Ever wondered what the future holds for the recruitment world in 2024? While we can't predict it all, we've gathered insights, wisdom, and predictions from industry leaders, professionals, and our CEO to create a comprehensive guide for your journey through the dynamic recruitment landscape in the upcoming year.
2023 brought significant transformations to the recruitment industry—tech industry layoffs, demographic shifts, and rapid technological advancements—forcing companies to adapt swiftly. HR and talent acquisition teams faced the challenging task of attracting and retaining candidates amidst high inflation, lagging salaries, talent shortages, and shrinking HR budgets.
Now, let's quickly tap into the key trends shaping the market in 2024.
1. Investing in workplace culture for talent attraction and retention
One aspect affecting organisational culture is the shift from remote work to a return to the office. However, 57% of workers would look for a new job if their current company didn’t allow remote work. Organisations navigating this shift need to consider the delicate balance between offering flexibility to meet employee expectations and adapting to the changing landscape of work preferences.
2. Understanding and boosting the employee experience
Organisations are increasingly investing in initiatives such as internal mobility, upskilling, and reskilling. This strategic approach not only contributes to the professional development of employees but also leads to increased employee retention. Statistics reveal that employees working in companies with an internal mobility program stay an impressive 66% longer.
"Employee experience is a journey - interactions with your colleague, manager, and company. What you want is for those interactions to be memorable. To bring up good emotions."
- Elena Aylott, Ex-Oriflame
3. Prioritising employee wellbeing for organisational growth
Over 80% of employees whose employers are engaged in their wellness say they enjoy work. However, the effectiveness of these initiatives goes beyond isolated efforts; it requires alignment with the expectations set throughout the candidate experience. A holistic approach ensures that the commitment to employee wellbeing is not only a reactive measure but an integral part of the organisation's culture from the very beginning.
"One of the most powerful strategies is TRUST. So important for well-being and being able to have work-life balance."
- Sahar Kupersmidt, Founder at Kupersmidt & Partners
4. Finding new ways to reduce bias in recruitment
The recruitment landscape is signalling a move towards more objective recruitment practices with 75% of recruiting professionals predicting that prioritising skills will be a top focus for their companies in the coming 18 months. This shift emphasises a departure from traditional hiring criteria to a more skills-focused approach, aiming to identify and nurture the unique talents individuals bring to the table.
"If we want to have a workforce with diversity, we need to be very conscious when recruiting. When looking at CVs, how are we looking at them? It’ll be even more important to look at skill sets."
- Eilin Gillesen, Chief People & Culture Officer at Simployer
5. AI and Automation: Turning theory into real-world application
AI has undeniably taken the world by storm, and the next phase involves actively incorporating it into our daily lives. While the predictions posit that AI will not replace HR and TA teams, nearly three-quarters (74%) of hiring professionals are optimistic that integrating generative AI into recruitment will enable them to automate routine tasks, allowing them to focus more on high-value strategic work.
6. Leading with purpose to build a strong employer brand
In a market where candidates hold the power, having a well-defined purpose for your employer brand is crucial. It goes beyond setting you apart; it acts as a magnet for individuals aligned with your company's mission and vision. Research shows that 82% of employees believe it’s crucial for their company to have a purpose.
7. Engaging passive candidates through recruitment marketing
Securing the best talent involves more than just waiting for job seekers to come knocking. In the past, companies mainly relied on candidates actively searching for jobs through job boards and Google. However, as many workers are now thinking about switching jobs, companies must figure out how to grab the attention of these potential talents, even if they aren't actively job hunting.
Want to explore the impact of each trend shaping the 2024 market? Access our exclusive report, 'Recruitment Trends 2024: 7 trends shaping the industry’. Benefit from invaluable insights, wisdom, and predictions collected from top industry leaders like Hung Lee and Eilin Gillesen.
Plus, don't miss out on discussions with industry experts Eilin Gillesen, Sahar Kupersmidt, and Elena Aylott as they dissect these trends. Watch the recording here for a better understanding of what lies ahead in recruitment.