What’s Next For Hiring In 2024?

With the onward march of generative AI (GenAI), changes in working practices, and several companies mandating a hybrid return to the office, what does 2024 hold for those in work and for companies looking to hire the best candidates?

Hiring is down but stabilising

A recent LinkedIn report included a survey of 20 countries, showing that year-over-year hiring rates remain down but noting that this is now stabilising. LinkedIn’s Chief Economist, Karin Kimbrough, notes a key advantage of this calming market: “Leaders taking a more cautious approach to talent acquisition now have the chance to focus on better understanding and developing their internal talent, thereby setting up their organizations to withstand future labor-market and macroeconomic fluctuations.”

The VMA Group agrees, suggesting that this year there will be more passively engaged candidates than active jobseekers – which will mean recruiters will have to be “more strategic and creative with their outreach efforts” and “take the time to personalize and shape their messages to the individual.” 

So, strategic hiring and personalisation are key take-homes for recruiters in 2024. 

The interview experience affects a candidate’s perception of a company

The experience of candidates before, during and after the recruitment process can play a significant part in how a business is perceived. The best talent is always in demand, regardless of market conditions. This means that employers that ensure the best experience for candidates also stand the best chance of securing the people with the best skills. 

A better process could include more automated recruiting, with more direct or spontaneous interviews on Instagram/LinkedIn Live. Recruiters are now increasingly employing ‘opposite interviews’, where the candidate becomes the recruiter and the recruiter takes on the role of the candidate – candidates now want to be heard and to know that they are joining a company that’s right for them – so they want to ask probing questions and engage in a responsive process.

Meanwhile, Content Stadium research has shown that social media is now an important channel of communication for in-house recruiters and employer branding specialists, with an overwhelming 98 per cent of teams currently using the medium, including 65 per cent who have dedicated social recruiting and employer branding accounts (LinkedIn and Facebook are the most-used channels for social recruiting).

And jobs that mention AI attract greater candidate engagement

Despite fears over how GenAI might impact people’s jobs, Gartner predicts that it will, in the short- to medium-term, enhance and augment existing roles, rather than replace them; it will lead to jobs being redesigned to include new responsibilities – like regularly using GenAI tools. Gartner predicts that GenAI will play a role in 70 per cent of text- and data-heavy tasks by 2025, up from less than 10 per cent in 2023.

LinkedIn job posts that mention AI or GenAI have seen 17 per cent greater application growth over the past two years than job posts with no such mentions. Explaining the popularity of job posts mentioning AI, LinkedIn’s VP of Global Talent Acquisition, Erin Scruggs, suggests that candidates want to go where the opportunities are, recommending that she would “consider it a requirement for most companies to share at least a basic roadmap of their AI strategy in job posts to keep up with the market.” 

Employees need to feel valued

DEI initiatives and personalised development programmes show employees that they’re valued – and different attributes and perspectives mean a better, more empowered organisation. It’s important to understand that what works for one person may not necessarily work for another. Actively engaging in Corporate Social Responsibility (CSR) initiatives shows employees and candidates that a company operates in ways that enhance society and the environment. This is good for organizational pride and boosts a company’s brand.

Empowering people through flexible working arrangements, mentorship and internal mobility programs, as well as competitive benefits, and extensive learning and development opportunities, inspires and supports individuals within a diverse global workforce.

To be in the office or not to be in the office? 

That is the question. The needle is now shifting, with some companies mandating their employees to spend more days in the office. But this could bring compensation equity discussions that companies will need to stay on top of. 

The Prince’s Trust’s annual NatWest Youth Index 2024, which launched in January 2024, found that a third of those surveyed aged 16 to 25 said they couldn’t afford to get the qualifications they needed for the job they wanted, while 1 in 10 had had to turn a job down because of the associated costs involved – like clothes or transportation. 

So, companies have a responsibility to consider things like training and upskilling, as well as logistical concerns when hiring the next generation of employees.

‘No Meetings Fridays’

A study by the Harvard Business Review (HBR) found that the average worker spends 31 hours each month in unproductive meetings – so it stands to reason that at the end of a busy and tiring week, the last thing the average employee needs is to tune in again just at the point where a weekend’s respite is within reach. The constant stop/start to the working day that results from too many meetings results in a loss of focus which then affects productivity. 

‘No Meetings Fridays’ means a day free from these interruptions – which allows employees to dedicate their focus to larger, trickier projects and give them their undivided attention. A day without meetings can also lead to improved decision-making, with team members able to use their uncluttered time to think on decisions and become more strategic. The benefits of a reductions in meetings is backed up by an HBR survey of 76 companies that reduced their meetings over the course of 14 months – which found that overall employee ratings were positively impacted.

Make the role and your company stand out from the crowd

All of these things will likely have a big role to play in 2024, but companies should always consider a number of basics in their recruitment strategy. Candidates now are more savvy and will look carefully at the quality of the role on offer – and this is likely to include things like work/life balance and flexibility, work that aligns with personal values, and learning and development opportunities.

Companies should also look to become unforgettable in a candidate’s head – and that means clearly outlining the story of the company through storytelling, including through videos and podcasts. In an environment where the best candidates can afford to be selective, companies need to be clear on their branding and what their company offers.