How to Recruit and Retain Top Talent in 2024
What will the world of recruitment look like in 2024? This is a question that no one knows for certain. However, after gathering insights from credible industry leaders and professionals, we can make some comprehensive predictions.
2023 was a transformative year for the recruitment industry – an astounding number of tech layoffs, government intervention in pay transparency, and rapid technological advances – led talent acquisition teams to be faced with talent shortages, a shrinking job market, and unrealistic salary expectations.
Let’s look at what key trends will be used to navigate this new landscape in 2024.
1. Investing time and resources to hire top talent in your industry.
This may seem like an obvious trend since no company sets out to hire low-quality candidates, however, the pool of talent is large and finding those star candidates takes time and resources. Many hiring managers admit that it takes months, sometimes years to foster relationships with sought-after talent in their industry. Having these relationships is key, as top talent typically isn’t available at the specific time of a vacancy. Recruiting is an investment worth making before and during the hiring stage to avoid issues down the road. Taking steps to ensure you are hiring talent of quality, leads to higher retention rates, maximizes productivity, and contributes to revenue.
2. Understanding employees’ needs and optimizing performance.
Satisfying employee needs plays a pivotal role in a business’s success, however, those needs have shifted since the COVID-19 pandemic. Although much of the world has gone back to life as normal, working professional’s expectations have changed. Remote work became the norm for many, blurring the lines between office and home. The traditional 9-to-5 routine shifted, allowing for more flexible schedules to accommodate individual needs, and virtual meetings replaced in-person gatherings, creating a reliance on digital communication tools. Ensuring that your company has adopted these new practices is imperative for recruiting and retaining top talent.
3. Investing in workplace culture to increase retention.
The employee needs stated above are now considered the bare minimum. To attract talent of quality, you must have a strong company culture, by cultivating a team of people who share common workplace beliefs, values, attitudes, and purpose. Flashy benefits such as team events, company trips and bonuses get new hires’ foot in the door, but a consistent and healthy company culture retains them. The opinion of your current or past employees also plays a significant role in the decision-making of a prospective candidate. Many top employers conduct regular employee surveys to understand their employees’ cultural priorities, as well as utilize their alumni for testimonials that provide credibility to their company’s claims. This is not only beneficial for hiring but also for the company’s overall brand perception.
The overall key trend for 2024 is retention, retention, retention. Putting in the time and resources to attract and recruit top talent and retain them, increases your company’s positivity, productivity, and revenue.
