain insight into the three of the large costs of hiring talent:
“Direct cost, Attrition cost & Opportunity cost”
Direct hiring costs:
A simple time process for hiring talent is as follows:
“If HR spends this long with every hire, their focus will, by necessity and limits to their scale, remain largely operational. HR practitioners that aspire to contributing in a more strategic, impactful fashion will first need to adopt latest-generation HR systems that automate, simplify and optimize these operational HR functions, and only then will they gain the time required to commence strategically managing and optimizing the organisation’s workforce.” says John F Hansen, Oracle’s Vice President for Human Capital Management in JAPAC.
Attrition is often a hidden cost of recruitment; typically in the first 3mths, where no real return on labor has been seen, because of onboarding costs, there is often a spike, this spike is because of poor expectation management; office facilities, job requirements, managers leadership style etc. Solving attrition in the first three months is typically addressed by better expectation management, particularly with labor intensive jobs; showing potential candidates the work environment the repetitive tasks required etc, may lead to some heading for the door, but what remains will probably be more loyal.
Are typically never measured as it requires data from the workforce planning tools, that HR seldom have, in order to consider productivity shortfalls, revenue at Risk, and what if modelling on what if we had 5 more sales people could we have sold x more product? Or if we had 5 more product development people we could have created a new market of x etc.
Candidate engagement, set the right expectation, job advert at interview, if there is something not great about your job or it is cited as a reason why people leave the company then share this in detail at interview.
Shakun Khana HCM Strategy & Transformation Oracle HCM India “India has a significantly high rate of offer to no show ratio, when it comes to hiring,it is event seen at senior levels. A failing point could be attributed to the levels of candidate engagement created during the recruitment & selection process. Organizations need to leverage analytics to understand the drivers of candidate engagement; this will have a significant bearing on the joining ratios and improve the employer branding in the long run”
Build a company brand that is consistent and can be shared by word of mouth so that your employees, who are your biggest ambassador workforce can share your key messages of opportunity. Under pin this with a well-structured referral fee that is paid only upon the completion of 12 mths service by the referred employee.
“Employee branding used to create referral fees has been a dramatic saving opportunity for my customers both past and present”
Just in Time Hiring
By using a CRM toolkit in your HR delivery you can keep track of and engaged with the 2nd or 3rd choice candidates you would have hired but you only needed one on the day, by keeping in close communication with them through a structured plan you can reduce time to hire by one week, and the direct hiring costs to a relative 0.
Pramod Sadarjoshi HCM Strategy & Transformation APAC Oracle, says:
“The concept of TOTAL COST of TALENT OWNERSHIP (TCTO) is important and hence needs to be addressed head-on – with speed and granularity. Consider: LinkedIn Talent Solutions Global Recruiting Trends 2016)”:
In 2016, while the ‘Hiring Volume Increase was 62%, the corresponding ‘Hiring Budget Increase’ was only 42%. This imperative puts immense demands of the entire Hiring process to be very effective with regard to all three dimensions i.e.
a) 59% of the companies (surveyed) are investing more in their ‘Employer Brand’, than last year.
b) 39% of the employers value ‘Quality of Hire’ as the most important metric of performance of TA function.
c) 32% of the companies opined that Employee Retention’ was top priority.
d) 36% companies felt that ‘Employee Referrals’ will be a long-lasting trend.
“All this makes a compelling case for a proactive Talent Sourcing capability in HR, in order to reduce cost per hire and lower attrition rates.”
LinkedIn & Naukri are incredible aggregation of talent (boards/sites). After you build your initial catch of talent using these cost required boards transition your new catch to your own Candidate Relationship Management tool because you can then engage at a more impactful rate; as Pramod suggests using proactive sourcing capability.
It doesn’t have to be complicated, you don’t have to be an expert in excel, indeed Oracle Applications will take care of a lot of the work for you, because we work with CFOs to create models that show workforce planning associated costs and benefits to get ahead of hiring demand, so you can plan progressive engagement.
Murali Manohar HCM Transformation Country Leader India “We work closely with our HR customers to provide insights on how savings can be achieved through what if scenarios builds,”
Saving costs in recruitment requires understanding and documentation of your workflow and some data points, at Oracle we are happy to help you with this consideration and help. For more information on joining our next free of charge event please contact firstname.lastname@example.org.
This Article was co-authored by Mark Wadsley HCM APAC and all contributors.
‘Engaging their workforce as a customer could be the solution:
Reputation challenges in engagement with local communities are very real concerns for Human Resources in Banking, with recent events in the USA and India banking reputation is at an increasing low: As the ‘sub-prime crisis’ of 2007 transitioned to the ‘credit crunch’, then eventually the full-blown ‘Global Financial Crisis’ (GFC) of late-2008 (1), every aspect and detail of the financial services industry was called into question. It is clear, eight years later, that the banking sector is still recovering and managing the fallout from the GFC. Unsurprisingly, this is impacting the way that banks go to market, the strategies enacted to rebuild their brand, and the perception of these endeavors in the wider community.
“The most effective HR Leaders in the Financial Services Industry will construct workplaces with superb leaders, who in turn create an internal culture of engagement and inclusion that produces performance and innovation, while enabling meaningful external engagement with their broader community in which they operate”
says John F Hansen, Oracle’s Vice President for Human Capital Management in JAPAC.
Sourcing the talent to reinforce and enrich your corporate brand
As is increasingly the case across all industries & sectors, people are at the heart of corporate endeavors that look to establish an explicit, transparent & easily relatable corporate brand to the community. An organizations workforce, managers and leaders are the public face, and primary mechanism, for building (and sometimes re-building) the values and brand of their employer. This means that, in the Financial Services industry, HR executives, and the broader HR function in each organization, will need to play a lead role in the re-establishment of banking institutions as responsible, non-discriminatory, trustworthy and valued contributors to our society.
“Banking is an industry which runs on trust and reputation. For customers to have confidence in this industry, banks need sound HR practices aligned with their business strategy, and staff who are both highly-skilled and display impeccable ethics and integrity”
says Balaji Kalyanasundaram, Global Client Advisor for Oracle’s Financial Services customers India
A key responsibility is therefore the attraction of talent into the financial services industry that will display these skills, ethics and integrity traits. So what channels will be most effective for showcasing your corporate brand, and identifying and attracting this talent pool? Traditionally, the corporate website may have been a primary indicator/communicator of an organizations’ brand, but research by CEB (2) indicates only 20% of candidates base their decision to apply for a role on this source.
“Today’s high achievers routinely bypass company websites” notes Bertrand Dussert from Oracle’s HR Transformation practice, and have turned to new and more contemporary sources of brand intelligence such as “the insights of current and former employees available via professional and personal social networks” (3).
Engaging with your current workforce and or community using digital social channels is a must, so upgrading the HR skill set, to understand how to engage, utilizing digital marketing with talent is key for the future success.
“ Modern HR should apply the same principles as Modern Marketers in understanding the digital body language of talent they’d like to recruit and engage accordingly”
recommended Wendy Hogan, Marketing Transformation & Strategy Director, Oracle Customer Experience APAC.
Given that Social Sourcing and Employee Referrals are regarded as the most effective sourcing method for new talent, Oracle has developed five strategies for sourcing the talent needed to bring your corporate brand to life:
- Treat Employees like your Customer, because the talent war today is for mind-share, heart-share and loyalty.
- Create Brand Ambassadors within your own workforce, and leverage their network connections and influence so you deliver Person 2 Person Marketing.
- Consistently Brand and show all your stakeholders, not just customers or employees a service of integrity.
- Identify Communities (social networks) to target for your social sourcing activities.
- Collaborate with Marketing for help with communications, they are working on community engagement and branding consistency as well!
Your leadership need to reflect your community for sincere engagement.
Diversity is a key driver in HR community engagement strategy; in particular this is prevalent for the recruiting of talent by advanced innovative Financial Services firms:
‘ Engaging with the external community you do business with is a key aspect of banking. So having a diverse workforce, with similar diversity in its leadership ranks & that reflects the community it serves, continues to be a driver in the Australian banking sector, and must form part of any workforce strategy’
says Liam Murray, Key Account Director for Financial Services in Oracle.
Ensure the right engagement messaging reflects your changing audience
The Financial services talent pool have many choices for the future, from Fin-tech to crowd companies, to even the way they are employed; indeed the Gig Economy is increasingly attractive for self motivated, highly skilled & innovative individuals who want to be involved in exciting projects; with freedom for flexibility & avoid the treadmill of the corporate ladder cited as some of the key reasons for being a freelancer; this highly selective, highly capable talent make decisions based on your companies engagement and reputation. This is a workforce that HR need to consider in these demanding times of talent short markets, where commercial agility is a must and where long term exposure to full time employees is being questioned.
“The U.S. freelance workforce grew by 2 million since 2014 and I believe it will continue to grow.” As the millennial generation becomes a larger share of our workforce their higher tendencies towards freelancing and entrepreneurial-ism will redefine our workforce and how companies have to engage.”
Before, during and after the employment of talent from the extended community, it is increasingly apparent, that the engagement practices of particularly the banking sector are critically being focused on more than fiscal reward; it is about creating a ‘joyful experience’, an engagement experience owned by HR custodians, who manage the ‘Human Risk’ for their firms.
‘Creating a joyful experience is a driver for some of our award winning innovative Financial Services Customers’, says Matt Tesseyman Key account Director Oracle Financial Services, ‘Indeed Employee engagement is considered a Key Performance Indicator of success in one of my pioneering customers’
At Oracle, we believe this continuous practice of engagement with both internal and external communities requires significant investment of HR’s time and analysis. We are partnering with our Financial Services customers across the globe to leverage Oracle HCM Cloud to support the transformation of their Human Resources strategy, and as a platform to drive engagement, collaboration, innovation for high-performance workforce’s’.
If you would like to have an advisory consultation or attend our next HR Financial Services Event in APAC please contact Mark Wadsley.
1. Gittins, Ross “The Global Financial Crisis and Its Effect on Australia” March 19, 2009 http://www.rossgittins.com/2009/03/global-financial-crisis-and-its-effect.html
2. Harding, Emily “Introducing the 2014 Employment Branding Effectiveness Survey” November 11, 2013 CEB Global https://www.cebglobal.com/blogs/introducing-the-2014-employment-branding-effectiveness-survey/
3. Dussert, Bertrand “The Big Reveal: HR In The Age Of Transparency” March 18, 2015 https://blogs.oracle.com/oraclehcm/the-big-reveal:-hr-in-the-age-of-transparency
4. Oracle Voice “5 Ways HR Leaders Can Win Talent Through Branding” October 2, 2015 https://blogs.oracle.com/oraclehcm/5-ways-hr-leaders-can-win-talent-through-branding
5. FINTECH WEEKLY “Fintech Definition”, 2016 https://www.fintechweekly.com/fintech-definition
Tackling mining sector challenges with innovative HR strategies
Throughout the world, mining companies are battling a range of forces that are reshaping the sector and require a new approach to management. Some are similar to all industries some have unique characteristics.
In an environment of change; Fluctuating demand and commodity prices, heightened stakeholder expectations, and the ongoing need to maximize productivity and profitability mean companies are faced with some difficult decisions similar to many industries.People strategies figure heavily in this landscape, as work-forces become increasingly specialized and feel the pressures of global human capital trends.
As a result, there is a heavy responsibility on HR professionals. They are tasked with developing strategies that ensure companies retain the talent they require while also recognizing the realities of shifting market conditions.
“The most effective HR leaders in the mining Industry are those who balance the need for labor force specialization and elasticity with the constant drive toward increased productivity and innovation,”
says John F Hansen, Oracle’s Vice President for Human Capital Management in JAPAC.
It’s clear that the HR strategy for a mining company must reflect the future landscape of the industry, and an increasingly important factor is automation. During the next few years, increasingly intelligent machines will redefine the need for human intervention. This trend is seen as both a blessing and a curse. It’s a blessing for those who focus on the potential improvement it will offer when it comes to the mental and physical health status of the workforce.
- It will allow labor to shift from dull, dangerous and dirty tasks to supervising such machines and processes from an office.
- On the other hand it is seen as a curse for those who now contemplate an uncertain career where men and women are replaced by the machines.
“[Mining automation] is far more than advancement of the enabling technologies or availability of automation solutions in the marketplace,” says Mehran Motamed, Chief Executive Officer of RIGID ROBOTICS. “For mining companies, it is an organisational change with people at its core.”
Selling an uncertain career
The overall contraction of the mining industry has been reducing employment demand for some years. Employment contracted by 7 per cent in 2014-15 (4)and this decline was observed across most functions of the sector.
“Motivating graduates to undertake geoscience degrees in an industry where long-term employment is becoming questionable may be a hard challenge for a mining HR manager to face,” says Eric Anderson, Oracle HCM Mining Solutions Perth
Certainly the challenge is on for talent acquisition leaders in the mining and exploration industries who may have to look to the gig economy for solutions on contracting talent,
Tackling mental health issues
Another issue for HR professionals is staff mental health. The Australian mining industry provides employment for more than 170,000 people1 and, while the industry presents attractive financial incentives, the work is most often carried out in remote locations, and is both time-intensive and physically challenging. This environment has led to a particularly high prevalence of mental health issues.
“More than one in five Australian mining industry workers has experienced mental health conditions such as depression or anxiety in the past 12 months,” says beyondblue Chairman Jeff Kennett. “But sadly, too many workplaces still do not realise the importance of their employees’ mental health.”2
According to research undertaken by PWC in conjunction with beyondblue, these mental health conditions may manifest themselves as absenteeism, reduced productivity and compensation claims.3
Of the various strategies that can be adopted to address both these issues, there are a range of actions that can be supported by the latest generation of HRM technology. Examples include the introduction of worksite physical activity programs, and coaching and mentoring programs used to create a deeper connection between workers. This, in turn, can help to address the effects of isolation, stress, long hours and the general impacts of a Fly-in Fly-out (FiFo) work structure.
To support this process, Oracle has introduced a new class of HR solutions. Called Work/Life Applications, they provide tools to manage physical and mental wellbeing, as well as the social connections and activities of the workforce.
“These solutions can be used to help employees manage the intersection of their work and personal lives,” says Oracle’s John F Hansen.
The good news is that investments in workplace mental health programs will not only produce a more engaged, productive workforce (the foundations of innovation), but the return on investment for these programs in the mining industry is the highest across all industries. Research suggests an average return of $5.70 for every $1 invested 3.
- Australian Bureau of Statistics, 8415.0 – Mining Operations, Australia, 2014-15, http://www.abs.gov.au/ausstats/abs@.nsf/mf/8415.0
- Heads up, “The challenge of mental health in the mining industry”, 13 October 2014, https://www.headsup.org.au/news/2014/10/13/the-challenge-of-mental-health-in-the-mining-industry
- PricewaterhouseCoopers, “Creating a mentally healthy workplace: Return on investment analysis”, 2014 https://www.headsup.org.au/docs/default-source/resources/beyondblue_workplaceroi_finalreport_may-2014.pdf?sfvrsn=6
4.Australian Bureau of statisticshttp://www.abs.gov.au/AUSSTATS/abs@.nsf/mf/8155.0