As we start Q1, many HR departments and recruiters are looking forward to 2024 for rejuvenated hiring efforts. While the holiday season is generally a slow period for job searching, things tend to ramp up when Quarter 1 kicks into full swing.
It can’t be denied that COVID-19 reshaped the hiring market in several critical ways. Yet, while many pandemic-related topics like remote jobs and better work-life balance are here to stay, 2024 still offers a relatively fresh slate from the days of COVID-19.
To take full advantage of the hiring market in 2024, recruiters will need to deal with the challenges of hiring in a candidate-driven market. This means not only out-maneuvering your competition when sourcing top talent, but also selling candidates on important value propositions like employer branding.
While HR departments have spent the last few years sorting out the mess created by the COVID-19 pandemic, companies in 2024 will be much more hyper-focused on profit and expansion.
In their article “2024 Workforce Outlook: An Emphasis on Growth,” Forbes explains their predictions for the new year as such: “The economy is beginning to resemble its pre-pandemic self, confidence is growing that a recession has been avoided (for now!) and companies are once again investing in growth.”
While Forbes’s outlook for the 2024 job market is doubtlessly exciting, it doesn’t mean that companies will be haphazardly hiring large numbers of candidates simply to fill open jobs. In fact, recruiting efforts for the new year are trending toward more refined hiring practices aimed at quality, as opposed to quantity.
By researching the latest trends among recruitment and HR professionals, Speak_ has found an overwhelming interest in improving the candidate experience. As such, companies across a wide variety of industries are taking stock of how their internal hiring processes impact new job applicants.
In her LinkedIn blog post “Candidate Experience: How to Get it Right and Win More Top-Tier Talent,” recruitment expert Jen Dewar has this to say: “A positive candidate experience can help you convert your top-choice candidates into employees, while a poor candidate experience can cause them to drop out of your hiring process altogether.”
No matter if you operate a SaaS company or a manufacturing business, the best candidates are always the most sought-after among your competitors. If you have a cumbersome and impersonal hiring process, candidates will jump ship and move over to your competitors before you even have time to make them an offer.
If you take time to revise and streamline your hiring pipeline, it’s possible to differentiate your brand from competitors by providing a positive candidate experience. When candidates feel satisfied and respected during the interview process, it will lead to better hires while also bolstering your company’s reputation.
Your company’s branding does more than attract customers to your business. In fact, the term “employer branding” refers to how your company is perceived by relevant candidates in the industry where you operate.
With a larger emphasis on employee wellness and DEI (diversity, equity, and inclusion) initiatives in the modern workplace, it's critical that your company’s actions align with your values. While financial compensation is always a major motivator, many of today’s candidates also want to feel morally aligned with your organization.
In his article for the Harvard Business Review titled “Make Your Employer Brand Stand Out in the Talent Marketplace,” business leader Bryan Adams lays out 3 essential components of employer branding:
As we approach 2024, it’s no secret there is a direct correlation between a company’s ability to take care of its employees and its overall success.
In the days of old, high-pressure interviews lacking in structure and utility were the norm. However, with the aim of improving the candidate experience, more HR professionals are coming to realize that providing proper interview support is the most surefire way to gauge an applicant’s future performance on the job.
In order for a candidate to bring out their true personality in an interview, they need to feel relaxed and confident. When you properly support candidates with interview prep materials, you are actually setting yourself up for making better hires.
On her popular LinkedIn page, recruitment specialist Chelsea Grayson explains that a streamlined interview process will ensure “you hire individuals who not only meet the job requirements but also align with your company's values and culture.” Grayson continues, "Employees who were carefully chosen through a well-structured interview process tend to be more engaged and committed to their roles.”
At Speak_, we developed branded interview kits specifically for the purpose of helping candidates be better prepared for interviews. Not only will our interview kits allow your company to make better hires, but supporting candidates with preparatory materials will reflect positively on your employer brand.
In old-school recruiting scenarios, it was not uncommon to hear phrases like “We just need to get bodies in the door.” In other words, businesses were willing to lower the hiring bar for less desirable applicants simply to get jobs filled. As we look to 2024, HR professionals have come to realize that hiring practices should be aimed at quality instead of quantity.
In his SHRM article “Data Analytics Make Understanding Quality of Hire Possible,” author Roy Maurer explains the value of this critical metric as such: “Known for years as the Holy Grail of talent acquisition, quality of hire is the value that a new employee contributes to the success of the company. It's the deepest-impact metric HR can utilize to increase workforce productivity, improve retention, and realize organizational goals.”
Whether it be the candidate experience or employer branding, any improvements in your hiring pipeline should be done with the end goal of making better hires. While the average cost of hiring the wrong person is quite noteworthy at $17,000, expenses related to hiring and training aren’t even the full picture. Especially with higher-level positions in the C-suite, quality hires can make all the difference between success and failure.
As we approach 2024, today’s top recruiting trends reflect a job market transitioning from the volatility of the pandemic, while still holding on to important new values related to the business values and the candidate experience. Moreover, notions like employer branding are no longer regarded as irrelevant superficialities that don’t impact business performance. Rather, the business world has come to accept the fact that there are direct correlations between functional hiring processes and overall profitability.
Through extensive market research, Speak_ has uncovered an overwhelming interest in improving the candidate experience in order to make higher-quality hires. In response, Speak_ developed branded interview kits to help companies hire more engaged and dedicated employees.
Contact Speak_ today to learn more!
