The Global Trends Report 2024
The top findings in the state of Hiring 2024 by Hireview
The HireVue 2024 Global Trends Report talks about this shift from quantity to quality in detail and offers valuable insights for recruiters navigating Europe’s dynamic talent market.
Recruiters are adopting a methodical strategy, prioritizing candidates with specific skills and experiences tailored to excel in their roles both now and in the future. We, as recruiters, also need to do that because we will get more and more candidates using AI to apply. This coming tsunami of candidates in combination with the AI act, makes it even more difficult to recruit fast. So we need to recruit better.
Skilled-based hiring? But where are the skills?
This transition is promising but it’s not all smooth sailing though. It presents its own set of challenges. For instance, have you noticed how hard it’s getting to find candidates with the right skills? This scarcity of skills has been identified in the report. With 17% citing a lack of qualifying skills and 15% pointing to a deficiency in qualifying experience, recruiters are grappling with the task of finding top talent within a competitive landscape. Honestly, it’s like searching for a needle in a haystack sometimes, especially for blue-collar workers and non-LinkedIn roles.
We do want to do skills-based recruitment, but where are the skills?
The emphasis on both current abilities and future potential underscores the importance of a holistic approach to talent acquisition.
The turtle-paced hiring process
And let’s not forget about the turtle-paced hiring process. Time-to-fill has been creeping up since 2020, and it’s making the lives of the recruiters a tad more complicated. I mean, who has the time to wait around for the perfect candidate when there’s a job to be done? Neither you, nor me…. But hiring managers don’t yet get it right! But also recruiters are facing difficulties in swiftly identifying and securing quality candidates, highlighting the need for innovative solutions to streamline the recruitment pipeline.
Oh, and budget cuts? Total bummer. The economic uncertainties of 2023 prompted a significant reduction in budgets, with 47% experiencing slashes which is a notable increase from the previous year. In this resource-constrained environment, recruiters are expected to work miracles with less cash, how fun (not really). This requires a reevaluation of traditional recruitment practices.
Emerging Trends
It’s not all doom and gloom yet. The report also highlights three prominent trends that have emerged, shaping the future of recruitment:
- Potential Skills Matter:
Recruiters are recognizing the importance of potential skills alongside existing competencies. It’s not just about what candidates can do now; it’s also about what they could do in the future. The ability to adapt and grow within evolving roles is becoming increasingly valuable. This drives recruiters to assess candidates beyond their current capabilities.
Let’s keep our eyes peeled for those diamonds in the rough!
- Keeping Employees Happy:
Retention is the name of the game. Retention strategies are evolving from reactionary measures to holistic approaches. Employers are investing in creating a positive work environment, professional development opportunities, and meaningful employee engagement initiatives. This will encourage employees to stick around.
- Human-Tech Partnerships:
Human-tech partnerships are proving to be invaluable. By leveraging AI-powered tools and analytics, recruiters can enhance decision-making processes, optimize candidate sourcing, and deliver superior value to organizations.
Remember, tech is a recruiter’s friend.
As you embrace the transformative shifts outlined in the report, remind yourself to remain adaptive and forward-thinking. Also, don’t forget the following takeaways:
- Prioritizing quality over quantity
- Embrace emerging trends
- Leveraging technology to enhance human performance
Despite the challenges, there’s a sense of optimism in the air. With people feeling more rested and rejuvenated after the rollercoaster the recruitment world has gone through over the past few years, there’s a newfound energy driving recruiters forward. Let’s channel that positive vibe, embrace the changes, keep the above-discussed insights in mind, and tackle 2024 head-on.
It’s a wild ride out there, but equipped with the knowledge from the HireVue report, you’ve got this.
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