Planning to hire in 2024, here is what you need to know!
The future of work is a cycle of evolution at an unprecedented pace.
Insights from the Bankrate’s Economic Indicator survey have economists predicting that by June 2024, joblessness will rise to 4.5 percent from its current 3.6 percent level.
The silver lining, experts anticipate that employers will create approximately 29,000 new positions each month, amounting to a whopping 348,000 new jobs by June 2024. While this may seem like a slowdown compared to the past year, where 3.8 million jobs were added, it’s still a significant step forward.
And in case you’re wondering, these forecasts are in line with the Federal Reserve’s estimates. So, there’s no need to panic.
2024 is going to be a big year for talent, here is what employers need to know:
Remote Work (The New Normal We Want)
2024 marks a new era of remote work. The pandemic’s shadow may linger, but remote work is here to stay. 98% of people surveyed by Forbes want to at least work remotely some of the time, but only 16% of companies offer full-remote opportunities.
COVID-19 forced companies to prioritize employee safety, spurring the rapid adoption of remote work. But it’s not just about necessity; it’s also about the economy and the environment.
The rise of fast internet connections, video conferencing tools, project management software, and online platforms has made remote work practical and efficient. Virtual meetings, file sharing, and real-time collaboration have become the norm. This shift offers employees a better work-life balance, eliminates commute time, and provides more personal and family time.
Employers also benefit from cost savings and access to global talent. Office space, utilities, and commuting expenses are reduced. However, some organizations are still hesitant to embrace remote work, demanding employees to come back to their cubicles and in doing so potentially missing out on exceptional talent.
To stay competitive, employers must invest in tools and establish clear protocols for remote workers. Managing productivity and work-life boundaries at home requires discipline and effective time management, but the rewards are immense.
Enhanced Candidate Experience
The hiring landscape has evolved, and companies now understand the value of a positive candidate experience. Technology, including AI chatbots and virtual reality, has improved the recruitment process. But it’s important not to lose the human touch. Hiring is an emotional journey for everyone involved, and a personal connection can make all the difference.
Skills-Based Hiring
In 2024, employers are shifting their focus from traditional qualifications to specific skills. This new approach helps them find candidates who can contribute immediately to their teams and projects. Skills-based hiring assesses candidates based on their demonstrated abilities and relevant experiences, rather than relying solely on academic degrees or job titles.
Adaptation to the changing job market is key, with a spotlight on attracting talented individuals with the right skills for the job. This hiring strategy emphasizes the importance of skills as the true measure of a candidate’s potential.
Employer Branding and Employee Advocacy
Employer branding and employee advocacy are critical for attracting top talent. Companies invest in building a positive employer brand by highlighting their values, culture, and employee experience. Employees themselves become brand ambassadors, sharing their positive experiences and promoting the organization on social media.
Internal communication and engagement initiatives are also a priority, empowering employees to actively participate in the recruitment process. A strong, positive company culture can be a magnet for the best and brightest.
Use of AI in Recruitment
Artificial intelligence has found its place in recruitment, automating initial application vetting. However, it’s crucial to strike a balance between automation and the human touch. AI can assist candidates in responding to questions on employment tests, but it’s important to ask questions that require personal, human responses.
To employers and people seeking employment embrace AI wisely; but remember, the future belongs to those who adapt, innovate, and stay witty through it all. The job market may change, but your determination to succeed should remain constant.
