Hiring in 2024
The world of recruiting is continually evolving, driven by technological advancements, shifting workforce dynamics, and changing candidate preferences. Recruitment professionals are the unsung heroes and backbone of any organization. They meticulously navigate the job market, seek out innovative candidates, and strategically market their companies to ensure they’re aligning the needs of both their candidates and key stakeholders. Talented recruiters and cutting-edge software play a pivotal role in shaping company culture, with over 90% of businesses relying on them to deliver, as mentioned in an article in Forbes. As Steve Jobs, the late Apple tech icon, says about effective recruiting “The secret to my success is that we have gone to exceptional lengths to hire the best people in the world.”
Several exciting changes are shaping the 2024 landscape, and with the importance of making each hire, the best hire for an organization, it’s essential to consider adapting talent acquisition strategies to accommodate these movements.
1. Gen Z Hits the Workforce with New Expectations
The digital-native nature of Gen Z means there’s an increased expectation for rapid response times. Gen Z individuals have grown up in the era of instant gratification, messaging and real-time communication apps, prioritizing quick and efficient interactions. A swift response time demonstrates a company's engagement, respect for the candidate's time, and a commitment to a seamless recruitment experience. Failure to provide timely feedback could lead to disengagement or the candidate seeking opportunities elsewhere. Gen Z values efficiency and responsiveness, reflecting the need for a dynamic and agile approach to the hiring process.
2. Shift to Hybrid Work
Companies are back in the office! As much as the masses prefer to stay working in yoga pants and enjoying zero commuting time, the shift back to hybrid work after COVID is real. Organizations are aiming to strike a balance between the advantages of remote work and the benefits of in-person collaboration. While remote work was imperative during the pandemic, companies are now adapting to a new normal. The hybrid model blends optimizing for productivity, collaboration, and employee well-being. “The office should be a magnet, not a mandate,” Francine Katsoudas, Executive Vice President and Chief People, Policy, and Purpose Officer of Cisco, said in a video interview.
Maintaining and nurturing company culture can also be challenging in a fully remote setup. Hybrid work allows for a mix of in-person and virtual interactions, facilitating team bonding, and reinforcing shared values. All in all, the shift caters to the diverse needs of employees and the strategic goals of organizations. It's a win win.
3. Upskilling and Professional Development
The tech industry often faces skill shortages, so providing professional development opportunities allows companies to upskill their existing workforce and fill skill gaps internally. A PwC report states that 74% of CEOs are concerned about the availability of key skills in their organizations.
According to a LinkedIn Workplace Learning Report, 94% of employees would stay at a company longer if it invested in their training and career development. This is crucial in the competitive tech industry where attracting and retaining top talent is an on-going challenge. The same LinkedIn report found that 78% of employees would stay longer with their current employer if they saw a clear career path. Professional development programs contribute to a sense of growth, concern for employee satisfaction, and coupled with strong leadership, can significantly enhance employee retention. Organizations without training programs, proper performance management, and promotion pathways will be left in the dust.
4. Automation - It’s All the Rave
With hundreds of applicants for each job posting and Talent Acquisition teams running lean from 2023 mass layoffs, companies will rely heavily on automation tools to generate job descriptions, screen out resumes, streamline interview scheduling, and remove manual steps where possible.
People analytics and automation practices enable employers to make better informed decisions about their workforce. By analyzing historical data, companies can identify patterns, trends, and success factors, leading to more efficient and effective hiring processes. It allows companies to identify the most successful recruitment channels, refine job descriptions based on data insights, and allocate resources more strategically to attract the right candidates.
An artificial intelligence report by Eightfold found that 92% of HR leaders plan to ramp up their use of automation in at least one area of talent acquisition and people management. Overall, the adoption of predictive analytics and automation tools in hiring for the tech industry in 2024 reflects a commitment to leveraging insights and technology to build more productive, inclusive, and strategic talent acquisition practices.
5. DEI Initiatives - Experience vs. Education
We are seeing a major shift in the open mindedness of employers as they look to elevate their DEI initiatives. According to a McKinsey report, companies in the top quartile for ethnic and cultural diversity on their executive teams are 33% more likely to outperform peers on profitability. Additionally, the Boston Consulting Group found that diverse management teams have 19% higher innovation revenues. In the tech sector, new development is paramount, and a diverse workforce brings a range of perspectives that can drive creative problem-solving and impact.
Companies are increasing talent pools by making a shift in required qualifications. Bachelor’s degrees and higher are becoming preferred vs. mandatory and more stock is being put in hands-on experience and technical aptitude assessments. The significance of a traditional degree is diminishing and some companies are recognizing that relevant experience and demonstrated skills can be more indicative of a candidate's potential contribution than a specific educational pedigree. Regina Hartley, VP of HR supporting IT and Engineering for UPS, recently explained in a Ted Conference how the ‘unconventional candidate with passion and purpose makes for a stronger hire.’
Companies with mature DEI programs are more likely to attract and retain top talent as these corporate cultures foster a sense of belonging and satisfaction. A survey by Glassdoor found that 76% of jobseekers and employees prioritize a diverse workforce when evaluating job offers. DEI is not just about meeting social expectations but is an integral part of business success.
Takeaways
The recruitment world in 2024 will be fueled by technology, changing workforce dynamics, and evolving candidate preferences. From catering to the Gen Z population with rapid response times, to the strategic shift to hybrid work models post-COVID, changes are happening. In order to compete this year, organizations will put an emphasis on upskilling and career advancement, widespread adoption of AI software, and implementing robust Diversity, Equity, and Inclusion (DEI) programs.