5 Trends That Will Change Talent Acquisition In 2024

Read time: 4 min

 

January 29, 2024

Summary:

2023 was a year of challenges for talent acquisition. From an increasingly uncertain economic climate and shifting demographics, to major changes in how people work, the problems seem to pile up. 

Will these trends continue in 2024? 

Or will this be the year when we turn everything around..

… and finally build a foundation for a better future? 

We certainly hope it will. In any case, if you want to remain at the bleeding edge of progress, it will do you good to know what’s coming. So, let’s explore what’s trending in talent acquisition and how it will change in 2024.

1. Talent Analytics Will Drive Decision-Making Even More

Thanks to the rise and utility of HR analytics, talent acquisition processes are going through their renaissance, for better or worse. In 2024, we’ll see a move away from intuition and experience towards more data-driven decision-making when it comes to hiring.

By analyzing patterns in successful hires, employee turnover rates, and other key metrics, organizations can better optimize their recruitment strategies and forecast future talent needs with greater accuracy. 

Those are the best-scenario predictions. However, we can also expect to see challenges in ensuring data quality and governance. Also, organizations will have to invest in user-friendly analytics tools and training to equip HR teams with the necessary skills for maximizing their potential.

Looking to the future, HR analytics is set to expand its influence further, with the integration of technologies like artificial intelligence and machine learning. And this progression will be even more amplified by the precision of predictive analytics.

automating-hr

2. Worker’s Experience Will (Continue To) Be Prioritized

As machines are taking over, companies will continue searching for people with experience who know how to utilize these new technologies best. But to make sure they get the very best of candidates, they must refine each stage of the candidate journey.

Even from the first contact, they will have to make the communication personal and humane and provide a clear understanding of the role and company culture. And even later, during the application, companies will want to simplify the process and maintain transparency about the timeline and expectations.

A positive, memorable journey creates a strong employer brand. This is particularly important in candidate-driven markets where skilled talent is highly sought. 

As an extension of the candidate experience, the onboarding phase is increasingly seen as the first true immersion into the company culture. A well-executed onboarding process reaffirms the positive impressions formed during recruitment and sets the stage for long-term employee engagement and retention.

Organizations that excel in creating and delivering exceptional candidate experiences will be seen as preferred employers. And if they continue to improve and respond to candidate feedback, these companies will quickly become desired employers in the market.


3. The Focus on Diversity, Equity, and Inclusion (DE&I) Is Waning

The echoes of 2023, marked by a cost-of-living crisis, declining retention rates, and widening skill gaps, continue to pressure companies. This means that they have less and less resources to focus on DE&I.

Despite its recognized importance, there is a growing trend of DE&I initiatives being deprioritized due to these external challenges. This shift is significant, with 47% of respondents and 42% of leaders acknowledging that DE&I is now “a minimal or limited priority in their business strategies.”

The reasons for this are many. According to Áine Fanning’s research, some top reasons for this are:

  • Lack of leadership commitment
  • Constrained resources or budgets
  • Misalignment between organizational values and culture
  • Lack of understanding of DE&I benefits
  • Insufficient training and awareness 
  • Competing priorities and resource allocation

She also warns that failing to honor promises made in the realm of DE&I could lead to eroded trust among clients and stakeholders, reduced employee satisfaction, and ultimately, lower retention rates


4. Increased Proactive Engagement With Laid-Off Workers

In the era of social media and review culture, poor management of employer branding can tank any company. Platforms like Instagram and TikTok have given employees and candidates a powerful voice that a wide audience can hear. 

A Glassdoor research revealed that 86% of job seekers view ratings and reviews as a deciding factor in choosing their next workplace. Moreover, 80% of job seekers say that “their perception of a company improves after seeing an employer respond to a review.

This trend shows the growing importance of addressing negative feedback and prioritizing positive candidate and employee experiences to keep a company’s reputation and talent attraction efforts. However, there’s a dark side to it.

In 2023, there was a worrying trend of HR departments not caring about the offboarding process. This lack of engagement with departing employees is a missed opportunity for companies to gain critical insights about what they’re doing wrong.

Understanding why workers leave is one of the best ways to improve retention and satisfaction among the current staff. And ultimately, a stronger and happier team means a stronger, more resilient, and positively perceived organization in the competitive job market.


5. Automation Will Make HR More Efficient and Innovative

Rapidly evolving capabilities of artificial intelligence and automation are already reshaping the HR sector as we know it. According to Eightfold, 92% of HR leaders plan to increase their use of automation in various facets of talent acquisition and people management.

However, Áine Fanning warns about AI’s potential to perpetuate unconscious biases due to the human factor that feeds the AI data: “The EU’s AI Directive has placed recruitment in the highest-risk category for good reason, as the unchecked use of algorithms in hiring processes will perpetuate discrimination.” 

However, she also recognizes the incredible potential for efficiency and innovation that automation can bring to the table. In any case, one thing is sure: in 2024, companies that don’t integrate AI and automation for executing HR tasks will be slacking behind.

This will include sourcing talent, where AI can vastly improve the efficiency and effectiveness of identifying and attracting potential candidates. Managing employee records, a traditionally time-consuming task, will also be streamlined through automation, allowing HRs to focus on more important activities. 

Another field we will see automated will be the payroll processing and administration of employee benefits because it will minimize human error.

Beyond these areas, automation will change how companies handle more nuanced aspects of HR:

Screening resumés of candidates and tracking applicants, where AI can swiftly parse through large volumes of applications to identify the most suitable candidates. ‘

The onboarding of new staff and offboarding of departing employees will also see a rise in automation to make this transition smooth for both the employees and the organization. 

If done right, automation could truly revolutionize the strategic decision-making and talent management for any company that utilizes it. Companies that succeed at this will become industry leaders that shape the trends that will come in the following years.

smarter-hires

Conclusion

The world is going through a critical and transformative period, and talent acquisition in 2024 will follow suit. The increasing reliance on data-driven decision-making, powered by AI and HR analytics, promises enhanced efficiency in sourcing and managing talent. 

And while we’re all for technological progress, the far-reaching consequences of this approach remain to be seen. If the past few years have taught us anything, it’s that all these promising technologies could easily turn out to be marketing tricks for creating a demand that isn’t out there (looking at you NFTs).

However, we’ve seen what these new advancements can do, and remain cautiously optimistic about what’s coming. 

In any case, 2024 is set to be a pivotal year where balancing technological advancement with ethical considerations will be crucial.

And as these trends evolve, they will offer challenges and opportunities for companies who want to establish themselves as industry leaders. 

And if you want to make the best of the opportunities at hand and overcome the upcoming challenges, you’ll need an experienced partner who knows how to navigate these murky waters. 

If you want such a partner in your corner, Assisto is one click away!

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