Talent Acquisition Stats and Trends for Success in 2024

You don’t need us to tell you that 2023 has been another tough year for recruiters and job-seekers alike.

Economic and labor market volatility continues to be an issue as job growth has slowed in the last quarter of the year. The Bureau of Labor Statistics reported 199,000 jobs added in November– an increase from October’s job growth but still less than the monthly average over the last 12 months.

In our conversations with Talent Acquisition professionals, we’ve found a consensus of great optimism for the labor market to return to a sense of normalcy and stabilize as we progress deeper into 2024. However, the outlook for the start of the year is that many of the challenges we currently face will be ongoing in the short term.

How are talent acquisition teams preparing to deal with continued uncertainty in the labor market? We’ve compiled some of the most notable trends and strategies TA teams employ for success in the new year.

Candidate Engagement and Employee Experience

In a highly competitive job market, companies need to do more to reduce attrition and build a strong employer brand. Employee experience is at the core of this effort.

It’s important to note that employee experience begins at the candidate stage and carries through to onboarding and beyond. Employees in the post-pandemic workforce want more from their organizations in terms of opportunity and prioritization of their physical and mental well-being.

And it’s a win-win situation. When employers invest in developing existing talent, employees feel valued and may have a greater sense of loyalty to the organization, reducing the likelihood that they will pursue opportunities with another employer.

Moreover, as many industries face skills shortages, upskilling and reskilling existing employees will become even more important and can prove less costly than onboarding new talent to fill skills gaps.

Artificial Intelligence

Many TA teams have been benefiting from the use of AI in their recruiting processes for some time already. Some of the most common uses include increasing recruiter efficiency by automating time-consuming tasks and improving the candidate experience by using AI to personalize messages and perform targeted outreach at scale.

Investments and uses for AI are expected to increase in the new year. According to Employ Inc.’s 2023 Recruiter Nation Report, 59% of HR decision-makers plan to invest more in AI in 2024.

But, the growing use of AI has its concerns. A recent Stanford study investigating the changing behavior of generative AI tools such as ChatGPT found that the behavior of these large language model (LLM) services can vary substantially and, in some cases, become less accurate in a “relatively short amount of time”.

As AI implementation in recruiting increases, recruiters must continually monitor the output of their generative AI tools and become more adept reviewers and editors of AI-generated content.

TA teams must also work to formulate strategic approaches to implementing AI in their recruitment processes so that hiring doesn’t lose its human touch. After all, talent acquisition is a people business first.

Skills-based Hiring and Diversity, Equity, & Inclusion

One solution organizations increasingly adopt to combat skills shortages is hiring for skills rather than formal degrees or certifications.

ZipRecruiter found that, in the past year, 45% of surveyed employers had moved away from degree requirements for some roles, and 72% now practice skills-based hiring, “prioritizing skills over certificates.”

In addition to helping companies fill critical skills gaps, this trend is expected to positively impact Diversity, Equity, and Inclusion (DE&I) initiatives. By limiting formal requirements based on education or industry experience, talent acquisition teams are likely to yield more diverse pools of candidates with the transferable skills necessary to succeed, even if they lack the specific experiences companies traditionally require.

With 75% of HR decision-makers reporting that their organization will place a greater emphasis on diversity hiring in 2024, skills-based hiring is a solution that allows companies to accomplish multiple goals at once.

Conclusion

Though we’re not out of the woods just yet, we’re inspired by how TA teams have innovated through this time of great difficulty in our industry. Whether it’s by investing in new technologies that reshape the way we work or by exploring new approaches to hiring that break tradition, the one constant that has always remained throughout the years is the tenacity of talent acquisition professionals. And we don’t see that changing anytime soon.

Are you looking to upgrade your recruitment efforts in 2024?

hireEZ’s recruiting platform includes AI automation and personalization that elevates the candidate experience while boosting efficiency for your talent acquisition team. Take advantage of features like our skills filters and diversity filters to lean on a skills-based hiring approach in the new year and meet your DE&I goals.

Request a demo today to learn how hireEZ makes hiring easy.