Hiring trends 2023-2024: What should recruiters watch out for

The pandemic has significantly impacted the workplaces function and its ripple effects continue in 2024.  Hiring trends are ever-changing and depend on the macroeconomic landscape, resource availability and many other variables. Keeping up with these trends is not always easy, however, it is vital to be aware of them to be in charge of your hiring goals.

Let’s go over some of the hiring trends of 2024:

AI and Automation:

This is the new ‘it’ thing in town and most companies have been eager to utilise it to their benefit.  AI is being used to identify candidates, review resumes and schedule interviews. Many companies have begun involving AI to review and analyse interviews and tests to assess candidates.

AI has also actively been involved in writing job descriptions and professional queries to correct language errors that might otherwise seem biased. According to Deloitte, some companies saw up to a 30% increase in qualified applications, a 28% increase in diversity and 50% faster confirmations via AI tools!

Diversity and Inclusion:

Diversity and inclusion has been the most consistent trend in the past few years. It has been actively employed to bring in representation that leads to better performances, more innovation and a positive work environment.

To unlock the potential that diversity and inclusion provide effectively, it is important to make sure your workforce is properly trained to avoid any biases, stereotypes, or other harmful influences.

Inward promotion:

A  recent spike in inward promotions showcases how companies are leaning towards focusing more resources on fostering and nurturing their own talent than external acquisitions that involve more time and effort.

This can directly be attributed to the large number of ghosting events that happen during the hiring stage.

Flexible Work options:

The pandemic created an opportunity for companies to attempt different work strategies. 2024 saw a large number of companies who were calling back work-from-home employees.

However, the hybrid model is set to remain and is actively being pursued across industries. This is a direct result of many employees preferring remote options compared to work-from-office options.

Freelance marketing:

Competition among qualified candidates has never been higher, due to which a lot of companies are resorting to freelancers to help them meet urgent deadlines and important tasks. This is becoming especially common in the creative sector.

The largest advantage for companies is simply that they get better efficiency and results without putting in the effort to onboard a new member. Hence, this year, freelance markets will see an increase along with entry-level openings.

Early career hiring:

Along with freelance markets, early career hiring is also on the rise among companies. This is primarily due to fewer resources involved in acquiring new talent, compared to hiring experienced talent.

Companies seem to be focusing more on in-house training and talent-growth schemes than actively looking out for new and potentially expensive talent.

Skill-based hiring

The market has been booming with new software, technologies and skills, making existing practices seem outdated. With so many skill gaps to close, especially in areas such as generative AI,  companies are readily focussing on upskilling.

This is especially advantageous for businesses to configure long-term strategies and goals in mind. Hence, hiring candidates based on skill and actively employing upskilling has been a rising trend in 2024.

Data-driven recruitment

The use of data in recruiting practices is in no way a new concept. Companies have utilised available data on candidates and their own practices to create better decisions. However, with the advent of AI, companies have started using data in a far more scrupulous manner.

Useful data such as stability in past jobs, product vs service experience, notice period, etc., plays a role in every action taken by recruiters.

Employer branding

Employer branding is another important trend of the year. Branding is especially helpful in attracting top talent, retaining employees and creating a clear distinction among competitors.

Companies branding themselves need to primarily ensure a positive work environment, diversity, and incentives to appeal to their employees. This practice of prioritising employee concerns in branding benefits companies through top talent acquisitions, high productivity, increased innovation and overall satisfaction for all parties involved.

While hiring trends alone do not help recruiters hire better, having an understanding of how the general market works and tailoring these trends to the companies you are interested in helps you execute your strategy with much more precision. Hiring trends are prone to change with new advances in technology, so keeping yourself ahead of this knowledge already keeps you ahead of the game.