The job market continues to evolve in 2024, presenting both challenges and opportunities for employers looking for top talent. Despite a cooling job market, the demand for qualified professionals remains strong, creating a persistent supply and demand gap.
To succeed in this environment, it’s important to be aware of key hiring trends that are shaping the recruitment landscape. Here’s a look at a few critical ones that will influence hiring practices in 2024.
What Hiring Trends Should You Be Aware of in 2024?
Labor Shortages and Skill Gaps
The year 2024 marks the acceleration of a phenomenon coined as the “Forever Labor Shortage.” The retirement of baby boomers is on the rise, contributing to an increasing gap in the labor force. While there’s a growing interest among older workers to re-enter the workforce, the overall population in the US is slowing down in terms of growth. This combination of factors is creating a strategic shift in hiring practices, with an emphasis on skills-based hiring to bridge the widening supply/demand gap.
The Rise of Artificial Intelligence in Recruitment
Artificial Intelligence (AI) is taking center stage in the recruitment landscape, dominating conversations at industry conferences and events. Many companies are currently working to evaluate its effectiveness in terms of candidate screening, assessment, matching, selection, and redeployment activities. However, the responsible use of AI is crucial to avoid reinforcing biases and ensure diversity and inclusion in the hiring process and the workplace.
Evolution of Candidate Expectations
Candidate expectations have changed dramatically since the onset of the pandemic, with a heightened focus on well-being, culture, and flexibility. Expect remote work to remain a top priority for job seekers. When companies fail to offer flexible work, it will make attracting new talent and retaining existing people more difficult. Additionally, candidates expect quick responses from employers, with timely and personalized communication significantly impacting engagement rates.
EVP and Employer Brand
Authenticity in showcasing your employer brand and Employee Value Proposition (EVP) is crucial in attracting and retaining top talent. The cost of poor hiring decisions can be substantial. But when you highlight your EVP, along with company mission, values, you can expect better-fit talent to apply for openings.
Shifts in Recruitment Marketing
To reach a broader pool of candidates, diversity your recruitment sources. For instance, in 2024, Google Job Ads, Bing Ads, TikTok, and hiring events are emerging as options for recruiting. Google Job Ads and Bing Ads offer unique targeting capabilities, while TikTok’s growth, especially among younger job seekers, is making it another key tool in recruitment marketing. Virtual or in-person hiring events, as well as platforms like LinkedIn and Indeed, continue to be valuable sources for finding new candidates and staying connected with existing ones.
Get Expert Help Hiring in 2024
As companies navigate the uncertainties of 2024, the hiring landscape demands adaptability and innovation. It’s where OneSource Staffing Solutions help. As experienced recruiters, we can help you to attract and retain top talent – setting the stage for a successful year ahead. Contact our team to get started.