What's the future of hiring? This post explores five trends that will redefine how you attract and retain talent in 2024.
If the current job market feels like a constantly changing puzzle, Randstad's 2024 Salary Guide could be the missing piece you’ve been searching for. It sheds light on everything from the changing balance of power between employers and candidates to the growing importance of artificial intelligence. Here are five takeaways you won't want to miss.
1. the “great resignation” has cooled, but it’s still a candidates’ market
Recent numbers from the Bureau of Labor Statistics show that fewer people are quitting their jobs, mainly because they're worried about widespread layoffs and hiring freezes. Despite this, current hiring trends indicate that it’s still a job seeker’s market. Over one-third of U.S. workers say they're planning to switch jobs in the next year. For employers, this means that to attract the best talent, your job offers need to at least match — if not surpass — the competition.
2. cross-industry competition for talent is heating up
Tech may still be the go-to industry for many job seekers, but fields like healthcare and financial services are catching up. Take administrative assistants: they're in high demand in almost every sector, and a striking 26 percent of them work in healthcare and social assistance alone. With top-notch candidates weighing offers from various industries, employers need to make their hiring process quick and effective to stay in the lead.
3. retention is more critical than ever
Hiring trends in 2023 showed more jobs available than seekers, a trend set to continue in 2024. The manufacturing sector alone has around 800,000 job openings. However, with voluntary separations outnumbering layoffs and discharges, retention is becoming the overlooked factor in the talent shortage equation. Now is the time to invest in competitive wages, comprehensive benefits and clear career paths for your current top performers.
4. the rise of AI is an opportunity to upskill your team
Artificial intelligence (AI) is shaking things up, but it's not about to make your employees obsolete. More likely, your team will work alongside AI, benefiting from its ability to handle routine tasks. Take marketing departments: AI tools like ChatGPT or Google’s Bard can draft emails and social media posts, but a creative professional still needs to review and fine-tune the results. In the manufacturing and logistics sectors, AI can handle repetitive tasks like inventory management, freeing up employees to focus on more complex tasks. This shift offers an excellent chance for upskilling and reskilling, allowing your team to tackle higher-level responsibilities and add more value to your operations.
5. talent partnerships can give you the competitive edge
Staffing partners are becoming pivotal as companies aim to diversify their hiring pools, beef up candidate pipelines and explore more adaptable hiring models. With on-demand talent at your fingertips, you can quickly fill critical roles and avoid the risks and costs typically associated with recruiting permanent employees.
So why choose Randstad? Our "Tech and Touch" strategy combines advanced technology with personalized service, offering you more than just a list of candidates — you get a complete talent experience. Contact us today to discover how we can give you the competitive advantage you need in the evolving talent market.