GOODBYE 2023, HELLO 2024: INDUSTRY TRENDS AND PREDICTIONS
Across every industry, executives, leaders, and enthusiasts are making their predictions for what trends will shape this year, and just like everyone else, we have our takes on what will dominate the talent acquisition industry this year.
Last year, there was a large emphasis on employer branding, employee well-being, and AI within the industry. As one of the top trends for 2024 across all industries, artificial intelligence will continue to develop and be integrated into work practices, specifically within the bounds of hiring and candidate experience. This year will also be transformative for retirees as many are returning to the workforce, unfortunately, due to financial constraints; however, their skillset is projected to bring immense value to companies.
At the forefront of talent acquisition industry trends is contract work. Coming out of the pandemic, there was an uptick in contract positions, specifically within the creative industry, due to the desire for flexibility. However, this year will be a monumental shift for contract work as the benefits for employers and employees are too good to pass up.
Stay ahead of the curve and read our insights into the trends and predictions shaping the talent acquisition industry in the coming year.
#1: Retirees return to the workforce
Let's openly delve into a surprising employment shift – the resurgence of retirees reentering the workforce out of financial necessity, not choice. The backdrop of COVID-19 witnessed a wave of older Americans embracing early retirement, enticed by the prospect of home and the looming threat of layoffs. However, economic uncertainties have now prompted numerous retirees to make the bittersweet decision of rejoining the workforce. From an employer perspective, rehiring retirees brings immense value. Their breadth and depth of experience make them treasures - though desirability is bittersweet considering the impetus.
Troublingly, two-thirds fret age bias may hamper opportunities.* Rather than talent going to waste, employers must emphasize skill and perspective over youth.
With empathy and inclusive hiring, companies can provide meaning and economic stability while benefiting from seasoned expertise. The circumstances are tragic, but the potential mutual reward warrants open-mindedness.
We’ve outlined ways to seamlessly welcome retirees back into the workplace in 2024.
Create a supportive environment: Retirees may have been away from the daily grind for a while, so it's crucial to foster a supportive and inclusive workplace culture. Encourage open communication and provide resources to help them acclimate to any changes in technology or company processes. Make sure there's a designated point of contact for questions, ensuring a smooth transition.
Flexible work arrangements: Recognize that retirees may have different priorities and commitments. Offering flexible work arrangements, such as part-time schedules or remote work options, can make the return to work more manageable. This flexibility not only accommodates their needs but also showcases the company's commitment to work-life balance.
Reverse mentorship programs: Reverse mentoring is on the rise, and for good reason! Programs where younger employees can teach senior employees everything from social media (we could all use a session on TikTok) to new attitudes around social issues. PwC and P&G’s reverse mentoring programs have taught senior executives about DEI and disability inclusion in the workplace.
Flexible benefits packages: Tailor benefits packages to cater to the diverse needs of retirees. This may include health and wellness programs, flexible spending accounts, or even phased retirement options. Showing consideration for what they need at this stage in their life demonstrates a commitment to employee well-being.
Promote intergenerational collaboration: Encourage collaboration among employees of different age groups. Facilitate team-building activities that foster connections and shared goals. Intergenerational collaboration can lead to innovative solutions as diverse perspectives blend to create a dynamic work environment.
#2: contract work is on the rise
Delving into the dynamic changes reshaping the corporate landscape, we find an intriguing paradigm shift that seamlessly aligns with the demands of the modern workforce – contract work. From tapping into an expansive reservoir of specialized talents for targeted projects to fine-tuning teams in real-time to optimize costs, the rise of contract careers is a compelling narrative. Contract work extends mutually beneficial advantages to both employers and employees. For employers, it translates into enhanced project-centric productivity and cost-efficiency. Simultaneously, employees relish the freedom and flexibility that come with contract roles, enabling them to craft a diverse and enriching portfolio of experiences. In essence, contract work is a win-win scenario, offering something valuable to everyone at the table.
#3: The intersection of ai, dei, and hiring
Throughout this year at Monday, our commitment to fostering organizational change within the companies we collaborate with has been unwavering. We've joined forces with clients to expand the horizons of candidate searches, actively seeking out remarkably diverse talent. However, we acknowledge that not every recruiter or hiring manager is inherently equipped to specialize in diverse talent recruitment. This realization underscores the transformative potential of artificial intelligence (AI) as a game-changer in connecting companies with more inclusive and varied talent pools.
AI will be critical for hiring teams in 2024. Yet, it's crucial to note that AI is not a one-size-fits-all solution; it comes with its own set of risks. Monday Talent’s DEI specialist, Tierney Yates, reminds us that AI was developed by a human, so naturally, there will be some sort of bias embedded in the technology, “Platforms like Chatgpt, Claude.Ai and Bard spit out information from 2021 onwards, and people are taking this information and regurgitating it which can be very harmful. There’s no one checking the accuracy or bias of this information from infancy, so we continue this cycle of systemic bias.” This is why it’s critical to have diverse trained teams working with AI for an added layer of revising AI outcomes, so we’re mitigating bias.
We’re excited about the possibilities of AI advancing DEI hiring; however, still implementing human practices to reduce bias and risk.
#4: Upskilling is the new buzzword
The trend of upskilling is set to take center stage in 2024. As industries undergo rapid transformations and technological advancements, the demand for a skilled and adaptable workforce is more pronounced than ever. Employers are recognizing the value of investing in their existing talent pool, fostering a culture of continuous learning and development. In the coming year, we anticipate a surge in upskilling initiatives as organizations prioritize equipping their employees with the latest skills and knowledge to meet the evolving demands of their roles. This proactive approach not only enhances employee retention and satisfaction but also positions companies to stay competitive in an increasingly dynamic job market.
In the realm of talent acquisition, a transformative wave is sweeping through, and 2024 is poised to be a year of innovation and adaptation for recruitment agencies. Staying a step ahead of these trends is imperative for success in linking the perfect talent with the right opportunities. Keep an eye out for continuous updates on industry trends and insights as the year unfolds!
*More retired Americans are un-retiring, and many worry about age discrimination. (2023, December 4). WTOP News. https://wtop.com/business-finance/2023/12/more-retired-americans-are-un-retiring-and-many-worry-about-age-discrimination/#:~:text=Two%2Dthirds%20of%20those%20expecting
