2024 Recruiting Trends: What's Changing in Hiring Strategies?

Recruitment Trends of 2023

• 2023 brought unexpected twists and valuable lessons with economic uncertainties playing a key role in impacting the hiring landscape.

• The pandemic's aftermath manifested in labor shortages, talent recognition, and signs of another recession.

• Three notable shifts emerged in hiring strategies: focus on Talent driving Roi, stricter return to office policies, and power shift from employees to employers.

• Demand increased for positions like Chief Revenue Officers (CROs) and Chief Operating Officers (COOs), while remote and hybrid work gained traction.

• The job market tilted in favor of employers, leading to more selective hiring decisions and posing a challenge for job seekers.

• As we head into 2023, offering flexible work options remains crucial for attracting top talent, and remote work is likely to remain standard in the coming year.

Recruitment Trends of 2023

Recruitment Trends Shaping 2024

• Three key tech trends, AI, Automation, and Virtual Recruiting, will have a significant impact on recruitment in 2024. AI tools such as sniper AI and glider AI are being used for resume screening, predictive analytics, and chat bots, enhancing talent acquisition across the board.

• Automation is becoming more strategic, with increased reliance on automation to simplify repetitive tasks and minimize administrative work. Companies are leveraging automation tools to improve efficiency, shorten the time from job opening to acceptance, and streamline recruitment processes.

• Approximately 70% of companies are embracing virtual recruiting, and around 61% foresee video interviews becoming the default. Creative solutions, such as mobile-enabled approaches, are being used to convey company culture and maintain personal interactions in a virtual landscape.

• The demand for recruiting roles is on the rise, with a 63% growth from 2016 to 2019. There is a growing emphasis on skills linked to decision-making and HR strategy, highlighting the industry's vitality and the need for a proactive strategic approach to navigating the evolving job market. Engaging passive candidates early on is becoming crucial, even for lower or middle-level roles.

Recruitment Trends Shaping 2024

The Shaping of Candidate Experience Landscape

• Recruitment is undergoing a significant shift with the entry of Generation Z into the workforce, bringing a new vibe and transforming entry-level roles.

• Recruiters are gearing up for speed, automation, and mobile-friendly applications to engage candidates throughout the hiring process, especially with the resurgence of job seekers post-pandemic.

• Job seekers are prioritizing competitive compensation that can combat inflation, leading to increased negotiation between candidates and recruiters. Benefits have also expanded to include retirement support, work-life balance, and extra perks as part of a comprehensive package.

• Mental health has become a focal point, with candidates inquiring about it and employers stepping up with programs, discounted mental health apps, and lower co-pays.

• Technology, including candidate managing software and AI, is streamlining tasks for recruiters, making the hiring process more efficient.

• Virtual job fairs and recruitment events have gained prominence, replacing traditional job fairs, with webinars becoming a key platform for creating brand awareness and reaching potential candidates.

• Diversity, equity, and inclusion (DEI) remain critical in recruitment, with companies setting specific diversity goals, especially in race, ethnicity, and gender hiring. There is a growing commitment to DEI initiatives, with a predicted rise in the use of diversity metrics in recruitment.

The Shaping of Candidate Experience Landscape

Work Trends in 2024

• In 2024, organizations are likely to prioritize ethical AI practices, diversity in Tech teams, and compliance with anti-discrimination laws in the workplace.

• Remote work, once a response to the pandemic, is now routine for many employees. While it offers potential cost savings, challenges persist, and major companies are committing to permanent remote work programs, expecting to tap into hiring pools globally in 2024.

• The hybrid workplace model, which gained traction post-pandemic, might decline. Recent data shows only a 1% growth in flexible work in 2023, with concerns about productivity and collaboration prompting some companies to recall employees to the office.

• Regulatory complexities arise with different countries defining and regulating remote work, creating legal challenges for multinational companies. The UK is introducing the Employment Relations Flexible Working Act in 2024, allowing employees to request work pattern changes twice a year, while the US lacks specific laws on remote work, relying on the Telework Enhancement Act of 2010.

• Employers need to scrutinize jurisdictional nuances and ensure a safe environment for remote employees. Recruiters must adapt by understanding and complying with company and government remote work policies, staying informed about evolving regulations, and establishing clear remote work policies to communicate expectations, set boundaries, and avoid misunderstandings.

Work Trends in 2024

Adapting Hiring Strategies for Remote Work

• Adapting hiring strategies to assess suitability for remote work is vital.

• Evaluating communication skills, self-motivation, and virtual collaboration abilities ensures a positive, inclusive work environment by aligning recruitment processes with remote work trends. Recruiters can attract top talent while ensuring compliance and fostering a successful remote work environment.

• Industry-specific insights show that recruitment trends in 2024 have been significantly influenced by the healthcare and technology industries. Despite a modest 2% uptick in tech salaries last year, the appetite for top-tier talent remains unwavering.

Adapting Hiring Strategies for Remote Work

Conclusion:

As the workforce embraces new technology and priorities, recruiters must adapt their strategies to attract top talent and navigate the evolving job market. Stay updated on the latest trends to ensure a successful recruitment approach in 2024.