The latest e-guide from Robert Walters, highlights key insights and views from experts within the recruitment industry, sharing the top 10 talent and recruitment trends throughout the course of 2024. These trends are direct responses to the previous years of high demands of talent from the job market.
How Can Organisations Adapt to the Newest Workforce
The previous demand for new talent has led to the rise of Gen Z in the workforce. This year, Gen Z is projected to take up 23% of the workforce, surpassing the Baby Boomers. With their tech-savviness and disruptive mindset, Gen Z professionals bring fresh approaches to work and prioritise work-life balance. However, a survey conducted by ResumeBuilder.com revealed that 74% of managers and business leaders find Gen Z more difficult to work with than other generations. Concerns were raised regarding their perceived sense of entitlement and a lack of effort, motivation, and productivity.
To address these generational concerns and effectively attract and retain Gen Z professionals, organisations must adapt their employee value proposition and recruitment processes. This includes offering expedited career development opportunities, providing remote or hybrid working options, and focusing on professional development opportunities. Creating a supportive and inclusive work environment that values their unique perspectives and strengths will be key to engaging and retaining Gen Z talent.
Skills Trump Degrees: Why Employers Are Ditching Credentials for Competence Now
“Over the last few years, we have seen an increase in the costs and time it takes to recruit professionals. This alongside continued skills shortages have resulted in organisations are adopting a skill-first approach to recruitment, which leads to an increase demand for skill-based talents.” Commenting on this trend, Vivian Tsang, Associate Director of Robert Walters's Technology & Transformation, remarks “36% of HR professionals would progress a candidate if they possessed the skills but not the years of experience required.”
The shift from traditional credential-based hiring to a skills-first approach reflects from a report by Intelligent.com stated 70% of companies say they have eliminated bachelor's degree requirements to create a more diverse workforce, and 4 in 5 employers value experience over education when evaluating job candidates. In Hong Kong, a survey from CLAP-TECH Pathway also indicated that 25% employers prioritise practical experience over academic qualifications in the hiring process, particularly in creative media and tech industries.
Years of experience and qualifications are becoming less important as companies prioritise finding the right person for the role. This allows organisations to expand their talent pools, improve diversity, and source talent more efficiently. Implementing skills assessments and focusing on skills development are crucial steps for successful skills-first hiring.
AI Adoption in Recruitment
The rise of AI has significantly impacted the recruitment landscape, leading to increased adoption of AI in recruitment processes in 2024. In fact, 82% of senior leaders believe that AI will have a significant impact on recruitment in their business. This adoption is driven by the growing demand for tech talent, as AI technologies continue to advance and become more prevalent across industries.
However, it is important to address employees' concerns about the relentless pace of change associated with AI. ACCA Global highlights that over a third of employees express such concerns. To alleviate these concerns, it is crucial for employees to understand how AI tools can offer support in various recruitment tasks, such as pre-screening candidates, conducting interviews, and even writing job ads.
While AI can streamline recruitment processes, it is also needed to understand its capabilities and limitations. Understanding and utilising AI will increasingly be an in-demand skill set and candidates with a better understanding and experience of AI will become more attractive to employers.
The rise of "accidental managers”
The increased demand for talent from previous years has led to a surge in accidental managers due to promotions based on popularity and availability, rather than leadership experience. In response to it, 2024 will see businesses focus more on their middle management.
According to Gartner, 76% of HR leaders acknowledge that their managers are overwhelmed by the growing responsibilities of their jobs. Managers, burdened with 51% more responsibilities than they can handle, face significant challenges in effectively fulfilling their roles. The sheer magnitude of their responsibilities has rendered the job unmanageable.
66% of employees say having a bad manager makes them feel unmotivated in their current role. Recognising the importance of strong middle management, businesses are investing in their management training programs. Rachael Yeung, Senior Manager of Robert Walters's Commerce - Contract division comments.“Accidental managers, promoted without adequate leadership experience or training, can negatively impact employee motivation and retention. To retain top talent, organisations are reviewing and enhancing their management training programs to empower middle managers to inspire and lead their teams effectively."
2024 top talent trends in recruitment
- Attracting and retaining Gen Z professionals
- Skills-first hiring
- AI adoption in recruitment
- Changing face of pay
- Double down on ED&I and ESG
- Focus on middle management
- The gig economy
- Strategic Boomerangs
- Leadership soft skills
- International assignments
Source: https://www.robertwalters.com.hk/insights/hiring-advice/e-guide/2024-top-talent-trends-in-recruitment.html
