Talent insights from an ex submarine officer. In today’s episode Judith Germain speaks to Cary Sparrow about how companies can win the war for talent using new sources of labour market intelligence. Cary Sparrow shares that he was previously a submarine officer in the U.S. Navy, and he has carried the leadership and accountability lessons he learned in the military throughout his career.
He now runs a company called Wagescape that collects and provides data on the labour market to help individuals and organisations make more informed decisions.
You can listen to Episode 485 on any of the popular podcast platforms or apps (including Spotify, and Audible). If you prefer to listen to your browser you can do that below. Enjoy!
Key Takeaways
- The “war for talent” now focuses on both attraction and retention, with companies competing locally and using precise data-driven approaches
- New labour market intelligence tools provide granular insights on wages, skills, and hiring trends, enabling better talent decisions
- AI is impacting job seeking and recruiting, but requires caution due to potential inaccuracies in generated information
Topics
Cary Sparrow’s Background
- Former submarine officer in the U.S. Navy (30 years ago)
- Currently CEO of WageScape, a company providing global labour market data and intelligence
- WageScape tracks ~80% of new U.S. jobs daily and has expanded to over 200 countries
Evolution of the War for Talent
- Post-pandemic shift: Focus expanded from attraction to retention
- Increased wage transparency empowered employees
- Pay became a primary driver for job changes, contrary to previous beliefs
- Competition for talent now highly localised, requiring specific market intelligence
New Approaches to Talent Acquisition and Retention
- Companies investing in talent analytics and recruiting analytics teams
- Shift from anecdotal to data-driven decision-making
- Increased precision in assessing talent needs and market positioning
- Growing use of AI and data tools for talent-related insights
Impact of Remote Work on Labour Markets
- Remote job listings increased from <5% pre-2020 to 40% during pandemic peak, now ~20-25%
- Challenged traditional geographic pay differentials
- Companies adapting pay structures for remote/hybrid work environments
Labour Market Intelligence Advancements
- Historical lack of precise wage data (often +/- 20% ranges)
- New tools provide granular insights on pay, skills, and hiring trends
- Companies creating dedicated labour market data teams and data purchasing roles
- Increased focus on curating data as an asset and measuring ROI
AI’s Impact on Job Seeking and Recruiting
- AI facilitates quick answers but often with low accuracy
- Creates “noise” in job markets (e.g., mass-generated resumes and outreach)
- Emerging trend of “back-to-basics” approach focusing on relationships and company attractiveness
In this conversation, cautions that while AI can provide quick answers, those answers are often inaccurate when it comes to the labor market. He emphasises the importance of doing thorough research and building relationships, rather than relying solely on AI-powered tools that can generate misleading information.
Cary Sparrow is paving the way for HR professionals and consulting firms to predict the future of wage pay.
Cary’s website is here. You can find him on LinkedIn here.
How Influential Are you? Decode your leadership influence here.
Maverick leadership is all about thinking outside the box and challenging the status quo. It’s about having the courage to take risks and the confidence to lead in a way that is authentic and genuine.
But amplifying your influence as a leader isn’t just about having a strong vision or a big personality. It’s also about having the right leadership capability and being able to execute on your ideas and plans.
The consequences of not having the right level of influence as a leader can be significant. Without the ability to inspire and motivate others, you may struggle to achieve your goals and make a real impact.
