As we prepare to welcome a new year, it’s the perfect moment to cast our gaze forward and explore the 2024 Recruitment Trends that are set to reshape the industry. The recruitment field is ever-changing, continually adapting to wider economic, technological, and societal transformations. As we venture into 2024, we anticipate a period of substantial change in the recruitment sector. Here’s a sneak peek into the key trends that we foresee will define the recruitment landscape in 2024.
Embracing Artificial Intelligence
Artificial Intelligence (AI) is revolutionizing the recruitment landscape. Recruiters are increasingly leveraging AI to streamline their processes, from crafting job advertisements to speeding up the process of sending rejection emails. This trend is expected to continue into 2024, with AI playing an even more integral role in recruitment.
The War on Talent Eases
The intense competition for talent is expected to lessen due to a combination of factors including inflation, economic slowdown, and an increase in visa approvals. This could lead to a more balanced job market, with less pressure on recruiters to secure top talent. In fact, more than half of HR professionals plan to look for a new job in 2024, indicating a potential shift in the job market.
Addressing the Skills Shortage
Australia continues to grapple with a skills shortage, a challenge amplified by factors such as an ageing population and birth rates that don’t meet replacement levels. This systemic issue is anticipated to persist into 2024, necessitating innovative recruitment strategies to attract and retain skilled workers. The government has shown commitment to addressing this issue through its migration policies. In the year 2021-2022, the number of permanent migration visas was 160,000. This number saw a significant increase to 195,000 in 2022-2023. For the year 2023-2024, the number is projected to be slightly lower at 190,000. Despite this slight drop, the number of visas remains substantially higher than the 2021-2022 levels. This sustained commitment to high levels of permanent migration can play a crucial role in alleviating the skills shortage in Australia.
Wage Adjustments
With inflation on the rise and job availability fluctuating, candidates may need to adjust their salary expectations. Recruiters will need to navigate these changes and manage candidate expectations effectively. Job advertisements fell 5.2% in September 2023, and job applications per job ad rose by 10.3%, the greatest rise since April 2020, indicating a potential shift in wage dynamics.
Rightsizing Over Downsizing
Talks of a potential recession have led to growing concerns about hiring rates and turnover. In response, many companies are focusing on ‘rightsizing’ rather than downsizing, ensuring they have the right people in the right roles.
Rise of Contract Talent
As the market becomes more cautious, companies are showing a preference for contract talent. This provides the flexibility to scale their workforce as needed, a trend that is likely to continue into 2024. Almost seven in ten (68 per cent) companies in Australia are working with contract staff. This number is expected to grow going into 2024, indicating a potential shift towards more flexible employment models.
Salary Negotiations
Salary remains a key factor in candidate decisions. With candidates having significant power to negotiate their salaries, recruiters will need to be prepared for tough negotiations.
Demand for Workplace Flexibility
Despite some employers preferring in-office work, there is a growing demand for workplace flexibility. This trend is expected to continue into 2024, with more candidates seeking roles that offer flexible working arrangements.
As we move forward, these trends will shape the future of recruitment in 2024. By staying ahead of these trends, recruiters can ensure they are well-prepared for the changes to come. It’s an exciting time for the industry, and we look forward to seeing how these trends unfold and reshape the recruitment landscape in the year ahead.
Related Posts
Power to the people
Intro What happens when a pandemic forces us away from the office, and in its wake leaves a faltering economy
Future Solutions
The future can be a bit of a dirty word in recruitment and in many of the industries we serve.
Walk a mile
In 2020 Zoom Recruitment began a long process of self-discovery. Even before the world-shaping effects of the pandemic, we saw
The changing face of Australia’s workforce
“I’m fucking pissed off” Nick, 24, tells me on a Friday morning stroll along the Yarra. He’s worked hard at
I am the problem
The doorbell chimes for the fourth time in a minute. All three phone lines ring off the hook. The only
Healing and growing
Kim Kardashian told women to “get your f**king ass up and work”, no doubt in response to a Starbucks coffee