By Josh Needle, Senior Vice President – Business Development
It’s shaping up to be another complex year for talent acquisition. Global organizations across every industry – from healthcare to manufacturing, financial services and more – are grappling with how to attract, retain, and manage their workforces in this rapidly changing environment.
Amid the noise, there are two significant factors impacting companies – pent-up attrition and talent acquisition layoffs – that demand a closer look:
Pent-up attrition: A pending seismic shift?
Global challenges over the past few years have created pent-up attrition, with many people considering career moves. Employees who may have postponed these changes due to uncertainty are now ready to make a move. This surge in job transitions will place organizations under pressure to not only retain their existing talent but also attract new skilled professionals. So how can businesses compete effectively for the best talent?
A great place to start is with your employee value proposition (EVP). Reevaluating EVPs – for example by emphasizing work-life balance, career development, and wellness programs – will help employers address the diverse needs of modern workers. Remote work options and flexible schedules also remain important tools for attracting and retaining talent.
Talent acquisition layoffs: Navigating the aftermath
On the flip side, some organizations have had to make the difficult decision to reduce their internal TA teams to navigate the economic climate or realign business strategies. This created a pool of experienced professionals actively seeking new opportunities – which companies that weather these storms can strategically leverage to grow their workforce.
Striking a balance between compassion and efficiency during workforce reductions is crucial – for both preserving employee satisfaction of remaining workers, and for effective employer branding. Investing in outplacement services, career coaching, and other support mechanisms to assist displaced employees in their job search will help foster a positive reputation and ensure that employees feel valued even through the most challenging times.
Despite these challenges for employers, there’s momentum and opportunity elsewhere. Let’s take a look at three TA trends, tools and strategies, that’ll help companies thrive through 2024:
Tech-driven recruitment: The rise of AI and data analytics
Throughout the year – and similar to recent history – we’ll witness the ongoing rise of talent acquisition technology. Artificial intelligence tools (AI) and data analytics already play pivotal roles in streamlining recruitment processes, and this will only increase.
Automated resume screening, chatbots for candidate interactions, and predictive analytics to identify high performers are just a few examples of how technology is enhancing efficiency and decision-making in TA. Companies will need to invest in the reliable tech necessary to make the most of these innovations.
Upskilling initiatives: Investing in future-ready talent
To address the evolving demands of the job market and the many emerging technologies, organizations are increasing their focus on upskilling initiatives. Rather than relying solely on external talent, companies will continue investing in training and development programs to nurture the skills of their existing workforce. This dual approach not only fills skill gaps but also enhances employee loyalty and engagement.
Diversity, equity, and inclusion (DEI): A non-negotiable imperative
DEI is a crucial part of any talent strategy – 76% of job seekers and employees in the U.S. consider diversity an important factor when evaluating roles – and will remain integral throughout 2024. There’s still headway to make, but many companies are actively working to create inclusive environments that welcome diverse perspectives and backgrounds. This not only aligns with contemporary societal expectations but also fosters innovation and creativity within the workforce.
Talent acquisition in 2024 is, and will continue to be, characterized by a delicate balance of addressing the challenges of pent-up attrition and talent acquisition layoffs. Embracing technology, prioritizing upskilling, and championing DEI are all essential to finding this balance so organizations can thrive in the dynamic world of work today.