Six talent hiring trends for recruiters in 2024

06 March 2024 Consultancy.eu 4 min. read
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Today’s job market is constantly shifting and recruiters need to work hard to keep up with the changes. A new report from consulting firm Korn Ferry sheds light on six talent hiring trends for recruiters in 2024.

AI in recruitment

AI is undoubtedly already transforming the way companies approach recruitment. It is not just about streamlining processes – it can also be an important tool for talent acquisition, offering fresh perspectives and new approaches.

Tools that use AI can help recruiters in a number of ways including quickly writing job descriptions, providing quick answers to questions with chatbots, and more effectively managing candidate profiles. AI can also be valuable for other time-saving functions like automated scheduling and assessments, for example.

Six talent hiring trends for recruiters in 2024

AI could also improve diversity, equity and inclusion (DE&I) efforts in hiring. DE&I remains a top priority for many companies, but leaders often face hurdles funding initiatives, according to the report.

This is where AI comes into play: Talent leaders can use AI to enhance accessibility for candidates with disabilities through features like screen readers, voice commands, and captioning. While there are still risks and AI tools are not immune to bias, the majority of recruiters told Korn Ferry the benefits outweigh the risks.

AI for candidates

It is not just recruiters using AI, of course. With the huge popularity of openly available tools like ChatGPT and other generative AI tools, job searchers are also making their lives easier with the new technology.

AI immensely simplifies tedious tasks like tailoring CVs, drafting cover letters, and hunting for open positions. When used correctly, these tools can help candidates stand out in a competitive and crowded field of applicants.

Applicants that used AI in creating their CV saw an 8% higher hiring rate, 7.8% more job offers, and 8.4% higher wages, according to an MIT Sloan study. While there is some concern from recruiters that AI tools enable candidates to embellish or misrepresent qualifications on CVs, the reality is that AI is likely not making candidates any more dishonest than they would be otherwise.

The boost in success from CVs that use AI is likely due to high-potential candidates whose applications may have otherwise been ignored. Not everyone excels at presenting their qualifications, even the most qualified candidates.

Early career hiring

Large employers will increasingly look beyond the college-level talent pools towards candidates emerging from non-traditional higher education, technical schools, or even those still in high school. While entry-level hires do not offer the same technical skill and know-how of higher level candidates, they command lower salaries and can be an attractive choice when budgets are tight.

Many younger candidates are not simply seeking jobs, but are looking for companies that value their overall well-being and personal development. In fact, data from the report shows 76% of Gen Z employees see learning and development as a key driver of work engagement.

Hiring for skills

Many companies are embracing skills-based hiring – where they prioritize what candidates know over where they have been. This is seen as one approach to navigating the global talent crunch, which is could cost an estimated $8.5 trillion in lost annual revenue across the globe.

“Recent LinkedIn data reveals recruiters on the platform search for candidates by their skills 5 times more often than by their degrees. And the share of LinkedIn job postings that didn’t require a professional degree grew by 36% over the course of 2022,” reads the Korn Ferry report.

Empathy takes center stage

Precipitated by the pandemic and the huge changes to working life that came with it, organizations have increasingly being putting people at the top of their agendas, helping employees better take care of themselves and their families. That is a trend that is very likely to continue into 2024.

A Korn Ferry survey from last year found that 32% of employees found their CEO lacked empathy, a bit higher than the previous year. That is a big problem for companies that want to attract new talent and hold onto high performing talent.

Relocation could make a big comeback

Relocating for a dream job was a no-brainer just some years before the pandemic. But now, with all the changes brought on by the huge uptick in remote work, job searchers are far less likely to agree to move for work.

A survey from 2023 found that fewer than 2% of American professionals moved for work that year. That is far lower than the 45% that reported relocating for their job in 1986.

There is a big push from business leaders for employees to return to the office. Over 90% of employees surveyed said that their boss wants their teams back in the office. Many of those surveyed reported considering quitting rather than going back into work as they did pre-pandemic.