Trends In The Recruitment Industry

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Trends In The Recruitment Industry

As the new year rapidly approaches, one of the key ways to get ahead of the recruitment trends in 2024 is to look back at general trends in the recruitment industry and see what's changed. Throughout COVID-19, the recruiting industry went through a total paradigm shift as stay-at-home orders changed not only the way we work but also the way we hire. These trends led to massive leaps in AI recruitment tools, like Pillar's interview intelligence software, pushing digitization and analytics to the forefront of almost every recruiting agency and HR team worldwide.

These shifts caused the recruiting industry as a whole to look for solutions to the challenges of hiring a global workforce, managing remote teams, and keeping up with the ever-changing technological landscape.

Tech Hiring Trends 2023:

According to a recent study by LinkedIn, tech roles are the fastest-growing job category globally. Tech in 2023 experienced a rather odd disruption. As banks like SVB failed, inflation rose, and workforce shortages became apparent, funds for tech and SaaS investments became harder to close and investor money shifted to assets that were easier to value like real estate and commodities. This meant that well-capitalized and profitable tech companies had an edge in winning top talent, while others struggled, and some even failed. All of this was happening as AI swept through the mass market giving the average person with $20 spare dollars a month (the price of a ChatGPT subscription) the ability to build software and solutions that only 3- 4 years ago would've required an entire software engineering team.

In 2023 we also saw tech recruitment place a far heavier focus on diversity and inclusion as companies realized the value in hiring a diverse workforce and creating an inclusive company culture. In order to compete for top talent, businesses had to shift their focus beyond just technical skills and instead prioritize soft skills such as communication, adaptability, and emotional intelligence. These are all trends that will continue to shift the hiring landscape in 2024.

Trends In the Recruitment Industry 2023

Hiring in 2023 also took an interesting turn as companies who'd attracted talent through tactics like work-from-home benefits, company laptops and multiple screen setups, tech budgets, standing desks, unlimited time off, and schedule flexibility, were now faced with decreased productivity and choice to enforce mandatory office hours, hybrid work conditions, and other mitigating measures to bring productivity up to the new levels of compensation. This shift has been a challenge for many recruitment teams as workforce shortages have given many candidates the ability to choose from a long list of positions rather than take the first offer they get.

In the US, as a recession looms, and the FED indicates that they will continue to raise interest rates, we may see an increase in the unemployment rate which will force applicants to be more accepting of in-office work conditions. However, this may not be the case in other countries as some economies continue to grow and unemployment remains low. As a result, recruitment teams will have to adjust their strategies accordingly and focus on creating attractive employer brands and offering competitive compensation packages to attract top talent.

Another key trend in 2023 was the rise of HR technology platforms, such as applicant tracking systems (ATS) and candidate relationship management (CRM) software, to streamline recruitment processes and improve candidate experience. These tools not only help with sourcing, screening, and managing candidates but also provide valuable data and analytics to improve recruitment strategies.

In addition, the use of social media platforms for recruitment continued to grow in 2023, with platforms like LinkedIn being used not only for job postings but also for employer branding, candidate engagement, and even virtual career fairs.

A very interesting trend to be aware of is the increased use of platforms like Instagram for recruitment. Many brands are beginning to post their open roles through stories, reels, and shorts and requesting short videos in reply. This new trend could shorten times-to-hire, offer a completely new candidate pool, and decrease recruiting costs dramatically. As one of the main trends in the recruitment industry in 2023, this one shift alone could continue to shape the way we recruit for years to come.

Recruitment Marketing Trends 2023

Recruitment marketing statistics and trends show that technology can decrease the cost-per-hire dramatically. In 2023, the use of AI and automation in recruitment marketing continued to grow as companies realized the benefits of streamlining their hiring processes. This technology allowed for more efficient sourcing, screening, and scheduling of candidates, freeing up recruiters' time to focus on building relationships and providing a better candidate experience.

One notable trend in recruitment marketing was the rise of chatbots and conversational AI in candidate engagement and communication. These tools provide immediate and personalized responses to candidates, improving their experience and helping recruiters save time. Chatbots can also assist with pre-screening questions, making the hiring process even more efficient.

Another trend that emerged in 2023 was the use of virtual reality (VR) technology in recruitment marketing. VR offers a unique and immersive way for candidates to experience a company's culture and work environment, giving them a better understanding of what it would be like to work there. This can help attract top talent who are looking for a company that aligns with their values and work style.

In 2024 the recruitment marketing trends of 2023 will intensify as the economy and hiring conditions continue to evolve. More and more companies will turn to technology and innovative strategies to attract top talent, streamline their recruitment processes, and create a strong employer brand. Recruitment teams will need to stay on top of these trends and adapt their strategies accordingly in order to remain competitive in the job market.

If you're part of a recruiting team, staying on top of these trends and shifts in technology may be a challenge. The rapid rate of innovation combined with the speed of adoption and changing workforce trends can be overwhelming. However, it's important to stay informed and continuously adapt in order to attract top talent and remain competitive in the recruitment industry.

Here are some ways to stay on top of recruiting trends in 2024:

1. Use Google Trends to keep up with keywords, topics, and phrases related to recruitment.

2. Follow industry leaders and influencers on social media for the latest insights and updates.

3. Attend conferences, webinars, and networking events to stay informed on emerging trends and strategies.

4. Network with other recruiters and HR professionals to discuss best practices and share insights.

5. Get comfortable learning, trialing, and using new AI tech and automation tools to improve efficiency and candidate experience.

6. Keep an eye on the job market, economy, and industry trends to anticipate changes in hiring conditions.

7. Continuously assess and refine your recruitment strategies, including employer branding, sourcing tactics, and screening processes to attract top talent.

By staying informed and adapting to these recruitment trends, your team will be better equipped to face the workforce challenges of 2024.

Trends In Recruitment And Selection

If we had a crystal ball life would be much easier. But we don't. Future trends in recruitment will always be more of an educated guess than a sure thing. However, with a finger on the pulse of the industry, you can stay ahead of the shifting trends in recruitment and selection as they happen.

Now that you've seen a few of the trends from 2023, let's talk about how you can utilize the resources in the previous section to keep your team ahead of them as we enter 2024. We'll focus on 3 points: Discussion, Presentation, and Action. When you see a topic that piques your interest or you feel could be a valuable addition to your team, make a note of it to share during happy hours and other less formal team get-togethers. Recruitment topics for discussion could be anything from new DEI goals to using new pieces of technology, AI solutions, and more. The goal is always to move the team forward and create a workspace where everyone can contribute- so this will be very important this year.

When the insights from your discussions gain traction with the team, it comes time to show your findings in a more formal setting, like an onboarding training or quarterly meeting with the leadership team, you can transform those casual discussions into recruitment topics for presentation. By showcasing the latest trends and statistics in a compelling way, you'll not only inform but also inspire action.

But it's not enough to just talk about these trends and statistics. Your team must also take action in order to stay ahead of the curve. This could mean implementing new technologies, reevaluating current recruitment strategies, or experimenting with innovative techniques like virtual reality for candidate engagement. By taking action on the latest trends, your team will be well-equipped to face the challenges and opportunities that come their way in 2024.

As a team, our objective (and the motivation behind creating our top-notch interview intelligence software for startups and SMBs) is to assist you in making better hiring decisions and constructing stronger teams. Let's make 2024 a year of growth and success for your company and culture! Book your demo of Pillar today to see how we can help!