In the wake of COVID-19 and rising interest rates, the 2023 job market changed for businesses worldwide, leading to challenges in their recruitment processes - including a more competitive labor market, difficulties in attracting and retaining talent, and higher turnover costs.
As we move forward, it is important to start identifying recruitment trends so that businesses can adjust their hiring strategies to ensure a successful 2024. This article highlights seven recruitment trends organizations should implement to be an employer of choice who can attract and retain the best talent in what is expected to be a tough labor market.
The trend of remote and hybrid work settings became very popular between 2020 through 2022. However, due to concerns regarding productivity, collaboration, and impact on company culture, large corporations such as Google, X, Apple, and Meta are now actively recalling their employees back to the office. This shift represents a strategic move by these companies to address the challenges associated with remote work and prioritize in-person collaboration to enhance team dynamics.
However, a recent survey conducted by Monster found that approximately 41% of workers would rather leave their jobs than return to the office full-time. Although remote job opportunities have become more challenging to find, they are still present in mid-sized and small companies.
Did you know that according to a recent LinkedIn survey, 84% of recruiters believe that it is now crucial to engage passive candidates to bring top talent into the hiring process? In fact, in 2024, proactively reaching out to candidates who are not actively seeking job opportunities will be a key performance differentiator. This strategy can grow your hiring pipeline and ultimately build connections with potential candidates who can make a significant contribution to an organization’s success. As competition for top talent continues to increase, the ability to engage and attract passive candidates has become a crucial element in the recruitment process.
In 2024, you can significantly reduce the cost and time it takes to hire a new employee by utilizing recruitment tools, automation, and outsourcing to recruitment companies. Did you know that, on average, recruiters spend $4,000 and 24 days to hire a new employee?
By implementing recruitment automation solutions, you can easily scan resumes, manage candidate and client pipelines, post jobs on multiple job boards, and more. This will not only save you time and money but also help you find the best candidates for the job.
As we enter 2024, diversity and inclusive efforts are being challenged. Where some companies are responding by cutting efforts due to pressures, budget cuts, and the economy, multiple Fortune 500 leaders are reexamining their efforts and making diversity a core part of their business model.
We believe that this is a great opportunity for organizations to embrace the richness of cultures, beliefs, and perspectives in the hiring pool. By expanding hiring searches to include candidates of various experiences, races, ethnicities, orientations, and backgrounds, companies can improve innovation, growth, and creative problem-solving, and unlock new market opportunities.
When hiring or keeping high-level employees, salary is undoubtedly important, but it's not the only factor affecting their ability to progress in the company. According to employees, other factors such as mentorship, developmental opportunities, mental health support, and a sense of connection with their colleagues and the organization play a crucial role in job retention, satisfaction, and overall engagement. By focusing on these aspects of the work environment and building better employer branding around them, companies can expect to see a higher level of employee engagement and retention.
A survey conducted by Monster revealed that 98% of employees who were surveyed support the idea of employers disclosing the salary ranges in job postings. In addition, 53% of employees would not apply for a job that does not disclose pay scales.
The majority of employees believe that recent laws on salary disclosure will have a positive impact on the current work environment. Pay transparency is directly linked to reducing racial and gender pay inequality.
It is predicted that by early 2024, Gen Z will make up a larger share of the full-time workforce than Baby Boomers. Currently, Millennials and Gen X constitute the majority of the full-time workforce; however, preparing for this newest generation will be critical to recruiting them effectively.
Recruiters must adapt their strategies and campaigns to target the younger generations. For instance, Gen Z values creating deep community connections, expressing their concerns and opinions, having transparent and responsive leadership, as well as promoting diversity and inclusion in the workplace. Understanding their motivations and interests will enable you to build an effective talent strategy.
As we enter the New Year, Kinsley Sarn encourages you to proactively embrace the evolving workplace in 2024. Invest the time to gain insights into new processes and technology, and explore innovative ways to seamlessly integrate them into your recruitment strategies. If you would like our support with your recruitment challenges in 2024, please contact us.
Want to learn more ways to develop and support your company and employees? Check out our free-to-download exclusive whitepapers. Crafted by our team of professionals, these publications offer valuable information to help you transform your business. Click the button below to browse our whitepapers.
