As we step into the evolving landscape of recruitment in 2024, businesses will need to adopt a proactive approach when it comes to securing and retaining top-tier talent. Our specialist consultants offer insight into some of the main recruitment trends that will continue to impact hiring in 2024.
From the surge in remote work opportunities and overcoming talent shortages, to talent retention and attraction. Growing a business isn’t just about hiring, it's about investing, evolving, and creating an environment where your talent doesn't just stick around but thrives.
Redefining work flexibility
In 2023, there was a widespread embrace of remote work, with the job market having a significant surge in remote job opportunities, offering professionals the flexibility to work from anywhere.
While most companies were open to changing their workplace policies following the COVID era, some big names in tech and finance like Apple, Goldman Sachs, Disney, and Amazon have held firm on a return to working in the office. Amazon recently even introduced a return-to-office policy, with its CEO telling employees who defy the company’s policy to return to the office working at least 3 days a week "It's probably not going to work out".
Following companies trying to enforce in-office work policy, there has been pushback from employees – thousands of Amazon employees spoke out following the new memo from their CEO, and Disney employees petitioned and argued is likely to have ‘unintended consequences that cause long-term harm to the company’.
This divide on RTO may even cause workers to quit, with recent research warning employers that nearly 6 in 10 employees said they would rather look for a new job that return to the office.
Rick Deller, Head of Eligo's Technology Division, explains the mixed views on remote work and its potential benefits for businesses. He warns that “companies resistant to hybrid models may face difficulties attracting top talent and geographically diverse candidates, putting them at a disadvantage in the competitive hiring landscape. Embracing flexible work, tailored to employee needs whether that be an onsite or remote working models, can not only expand your talent pool but also unlock increased productivity, engagement, and employee well-being”.
We see flexibility being an ongoing trend in the workforce and will continue to impact hiring in 2024. So it will be key for businesses to adopt some type of hybrid model to ensure a happy work-life balance for their staff. After all, happy and valued employees are more likely to remain with companies that can accommodate their needs.
Overcoming talent shortages and a competitive market
In the dynamic recruitment landscape of 2023 and the projected challenges of 2024, employers grapple not only with talent shortages in a fiercely competitive candidate market but also with the pressing challenge of time to hire.
As the demand for skilled professionals continues to outpace the supply, companies face the urgency to swiftly identify and secure top talent before competitors do. This heightened competition emphasizes the need for quick and efficient hiring processes to avoid losing out on top candidates.
Lead Recruiter Anne Rooke shares her insight into overcoming the challenge of losing out on top talent when it comes to efficiency :
“A big part of my role as a recruiter is to make sure the time to hire is as efficient as it can be, maintaining open communication channels when there's a strong match between candidate and client. I've observed that organisations with a slow hiring process and/or those hesitant to extend offers promptly, often lose out. It's an old cliché but "you snooze, you lose" does rather sum it up on such occasions! Candidates who would almost certainly have accepted a position with them are then snapped up by an alternative offer. In a market facing a shortage of top-tier talent, an effective time-to-hire becomes not just important but crucial for securing the best candidates.”
To tackle the shortage of skilled workers, companies now need more than just a good image. They also have to make their hiring process faster and more efficient. This means being quick and decisive when choosing the right candidates. It's not just about having a positive reputation; it's about being fast and smart in hiring to get the best talent before others do.
Talent retention and attraction
When it comes to growing a business, we know that it’s not only about attracting new employees but retaining the great talent you already have. This becomes a challenge in a competitive job market with candidates who are not actively looking, being offered attractive opportunities elsewhere.
It’s key to be proactive about retention strategies for 2024 to ensure employee satisfaction and loyalty going forward.
Adopting a personalized approach to employee development, including upskilling and reskilling programs, is becoming pivotal in nurturing a workforce that can adapt to the ever-changing demands of the professional landscape. Additionally, companies are focusing on fostering a positive and inclusive workplace culture, recognising the direct impact it has on employee retention.
Key components of a contemporary retention toolkit include:
Offering competitive compensation packages and bonuses:
Guy Wilkinson, Events Recruitment Director has noted the change in employers prioritising the employee experience particularly in the events sector – “In my 23 years of experience recruiting for the events industry, particularly for B2B Commercial Conference Organisers and Exhibition Organisers, I have seen a shift in the rewards and benefits they are offering their employees. A considerable number of organisers are now offering bonuses with their packages for event staff, and this will only continue to rise in popularity for 2024."
Flexible work arrangements:
Embracing flexible work, especially tailored to employees, enhances productivity and serves as a powerful employer branding tool, attracting diverse talent. Eligo’s International Technology team have noticed this shift : “Notably, European companies have successfully implemented 4-day work weeks, promoting employee well-being; a trend we anticipate to gain traction globally.”
Whilst there are positives of remote working for some, there are challenges for others in the form of missed connection and isolation. It will be important to ensure that open communication channels and virtual networks/communities are available to allow employees to feel heard and valued. Our International Recruitment team agree with this and offer that “In the age of remote working, having a virtual network to count on can be extremely useful, and it can also be used to arrange frequent in person meetings and events”.
Having a sense of community within your organisation can be beneficial for internal and external growth, and the Eligo international team also state that in 2024 it will be key to “improve support and collaboration in remote working environments, especially for Junior employees, who often claim to feel lost and lack the proper guidance from their manager”.
In 2024, the most successful companies will be those that not only attract top talent but also prioritise strategies to retain their valuable existing talent, creating an environment where employees are not just hired but are invested in for the long term.
By embracing flexibility, prioritising efficient hiring, and investing in your employees' growth, you can further position yourself as an employer of choice.
As the recruitment landscape evolves, Eligo remains at the forefront, equipped to anticipate and guide you through the next wave of talent trends. Let's shape your future workforce, together.