The latest research reveals that talent acquisition trends are speeding towards a digital future, with technology playing an ever-more pivotal role in recruiting success. According to Zippia, a staggering 97% of employers plan to increase their investments in recruiting technology by 2025. It doesn’t stop there—RecruitBPM’s findings further validate this industry-wide trend. 68% of recruiters reported that investing in new talent acquisition technology is the #1 way to improve performance over the next five years.
The data makes it clear: the digital transformation of talent acquisition is happening now, and those who don’t embrace it risk falling behind.
With the rise of candidates and recruiters utilizing AI throughout the hiring process, we’re witnessing a fundamental shift in the way we use technology to approach talent acquisition and management. If you’re a savvy recruiter planning for your 2024 approach during Q4, you’re most likely already using AI-powered HR technology.
HR technology companies are adjusting their products to meet this new demand. In 2024, you can expect to see the HR technology shift to include AI capabilities as a core feature, rather than a nice-to-have.
Although technology will largely impact talent acquisition in 2024, it’s not the only thing you should pay attention to. Keep reading to learn about 6 key talent acquisition trends you should consider implementing into your 2024 strategy.
1. Renewed interest in employee experience platforms
When the COVID-19 pandemic forced workplaces to close across the globe, society was thrust into a grand experiment in remote work. Nearly four years later, many employers now recognize remote work as a permanent fixture.
Despite its numerous advantages (such as increased productivity, decreased stress and lower turnover), remote work has its drawbacks as well. The American Psychiatric Association found that two-thirds of people working from home feel isolated or lonely at least sometimes—and 17% do all the time.
While companies such as Zoom and Slack have been instrumental in improving the efficiency of remote work, there is still a significant gap when it comes to addressing the issues of isolation and disconnection. With 95% of employees prioritizing a positive work culture over compensation, businesses understand that recreating positive employee experiences that translate for a remote work setting are essential for a great candidate experience.
Remote-first team building platforms like Confetti bridge this gap. It provides an easy-to-use virtual event booking platform for employee experiences, making social team building a breeze for companies worldwide.
2. Diversity and inclusion technology
Job seekers and employers alike prioritize DEI in the talent acquisition process. Over 75% of job seekers and employees say that they prefer diverse companies and coworkers, and would even consider a lower salary to work at an inclusive company.
But diversity and inclusion isn’t just valuable for recruiting teams. It’s also valuable for your company’s bottom line. Diverse companies earn 2.5x higher cash flow per employee, and have a higher likelihood of financially outperforming their peers.
Companies have a stronger desire to address DEI challenges, and startups are developing unique diversity and inclusion solutions to meet this demand. Although the DEI technology market is young with the majority of vendors less than four years old, the industry has experienced explosive growth. The DEI technology industry experienced at least 51% year-over-year (YOY) revenue growth in 2019, and is projected to grow further through 2025.
Diversity-focused applicant tracking systems like iCIMS and Manatal help companies build equitable hiring processes by anonymizing resumes, reducing bias and identifying potential hires from under-represented groups.
3. New and niche job boards
Imagine you have an open role to fill and want to keep the application process simple so you use LinkedIn’s Easy Apply option. You end up with 500+ applications in under 24 hours. This is way harder than you thought.
Popular job boards like LinkedIn and Indeed are great if you need to access a large pool of candidates, but shifting through the sheer volume of resumes can make finding the perfect candidate feel like searching for a diamond in the rough.
Using niche and premium job sites can help your team immediately connect with top-notch talent that have the exact skills, qualifications and experience you need. Tailored job sites that focus on specific roles, industries or groups allow you to target highly-skilled candidates without spending hours filtering through CVs.
Ready to cut through the clutter? If you’re interested in attracting more diverse candidates, consider using job boards such as Fairygodboss or Jopwell. Other platforms like iHire specialize in providing industry-focused talent networks for over 50 different fields. And if you’re a startup that’s ready to build your founding team, check out Wellfound.
4. Data-driven recruiting
Investing in a new hire is a time-consuming, expensive process. Getting it wrong can be a costly mistake. Bad hires can cost organizations anywhere from $25,000 – $50,000. It can even be as high as six figures for more senior roles.
Bad hires are just part of your business expenses, but it can also indicate a broken hiring process that’s muddled with subjectivity.
Luckily, using a data-driven recruiting approach with the right HR technology tools can help your team scale and strengthen its talent acquisition programs while reducing time spent on manual tasks.
According to Renewal by Andersen’s Director of Talent & Culture, Christina Schmit, “Data is the key to enabling talent teams to be more strategic.”
5. The rise of data and analytics roles
The Bureau of Labor and Statistics anticipates a 23% increase in employment for data analysts from 2020 to 2030. Over the next decade, it’s projected that there will be more than 10,000 job openings for experienced data analysts. And even if you aren’t seeking a data analyst role, don’t be surprised if the next role you apply for requires you to have at least some data analytics skills.
Companies aren’t simply prioritizing data for their recruitment and retention strategies. They’re prioritizing data as a key element of their business model, and are hiring a talent force to reflect that. Companies that take advantage of data analytics can make faster and better-informed business decisions while increasing operational efficiencies.
6. Stronger (and more unique) benefits packages
Compensation alone just isn’t cutting it anymore. Highly skilled professionals are now expecting more from their employers. Job seekers are prioritizing flexible or remote work options, better work-life balance, and holistic benefits packages that align with their lifestyle requirements.
Stumped on what kind of unique benefits you can offer? Consider offering pet-related perks like pet insurance or “pawternity leave” for new pet parents. mParticle, a customer data company, offers two weeks of PTO to employees that adopt rescue dogs.
Offering PTO is expected at most workplaces but you can take it a step further by providing employees stipends or bonuses for taking vacations. This can also prevent burnout by incentivizing employees to take a break without financial worry. BambooHR has a Paid Vacation Policy that offers a $2,000 annual stipend, which can only be redeemed for travel costs like flights and hotels.
And if you’re looking for more typical (but still out-of-the-box) benefits, consider offering perks like fertility treatments or summer Fridays.
Embrace 2024 talent acquisition trends with the power of technology
Incorporating HR technology into your talent acquisition strategy will help your team work smarter, faster and do more with less. Using AI solutions can automate manual tasks so your team can spend more time focusing on strategic decision-making, building meaningful relationships with candidates and constantly improving your recruitment process.
Need some help crafting your perfect TA tech stack? Whether you’re looking for applicant tracking systems, AI-powered sourcing tools, video interviewing platforms or just trying to stay ahead of the latest talent acquisition trends, our Marketplace offers a curated selection to enhance your recruitment efforts.