A company's success and ability to attract top talent depend on its ability to adapt quickly to the dynamic talent acquisition changes in the industry. The year 2024 will mark a shift from reactive to proactive recruiting. It will stand out because it allows employers to build and manage talent pipelines before any job openings become available.
From September to November 2023, there were 949,000 job openings, a decrease of 45,000, according to the Office for National Statistics UK. The overall number of openings is higher than it was before the pandemic, even with these changes.
Given the ongoing volatility in the labour market, how are talent acquisition teams preparing themselves to handle this situation? In this article, we will go over some of the most important recruitment statistics and trends that talent acquisition teams can use to win global hiring in 2024.
Top 13 Global Talent Acquisition Statistics For 2024 Hiring
- Artificial Intelligence in Talent Acquisition
In 2024, 59% of HR decision-makers intend to increase their investment in AI, according to Employ Inc.'s 2023 Recruiter Nation Report. A key component of talent acquisition is fast becoming artificial intelligence. From reviewing resumes to setting up interviews, AI-powered solutions make it easier to hire. Not only can these technologies help save time, but they also aid in accurately identifying the best candidates.
With the growing use of AI in the recruiting process, it is crucial for recruiters to closely watch the results produced by their AI tools and improve their skills in reviewing and editing AI-generated content. In order to keep the human touch in hiring, talent acquisition teams should also consider how to strategically incorporate AI into their recruitment procedures.
2. Working Remotely
What started off as a short-term fix is now a permanent fixture in the workforce: remote employment. Businesses have come to appreciate the advantages of a remote workforce, which include enhanced productivity and access to a larger pool of qualified candidates.
As a result of this change, talent acquisition strategies need to evolve to evaluate potential employees' capacity to succeed in a remote work setting. In addition, in order to entice top talent, organisations should provide competitive and enticing remote work offers.
3. Skill-Based Hiring
According to an analysis by ZipRecruiter, 72% of companies now use a skills-based hiring strategy, "prioritising skills over certificates," and 45% of those companies have eliminated degree requirements for certain positions in the last few years.
Aside from assisting businesses in addressing crucial talent shortages, this trend is projected to have a favourable effect on diversity, inclusion, and equity programmes by creating a more diversified pool of applicants with the transferable abilities to succeed, regardless of their cultural background and ethnicity. The specific expertise often required by firms is likely to be produced when talent acquisition teams relax formal standards based on education, cultural background, or industry experience.
4. Freelancers or contract staff (Gig workforce)
Contract staff are also known as the gig workforce and this workforce is here to stay and gradually find its permanent way into businesses and industries. The gig workforce provides employers and workers with flexibility.
Connecting with contractors, freelancers, and gig workers is an effective part of your talent acquisition strategy, especially In times of urgent need without having to deal with the responsibilities of offering a permanent job position, these talents can step in and offer specialised knowledge when needed. Businesses should reconsider their current hiring policies and look into ways to incorporate gig workers more effectively into their teams.
5. Employer Branding
Attracting top talent, increasing employee engagement, and contributing to a positive workplace culture are all outcomes of a strong employer brand, which should be a top priority for any business that wants to succeed in today's competitive job market. Companies often invest in employer branding to differentiate themselves in the competitive job market and to showcase why they are an attractive place to work. Candidates are making hiring decisions based on companies' values, work culture, and social responsibility, so it's crucial to build an employer brand that reflects these attributes.
6. Data-driven recruitment
Recruitment statistics are beginning to be influenced by data. Recruiters have relied on data for decision-making purposes for quite some time. On the other hand, cutting-edge software is being used to make more accurate recruiting judgements. As a result, the emphasis has shifted from a candidate's academic performance or work history to their character and the skills they possess.
Time to fill, prospects per hiring, and offer acceptance percentage are some tactical indicators that will continue to be vital in data-driven recruitment. However, strategic measures will play a larger role in recruiting. These metrics will assess the team's performance based on the business results they achieve rather than their activities.
7. Candidate experience
Candidate experience is a very important aspect of talent acquisition because their impression of your company throughout the recruiting process can have a major impact on whether or not they accept a position with you. Gain an edge over the competition by providing a pleasant experience for candidates.
Successful talent acquisition relies on making candidates feel valued in every way possible, from a simplified application process to timely feedback.
8. Recruiting automation
In talent acquisition, recruiting automation refers to the practice of using technology to improve and standardise different parts of the recruiting process. Recruiters and HR professionals can benefit from automation in many ways, including increased efficiency, better use of time, decision-making based on data, parsing resumes, managing client and applicant pipelines, posting jobs on numerous boards at once, and much more are all possible with recruitment automation systems.
9. Next Generation Joining the Work Force:
Many members of the next generation will enter the workforce in entry level roles. With a focus on speed, they will usher in a new era of virtual collaboration and lightning-fast hiring processes. To them, it will be completely unacceptable to use antiquated recruiting practices. This means staffing and recruitment firms will need to prepare for the future. It will also be essential to have candidate interaction throughout the hiring process, mobile-optimized application processes, and automation of the recruitment process.
10. Employee well-being and work-life balance
Employee well-being and work-life balance are crucial aspects to consider in talent acquisition. Creating a positive work environment that prioritises the well-being of employees can lead to higher retention rates, increased productivity, and a more attractive employer brand. Candidates also consider their well-being and work-life balance when searching for a job. If a company meets this satisfaction, the candidates will always talk about their employer's company when among other employees, thereby giving the company more visibility.
11. Employee engagement programme
In recent years, several businesses have adopted remote work policies or a hybrid workforce. Many executives have taken note of how invested their in-office and remote workers are in the company's success throughout this change.
Whether they work remotely, in a hybrid setting, or in the office, strong company cultures in 2024 will focus less on making the office an enjoyable place to be and more on making sure all employees, regardless of location, feel valued, seen, heard, and supported.
12. Upskilling and employee retention
The fast-paced development of technology makes it easy for expertise to become outdated in a matter of years. Investing in programmes that teach new skills to existing employees is a sure way to keep your present staff relevant and competitive.
Employers can increase retention by giving staff opportunities to improve professionally. This can be done through mentorship programmes, career development training, or stipends for certifications.
Despite the continued importance of external talent-sourcing channels like social media and job boards, it is crucial to prioritise internal mobility as a talent acquisition strategy. If you want to keep good employees and attract new ones with the exact set of talents your company needs, investing in their professional development is a great bet.
.`13. Talent Analytics
Using talent analytics is about more than just hiring. It entails making predictions about applicants' future performance based on their past actions, traits, and abilities. Using these findings, hiring managers can place people in positions where they will thrive.
For example, the potential of a team whose members are a perfect fit for one another results in higher output and greater contentment in one's work.
Challenges of Global Talent Acquisition Statistics for 2024 Hiring
- Skills Shortages:
There is a severe lack of qualified workers in several sectors. Finding and hiring qualified candidates can be difficult in any industry, but it can be particularly difficult in rapidly evolving fields.
2. Global Competition:
Businesses all across the globe are competing for the services of the best and brightest employees. Salary and perks aren't the only factors that employees consider when competing for jobs; work atmosphere, corporate culture, and growth prospects also play a role.
3. Cultural Differences:
Operating in a global talent market means dealing with diverse cultural backgrounds. Understanding and managing cultural differences is crucial for effective communication, collaboration, and integration within a global workforce.
4. Technology and Automation:
The integration of technology and automation in recruitment processes brings efficiency but also poses challenges. Balancing the use of technology with the need for a human touch in the hiring process is essential.
5. Data Privacy and Security:
With the increased use of data in talent acquisition, maintaining the privacy and security of candidate information is a significant concern. Companies must adhere to global data protection regulations.
6. Changing Workforce Expectations:
The younger workforce often has different expectations regarding work-life balance, flexibility, and career development. Employers need to adapt their talent acquisition strategies to meet these changing expectations.
7. Adapting to Market Trends:
It is essential to keep oneself informed about industry and market trends. When it comes to acquiring new talent, organisations need to be flexible and quick to adapt to shifting economic and employment trends.
Conclusion,
In conclusion, these thirteen critical points in hiring statistics will define the talent acquisition scene in the year 2024. To succeed in this dynamic environment, businesses must be flexible in their talent acquisition strategies, open to new ideas and trends, and able to react quickly.
