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.  

 

Thel 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. 

If you haven’t heard the term ‘permanent recruitment’ before, you’re probably able to guess what it means. Permanent recruitment is simply a long-term hire, as opposed to contract work or other temporary recruitment. But what does that mean for both the employers and employees?

As you know, people are the foundation of any company. Without them and their ideas, your company isn’t much. That’s why hiring the best and brightest, while retaining them as permanent employees, should be a top priority.

From an employee’s perspective, a permanent position means stability and reliability. But on top of that, in order to create a more permanent situation, the role should be one in which the employee can succeed, grow and develop. Plus, it doesn’t hurt to find an attractive pay and benefits package.

In this article, we’re going to answer some big questions about permanent recruitment from both the employers’ and employees’ perspectives:

What is permanent recruitment?

Permanent recruitment is the process of finding and hiring job candidates for the long term. These candidates should have skills, talent, and expertise, allowing them to fit into permanent roles and make a positive impact on the company. Alternatively, some job candidates could be young or fresh out of school. When hiring these employees, you’re forgoing experience in the short term in hopes they learn and grow down the road.

Permanent jobs are best designed for employees with longer-term goals. If either the company or the employee doesn’t know where they’ll be next year and has no plan, it might not be a good fit. On the other hand, if values are aligned, both employees and the company can grow together in a more permanent situation.

Benefits of permanent recruitment

The first benefit of permanent recruitment is the continuity and longevity it can yield. For employees, that means they can remain in the same position for years while feeling a sense of security. There’s no need to be constantly looking for the next opportunity. As an employer, by investing in someone for the long term, you can recoup the initial costs of hiring and training, avoid the costs of new hires, benefit from employee buy-in and move closer to fulfilling the company vision.

Another big benefit to consider is the workplace culture with people moving in and out of a company like a revolving door, there’s really no chance for a culture to develop. And if it has, it’s probably not a strong or healthy one. By hiring permanent workers with similar values, you can retain personnel that are still with the company 5, 10 and even 15 years down the road. That type of situation creates a highly potent workplace culture. With shared values, belief systems and attitudes that have been cemented over time, your workplace culture can help you meet business goals and attract top talent going forward.

The third benefit of permanent recruitment we’ll focus on is the opportunity for advancement aspect. As a contract or temporary worker, this is virtually non-existent. But for permanent employees, there’s a real opportunity to grow with the company and get rewarded for it. With elevated skills and experience, the company may promote you to new highs, complete with sweeter perks and heftier pay. But the advance is good for the company too. With employees eager to climb the ranks, companies can maintain a healthy pool of qualified candidates for leadership positions armed with fresh ideas and years of experience.

Drawbacks of permanent recruitment

Perhaps the biggest drawback of permanent recruitment is the permanent part. Of course, nothing lasts forever, but a bad hire can cost a business. Through the good times and the bad, including time for training, companies committed to paying the salary and benefits. Often enough, the standard 90-day probationary period may not be enough time to gauge whether the employee will be a good fit or not in the long run. To avoid the costs of a bad hire, termination and re-hiring, businesses need to ensure their recruitment process is efficient and effective.

Another thing to consider when hiring for permanent positions is the compensation obligations. Permanent employees will ask for not only a competitive salary but a benefits package. This benefits package is not required under Canadian law for contract or temporary workers, but for permanent hires, there is vacation time and sick time, plus medical insurance, dental, bonuses and other extra time like personal days.

Our final drawback to think about is turnover. Turnover stings, but it will even more so when a key employee leaves who’s been with the company for 15 years. They will leave a massive hole that will be costlier to fill. There will be significant training demands to replace that person’s depth of experience, plus an extended recruitment period to make sure the replacement is up to the same standard.

If you’re looking for a permanent job opportunity:

If you’re a job candidate looking for a permanent job opportunity, it all starts in the interview process. You’ll need to communicate the fact that your values align with that of the company and that you’re determined to stick around. One way to do this is by making sure to ask quality questions during the interview, which can demonstrate your interest, motivation and attentiveness.

It will also help to have a recruiter in your corner. STRIVE Recruitment can work with you to bolster your resume before helping you find the permanent position you’ve been hoping for. Whether you’re looking to join a small, private company or a Fortune 500, we can help. Contact us today to get started.

If you’re looking to hire permanent employees:

If you’re a business looking to hire permanent employees, a permanent recruitment agency can be your best friend. At STRIVE Recruitment, we have a proven track record of filling roles in 3-10 days (20 days for senior roles), specializing in Accounting & Finance, Corporate Administration and Manufacturing & Operations placements across Canada and the US.

To find your next permanent employee, we’ll guide you on best practices for job descriptions, salary ranges, compliance and screening processes, interviewing and negotiation before helping you land your next all-star player.

In today’s competitive job market, attracting and retaining top talent is crucial for the success and growth of any organization. The cost of losing skilled employees can be significant, both in terms of financial resources and the impact on productivity. To avoid these risks and create a thriving workforce, companies must focus on implementing effective strategies to hold on to their best employees. In this blog post, we will explore five key ways to retain top talent. 

Opportunities for Growth and Development 

Offer opportunities for your employees to enhance their skills, pursue certifications, attend conferences, and participate in training programs.  

Top performers are often driven by personal and professional growth. By providing ongoing training programs, mentorship opportunities, and career advancement paths, demonstrates our commitment to the employees’ growth. This investment not only enhances employee skills but also increases their engagement and loyalty. Encourage employees to set personal and professional goals, and provide the necessary resources to help them achieve those goals within the organization. 

Recognition and Rewards 

Recognize and reward the achievements and exceptional performance of your employees. Regularly acknowledge their contributions through verbal praise, written appreciation, or public recognition. Consider implementing a formal reward and recognition program to encourage and motivate them. 

Celebrating success reinforces a sense of appreciation and boosts morale. 

Regular Feedback and Performance Reviews 

Conduct regular performance reviews to provide constructive feedback and set goals for improvement.  

Establish a structured feedback system that promotes open and honest communication. Managers should conduct regular performance reviews, setting specific goals, and offering constructive feedback.  

This process allows employees to understand their strengths and areas for improvement, fostering continuous growth. Regular check-ins also enable managers to address any potential issues proactively, enhancing employee satisfaction and retention. 

Positive and Inclusive Company Culture 

When employees feel a sense of belonging and enjoyment in their workplace, they are more likely to stay committed and loyal. Creating a company culture that aligns with the values and aspirations of your employees is crucial. This involves fostering an environment where diversity and inclusion are celebrated, and where everyone’s voice is heard and respected.  

Encouraging social gatherings, both formal and informal, can also contribute to building a strong team spirit and fostering positive relationships among employees. Whether it’s organizing team-building activities, celebrating milestones, or simply having regular social events, these opportunities for social interaction can enhance camaraderie and create a sense of belonging within the company. 

Work-Life Balance and Flexibility

Maintaining a healthy work-life balance is crucial for employee well-being and job satisfaction. Provide flexibility in work hours, remote work options, and consider implementing policies that promote work-life balance. Encourage employees to take vacations and personal time off to recharge and avoid burnout. Offering family-friendly benefits, such as parental leave, can also be instrumental in retaining top talent. 

By implementing the above strategies, you can significantly improve employee retention rates, boost productivity, and maintain a competitive edge in today’s dynamic job market. Remember, the investment made in retaining top talent is a long-term investment in the success and growth of your organization.