Top recruiting and hiring trends to watch in 2024
Global Hiring
Author
Laura Bohrer
Date published
January 10, 2024
Intense competition for talent, growing employee expectations regarding mental and financial wellbeing, and an increasing demand for diversity and bias-free workplaces will continue to put companies to the test in 2024.
Hiring and recruiting trends reflect the current state of the labor market, ongoing changes in society, and emerging technological advances. Keeping up with the latest trends in recruitment is crucial for businesses to remain competitive and ensure that they will be able to cover their hiring needs both in the short and long term.
What is the future of recruiting in 2024? What are the latest developments hiring managers and recruiters need to be aware of? What are the new trends in recruitment in 2024?
Rethinking the use of AI and automation in the candidate selection process
Artificial intelligence was already among last year’s top trends in hiring and recruiting, and it is set to grow in popularity in 2024. There are many different ways AI can be used to automate tasks and make hiring and recruiting processes more efficient. For instance, generative AI can provide assistance in writing job descriptions, while virtual recruiting and hiring assistants can be used for scheduling job interviews and automating communication with candidates.
However, 2024 could also bring some changes in the way businesses leverage automation and technology in hiring and recruiting. As examples from large organizations like Amazon show, relying purely on automation and AI in the candidate selection process can lead to unintentional bias and other problems.
The implementation of such technologies should therefore be thought through carefully. Not only to avoid unintentional bias that could jeopardize the diversity of the workforce, but also to ensure that hiring won’t lose its human touch. Finding the right balance between automation technologies and human intervention is a key challenge recruiters will have to overcome in 2024.
Hiring internally for open positions
The 2021 Randstad RiseSmart’s Career Mobility Outlook survey revealed that 87% of employers believe that at least 10% of their open positions can be filled through internal mobility. In the current economic climate that is marked by intense talent competition, improving internal mobility is likely to be a key priority in hiring and recruiting.
For one thing, hiring internally for open positions reduces the time and effort that would otherwise be spent on attracting external talent. For another thing, offering existing employees more opportunities for role changes and career advancement enhances employee retention and can therefore be a real game changer in the current war for talent.
Of course, prioritizing internal mobility goes hand in hand with upskilling and reskilling initiatives, which is yet another area businesses should focus on in 2024.
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Early career hiring and proactive candidate engagement
The larger the talent pool, the easier it is for businesses to fill their open positions. One strategy to grow their candidate network is to widen the age range of potential job applicants. This can be achieved through early career hiring.
Early career hiring offers companies several benefits. Not only is it a great option for reaching a larger network of candidates, but it also allows businesses to save costs, since salaries for entry-level positions are considerably lower than those for high-level positions. Also, businesses who work with a large pool of candidates from different age groups will find it easier to increase the diversity of their workforce.
Another hiring trend that is on the horizon for 2024 is an increased focus on proactive candidate engagement. Proactive recruitment means sourcing and engaging candidates before there is an actual hiring need. While proactive recruiting strategies were traditionally reserved for high-level positions, 2024 could see a surge in proactive recruiting practices for entry-level positions.
Filling positions with ex-employees
It’s not uncommon for line managers or supervisors to take the resignation of one of their team members personally and close the door for good when the employee leaves. In 2024, however, this mindset will need to change.
Instead of resenting employees for leaving the company, managers should make an effort to encourage employees to come back if their new position doesn’t meet their expectations. Parting on good terms leaves the door open for reaching out again to former employees when new positions become available.
Filling positions with ex-employees who already know the company can significantly reduce training and onboarding costs. Also, boomerang employees typically find it much easier to settle into a new role and achieve a good productivity level in a very short time.
Offering more attractive benefits packages
Offering a standard benefits package won’t be enough for attracting top talent in 2024. Today’s employees want more from their benefits packages than just some nice-to-have perks. Instead, employers need to create compelling benefits packages that cater to the increasing demand for better work-life balance and financial security.
Improving employee mental health is also gaining in importance as mental health topics continue to shake off the stigma they have long been subjected to. Integrating mental health programs and related initiatives into employee benefits packages offers advantages for both employees and employers. Reduced absence times due to depression, burnout and other mental health issues will boost productivity, while the overall employee wellbeing will increase, making for happier employees.
Making talent acquisition more data-driven
There are several trends in talent acquisition (TA) that hiring managers and recruiters should be aware of in 2024, one of them being a stronger focus on making TA more data-driven. The new year could see an increase in the use of analytics and data insights for attracting new talent.
Insights into growth metrics, acceptance rates, candidate feedback, and cost per hire can help businesses streamline their talent acquisition efforts and make much needed improvements in critical areas to continue to attract top talent.
Businesses that know how to leverage the potential of HR and people analytics will be at an advantage, while those who fail to make their talent acquisition more data-driven and strategic risk falling behind.
Other HR trends impacting hiring and recruiting in 2024
A major trend that is marking the HR landscape in 2024 is the switch from fully remote to back to the office. While the planned return to the office is definitely set to cause disgruntlement among employees, it is also expected to have a negative impact on talent acquisition and hiring. Remote work continues to be a popular benefit among employees, and taking this benefit away could considerably reduce an organization’s attractiveness as an employer.
Another development recruiters and hiring managers need to react to is the problem of an aging population. The labor force might be growing, but the effects of the ongoing demographic change are becoming increasingly visible, notably showing in shrinking candidate pools and an increased participation of prime-age workers (i. e. workers aged between 25 and 54).
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