Hiring Trends: The Forecast for 2024
Posted on May 30, 2024
As we review our internal forecast for hiring in the latter part of 2024, several predictions and trends emerge from various sources and the inquiries we are looking at currently:
The urgency and changes in hiring processes over the past few years have highlighted the need for a more efficient and streamlined recruitment process.
Mid-level & Executive Management Hiring Surge
We have seen a significant increase in new job requisites for GM, VP, Director, and Executive positions. Business leaders are driving this surge in hiring for strategic roles, recognizing the importance of aligning recruitment with business goals and fostering a culturally diverse workforce. From our conversations, we predict that this uptick will continue across the building products industry in all channels of Manufacturing, Distribution, and Retail and that we forecast shows a significant uptick, particularly starting at the end of Q2 and rolling through the end of 2024.
“Skills-First” Hiring Embraced
Companies are increasingly adopting skills-first hiring approaches, focusing on the competencies and abilities of candidates rather than traditional criteria. AI-powered tools are being used to create inclusive job descriptions highlighting these skills that attract a diverse pool of candidates. The openness to looking outside traditional channels is growing.
Renewed Optimism in the Hiring Process
Despite recent global and financial challenges, there is a sense of renewed optimism in the job market for 2024, indicating potential growth opportunities in the Building Products Industry. Strong employer branding contributes to this renewed optimism by attracting top talent, showcasing a positive company culture, promoting employee well-being and development, and creating a strong moral and social responsibility compass.
Recruitment Strategies Impacting Talent Acquisition Teams
Expert insights highlight five recruiting trends that will significantly impact talent acquisition teams, emphasizing the need to stay abreast of these changes (From an article on Lever). Innovative recruitment strategies are crucial in staying ahead of these trends.
Working with hiring managers to identify critical roles and skills needed for success is essential.
Available Talent Availability versus Open Job Mindset Evolution
We anticipate the need for a shift in mindset to adapt to the changing job market dynamics. Internal recruiting can help address talent scarcity by finding qualified people within the organization, but as talent continues to be more scarce, more companies are looking for assistance in recruiting. Employee retention significantly impacts the evolving job market dynamics, making it crucial for companies to focus on retaining their existing workforce. We see more companies, who have never used a recruiter in the building materials industry, reaching out to inquire about services.
College Hiring Projections
According to NACE, the hiring projections for the college Class of 2024 indicate a slight dip in overall hiring, presenting challenges for new graduates entering the workforce. Employer branding can help retain current employees and attract new graduates by showcasing a positive work environment and growth opportunities.
AI Integration in the Job Market
We are noticing the adoption of AI tools throughout the Building Products Industry as companies utilize tools in manufacturing, sales, distribution, inventory, finance, etc. Anticipated shifts in the job landscape due to AI advancements may create both challenges and opportunities for job seekers, paving the way for new roles in the industry for those AI-talented candidates. Hiring managers are leveraging AI to speed up the applicant-to-hire process by replacing traditional tasks with video technology and other automated solutions.
Adaptability in Career Pursuits
Candidates are looking inwardly, learning the importance of individual excellence over specific “hot jobs.” The labor market is evolving rapidly, emphasizing the importance of adaptability in career pursuits. We are seeing professionals who are focused on honing their skills as a way to develop their careers rather than chasing more “normal” trends.
This broad overview provides a snapshot of the diverse trends and forecasts shaping the hiring landscape for the remainder of 2024, highlighting the need for adaptability, skill-centric approaches, and a positive outlook amidst evolving market conditions.