As we move into 2024, HR faces both challenges and opportunities. The complexities of 2023 continue to shape the future, requiring flexibility and strategic foresight.
A recent study has identified key trends likely to shape the direction of HR strategies in 2024. So, let's dive into the trends, understand their effects, and learn how your organization can proactively adapt to stay ahead.
Trend #1: Uncertainty & Volatility
According to HR experts, the uncertainty and instability of macro trends, including the economy and labor supply, will continue in 2024. So, it’s important to be prepared for a rainy day. The study also found that:
- 91% of HR leaders state that HR’s has changed dramatically over the past 5 years
- 66% of HR leaders express worries about the future of HR
- 93% of C-suite executives share concerns about economic turbulence
Trend #2: Recruiter-level Challenges
The second trend expected in 2024 focuses on the difficulties recruiters face. An overwhelming 77% of employers worldwide find it challenging to find qualified workers. The HR community is also not exempt from this problem, as 98% of HR professionals have confessed to feeling exhausted and trapped in a never-ending cycle of transactional HR activities.
While it might be tempting to skip assessments to expedite the hiring process, this approach can lead to negative consequences. Assessments are crucial in maintaining objectivity and expanding the pool of candidates. This underscores the significance of preventing the introduction of any unconscious bias, which could further limit the already-restricted talent pool.
Trend #3: Skills-based Hiring
Another trend gaining momentum in 2024 is the shift towards skills-based hiring, which involves focusing on an individual's specific skills, competencies, and abilities rather than solely on their qualifications or credentials, such as degrees or job titles. According to the study, 90% of executives are experimenting with skills-based approaches.
And in a world where work is increasingly being performed across functional boundaries, 66% of executives and employees are more likely to choose or stick with employers who emphasize skills.
Your organization should evaluate strengths and weaknesses before making hires. This way, you can make informed decisions aligning with day-one performance and address critical gaps using skills data.
The study also highlighted other benefits for skills-based organizations:
- Effective Placement: 107% more likely to place talent effectively.
- Retention: 98% more likely to retain high performers.
- Employer of Choice: 98% more likely to have a reputation as a great place to work and grow.
Trend #4: Impact of AI on Hiring
One major trend that will likely shape HR strategies in 2024 and beyond is the impact of Artificial Intelligence on hiring. According to a study, 76% of CHROs believe that their organizations may lag behind without AI solutions.
Only 3% of HR executives believe that their organizations are adequately prepared for the lack of transparency in AI. Furthermore, 88% of HR professionals distrust AI decisions because they don't understand the algorithm's reasoning.
Here are some examples to clarify the often confusing AI technology used in HR tools.
- Intelligent Automation refers to the automation of repetitive and routine tasks based on pre-defined rules. For example, interview scheduling can be automated based on a set of rules.
- AI involves the simulation of human intelligence by machines. It consists in analyzing large amounts of data to identify patterns and insights. This can help in understanding workforce skills and improving business operations.
- Generative AI takes things a step further by enabling machines to create something new. For instance, a conversational recruiting chatbot can be made using generative AI. This chatbot can interact with candidates, answer their questions, and even schedule interviews.
While AI innovations have great potential, concerns remain regarding legislation, bias, and transparency. It is important to avoid adopting "black box" AI that makes decisions without human oversight and to keep a human in the loop.
Preparing for the Future with Kinetix
Looking ahead to the future, your organization must stay up-to-date with the latest HR trends. However, managing these trends can be a challenging task. Fortunately, Kinetix can be instrumental in helping your organization handle these challenges.
So, how exactly can Kinetix provide support in managing each of these trends?
1. Uncertainty & Volatility
At Kinetix, we understand that finding the right talent is critical to the success of any organization. That's why we offer a range of staffing and recruiting services tailored to your specific needs. Our approach differs from other firms; we prioritize flexibility and collaboration, working closely with your team to ensure a seamless hiring process.
Our services include:
- Contingent staffing.
- Custom direct hire.
- Tailored Recruiting Partnerships.
- Recruitment process outsourcing.
- Talent management consulting.
Our goal is to help you attract top talent in volatile times. That's why we meet you where you are with an adaptable and strategic approach that aligns with your organizational goals to contribute to long-term success.
2. Recruiter-level Challenges
Kinetix offers various ways to assist your organization during the recruitment process. We specialize in advanced evaluation tools and methodologies for objective and data-driven candidate assessments, which can be extremely beneficial for addressing talent shortages.
We are experts in candidate engagement strategies, ensuring involvement and interest during recruitment in a competitive job market with high demand for top talent. Recruitment as a Service (RaaS) simplifies and streamlines talent acquisition. It offers scalable and customizable services without long-term contracts through a subscription-based model.
RaaS is a flexible solution for hiring specialized roles, large projects, temporary staffing, diversity and inclusion initiatives, and crisis situations. It provides access to a vast talent pool, brand representation, streamlined processes, comprehensive analytics, strategic advisory, and consistent candidate experience.
Kinetix specializes in recruiting, integrates with in-house teams, and provides ongoing talent management, flexible partnerships, innovative recruiting technology, and an emphasis on employer branding.
3. Skills-based Hiring
Kinetix can be a valuable ally to your organization in identifying the current skills of your workforce and mapping them against future needs. Staying competitive in the future requires staying on top of HR trends. Kinetix can help your organization manage these challenges and support you in dealing with current hiring trends. By adopting a strategic approach to skills-based hiring, your organization can proactively build a workforce with the right skill sets, ensuring you're well-prepared to tackle future challenges and stay competitive.
We also assist in delivering continuous learning and development for employees. We offer insights into effective learning and development strategies that equip staff with the skills required for evolving roles. This contributes to an agile and adaptable workforce that can meet the organization's changing needs. Ultimately, this approach can help your organization build a high-performing workforce that drives growth and success.
We specialize in manager training through our BOSS Leadership Series, which offers engaging courses in coaching, goal setting, performance management, interviewing skills, compensation, and change management. These courses can be accessed both in-person and virtually, ensuring that we can meet your needs no matter where you are located.
4. Impact of AI on Hiring
Kinetix offers services to help your organization integrate AI into your recruitment processes to helps you deal with the impacts of AI effectively. We provide specialized tools powered by AI such as resume screening, chatbot interactions, and data analytics. These tools enhance decision-making by quickly sorting through resumes, engaging with candidates through chatbots, and analyzing data to identify trends and patterns.
In addition, Kinetix ensures that AI solutions used in recruitment adhere to transparency standards. This means they keep things clear and open about how AI is used in the decision-making process. By emphasizing the importance of keeping humans in the loop, Kinetix helps your organization maintain trust with candidates and stakeholders. This approach acknowledges the significance of human oversight in recruitment decisions. It also balances the benefits of AI with the need for ethical and transparent practices.
Hire Faster Than You Can Grow with Kinetix
Overall Benefits of Kinetix Partnership:
- Cost Efficiency: Kinetix provides cost-effective solutions compared to in-house recruitment teams, especially when dealing with advanced technologies and expertise.
- Scalability: Kinetix offers scalability, allowing organizations to adjust their recruitment efforts flexibly based on changing demands.
- Expertise and Innovation: Kinetix is at the forefront of HR trends, bringing in-depth knowledge and innovative practices to optimize recruitment processes.
Having an RPO partner like Kinetix can be extremely beneficial for your organization in tackling the challenges posed by HR trends in 2024. With our expertise, resources, and technology, Kinetix can assist you in strategic planning and adopting modern technologies, contributing significantly to building a future-ready talent acquisition strategy.
Stay ahead of the curve in 2024 with our comprehensive insights into the latest HR recruiting trends! Want to learn more about how Kinetix can help you adapt to challenges in talent acquisition?
Get in touch with our team today to discuss your hiring goals.
