As we enter 2024, the world of talent acquisition (TA) is undergoing a profound transformation at breakneck speed. Organizations are moving away from traditional practices and adopting solutions geared towards attracting more great-fit candidates and improving operational efficiency.

In this blog we’ll dive into the trends that will reshape the construct of talent acquisition teams. Grab onto your hat! 

6 Talent Acquisition Trends for 2024

Transform your talent acquisition process with the latest trends that will supercharge your hiring strategies, making them more efficient in terms of time, cost, and effort.

Embracing diversity, equity, and inclusion

In 2024, diversity, equity, and inclusion (DE&I) initiatives will be a big deal in talent acquisition. Despite being a top priority for TA leaders, data shows that companies are spending less on DE&I – down from 33% in 2022 to 20% in 2024. This might mean some are just adopting basic, superficial measures without any real substance.

But here’s the thing; candidates care a lot about DE&I. So, companies that keep investing in it will stand out. It’s time to go beyond the basics and create real, inclusive solutions for a workplace that truly values diversity and fairness. Those that do will be sure to attract those great-fit candidates.

Rise of artificial intelligence

The buzzword of 2023, AI has a strong influence in the world of talent acquisition trends, too. Yes, we’re talking about artificial intelligence (AI) and generative AI. This tech is all set to have a huge impact on the job market. 

According to a Forbes article candidates armed with generative AI tools like ChatGPT, are now applying to more jobs than ever before. This shift makes it crucial for talent acquisition teams to adapt to AI-based tools for efficient and unbiased screening processes, interview scheduling, and other essential tasks throughout the entire workflow.

Understanding and harnessing the potential of AI and generative AI is crucial for companies to find and hire the best talent faster and with greater accuracy.

Adoption of skill-based hiring 

Tools like automatic application engines and generative AI resume creators caused disruption in the market influencing the popularity of skill-based hiring. Major American corporations like IBM, Accenture, Bank of America, and Google are steering away from traditional degree-centric hiring. This shift aligns very well with the labor shortage issues in America, as people with required skills that lack a suitable four-year degree can get into various jobs. 

As a result, the popularity of skill-based hiring is on the upswing, offering the dual benefit of addressing labor shortages while advancing DE&I initiatives.

EVP and employer branding in focus 

Recruiting in 2024 will sharpen its focus on employer value propositions (EVP) and employer branding, as a response to candidates’ shift in priorities. Candidates today are deeply invested in wellbeing and culture offered by an organization. Quite interestingly, 42%of Gen Z prioritize mission and values over salary. This means the messaging that organizations put out in the world should ensure a holistic and appealing proposition that extends beyond the conventional perks to meet these evolving needs.

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Internal mobility to nurture growth within the organization

Insights from a survey reveal that nearly nine in ten HR leaders identified the potential to fill ten percent of open roles internally. And this is a trend that will become front and center in the coming year. Similarly, eighty-eight percent of organizations actively promote internal job applications among their employees. The growing pressure for operational efficiency is gearing organizations towards internal mobility, offering a dual advantage of cost savings and heightened employee satisfaction. 

As businesses aim for strategic growth, nurturing talent from within becomes a cornerstone for sustainable success in what is sure to be a competitive talent market in 2024.

Continued dominance of data-driven decision making 

Data is undoubtedly the key to more strategic decisions, streamlined processes, and better outcomes. With data-backed insights, talent acquisition teams will become more agile and responsive in the way they operate in 2024.

The Bureau of Labor and Statistics anticipates a 23% increase in data analysts’ employment by 2030. This signals the importance of embracing data for a competitive advantage in the ever-evolving industry.

Finding and Nurturing Great-Fit Talent in 2024

Staying ahead in any industry means anticipating the winds of change. These talent acquisition trends serve a path towards a more inclusive, data-driven, and strategically aligned future. Whether it’s embracing diversity, leveraging the potential of AI, focusing on skills, nurturing internal mobility, prioritizing EVP and employer branding, or making decisions rooted in data, the opportunities are vast. 

As we welcome the new year, let us remember the key to success lies in not just following these trends but in proactively shaping them to suit our organizational needs. Here’s to a future where organizations thrive in attracting and retaining the best talent, ensuring sustained growth and success.

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