The Talent Crowd – Your Partner in Talent Acquisition
With 2024 just around the corner, Professionals are contemplating their professional future. And the upcoming year is looking like a BIG year for HR Pro’s.
The HR industry is undergoing rapid transformation, driven by technological advancements, changing workforce dynamics, and the evolving expectations of employees.
Key HR statistics you should know
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According to LinkedIn, the cost of hiring a new employee with benefits can amount to a significant 40% of the individual's basic pay. Additionally, 15% of human resources expenses are dedicated to recruiting activities.
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A recent HR Executive study found that 72% of HR professionals expressed some level of concern about talent loss in the current year.
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On average, individuals tend to change careers around the age of 39. Looking ahead, 87% of employees consider improved retention to be a high or important concern over the next five years.
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Employee departures come with a cost, particularly at the entry level, where replacements can amount to 50% of their salaries.
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Recognizing the pivotal role of people in organizational success, 83% of sectors are actively working to cultivate a more people-centric culture within their organizations.
1. HR to harness the power of employee engagement
The concept of employee engagement is a hot topic.
In fact, it has become so popular that many companies have started implementing employee engagement programs to improve productivity, boost morale, earn employee referrals, and increase overall performance.
It seems to be working. and over the coming year, employee engagement will continue to rise, to create a better experience and drive employee retention.
2. Technological Advancements Reshaping HR Practices
In 2024, we should expect a huge advancement in integrating new Technologies, including AI (Artificial Intelligence), within HR.
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According to 63% of hiring managers and talent acquisition professionals, AI has improved recruiting at their businesses. (LinkedIn)
A focus on utilising these skills, offers the organization new opportunities to tap into hidden sources of talent and increase economic opportunity for all.
3. DEI (diversity, equality, and inclusion) (diversity, equality, and inclusion) and Success
Diversity, equity, and inclusion are integral to corporate success. And now, more than ever, we see a growing recognition of the need to encompass various aspects of diversity.
Furthermore, there will be an ongoing emphasis on prioritizing mental health, by cultivating a supportive culture and providing of relevant resources.
As remote work continues to gain prominence, organizations will confront DEI challenges associated with a globally diverse workforce. This involves navigating cultural differences and ensuring inclusive practices in a remote work environment.
4. Skills Development and Learning
As organizations continue to adapt to a fast-paced and ever-changing business environment, the emphasis on honing and expanding the skill sets of employees becomes increasingly crucial.
With technology evolving at an unprecedented pace, HR professionals are expected to use initiatives that facilitate continuous learning, ensuring that their workforce remains not only relevant but excels in the face of emerging challenges.
The integration of innovative technologies, such as artificial intelligence and machine learning, into training programs is anticipated to be a key driver, enabling HR departments to provide personalized and efficient learning experiences.
5. Forward-Looking Hiring Strategies
A notable trend in HR involves the competition for top talent, marking a shift in the post-pandemic landscape where companies have retained their existing talent.
Consequently, the task of attracting the most qualified candidates for new positions has grown more challenging.
In response to this trend, HR and talent acquisition professionals should embrace a forward-looking approach to their hiring strategies.
Initiating the recruitment process early and sustaining a continual effort to cultivate a talent pipeline are vital.
Proactively building relationships with potential candidates beforehand can provide companies with a competitive advantage, ensuring they are well-positioned to secure the right talent when the need arises.
The Talent Crowd, as your trusted recruitment partner, is uniquely positioned to navigate this challenge with you.
By leveraging our expertise and extensive network, we seamlessly integrate a forward-looking approach into your hiring plans.
Our team excels in initiating the recruitment process early, ensuring a continuous effort to build and nurture a robust talent pipeline. Offering not just insights but a tailored recruitment strategy that secures the right talent for your team's success.
Conclusion
In conclusion, as we anticipate the HR trends and challenges that 2024 will bring, one thing is clear: the landscape of talent acquisition is undergoing a significant transformation. The Talent Crowd, led by HR and TA recruitment experts Evette van Est and Jack Garrigan, stands as a strategic partner ready to navigate these challenges with precision.
As organizations grapple with the escalating competition for top talent and the evolving expectations of employees, The Talent Crowd is uniquely positioned to offer not just insights but tailored recruitment strategies. Our commitment to initiating the recruitment process early, building a robust talent pipeline, and fostering a people-centric culture aligns seamlessly with the key trends outlined in this report.
In 2024, the collaboration between organizations and The Talent Crowd is not merely about filling positions; it is about architecting success.
The Talent Crowd – where talent meets opportunity.