What do we have as of January 2024?
📉 The risk of a global economic recession is quite high while wars and conflicts are happening worldwide. Add here technology advancements and AI that threaten to become a better worker than a human.
🌍 Wars and conflicts are continuing and appearing all around the globe.
💡 Technology advancements take place, specifically in ML and AI domains.
How will these factors AFFECT RECRUITMENT in 2024?
1️⃣ Cost-saving practices. The focus on staff augmentation and hiring from economically weaker regions is a strategic response to budget constraints. Employers are seeking cost-effective solutions without compromising on talent quality, leveraging global talent pools to find skilled professionals at competitive costs.
2️⃣ Economic recession reality. The anticipation of economic downturns leads to hiring freezes and heightened competition in the job market. Companies are becoming more selective, leading to a tougher job market.
3️⃣ Exponential use of AI and ML. AI-based screening, including software that analyzes candidates’ facial expressions and body language (like EasyHire), is revolutionizing the initial stages of recruitment.
4️⃣ Diversity and inclusivity for economic growth. Embracing diversity is no longer just a moral imperative but a business necessity. Diverse teams bring varied perspectives, fostering innovation and better decision-making.
5️⃣ Business ethics and Gen Z. Ethical practices and transparency that include clear policies on pay equity and corporate social responsibility are increasingly important, especially for Gen Z, who prioritize working for companies with strong ethical standards.
6️⃣ Automation in screening. The automation of recruitment processes, such as CV screening and job posting, through AI speeds up hiring workflows. AI tools, like Comeet, both save time and offer a more objective evaluation of candidates, leading to better hiring outcomes.
7️⃣ Skill-based hiring. The focus is shifting from academic credentials to practical skills, particularly in tech and other industries facing talent shortages. This approach widens the candidate pool, allowing companies to tap into a diverse range of talents who may not have traditional educational backgrounds but possess the necessary skills.
8️⃣ Remote vs in-office work. While remote work offers flexibility and access to a wider talent pool, some companies emphasize the benefits of in-office collaboration and culture-building, leading to varied workplace models.
9️⃣ Project-based hires and the gig economy. The growth of the gig economy reflects a shift in work preferences towards flexibility and autonomy. Companies are increasingly open to project-based hires, which allows them to access specialized skills on demand and manage workforce costs more effectively.
❓ Oops, only nine… What other recruiting trend would you add to our list?
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