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From emerging scale ups to businesses looking to expand operations in 2024, hiring trends are crucial for those navigating the ever-changing landscape of global hiring.
Whether it's the lingering effects of the COVID-19 pandemic on the job market or the fear of yet another economic crisis, global hiring trends will shape the upcoming business year for businesses in various industries. Understanding these trends can help businesses stay competitive and build a strong workforce while retaining their existing team.
With adaptability and the implementation of modern strategies, businesses can attract and retain employees despite the rapidly changing global job market.
Take a look at the top ten global hiring trends of 2024 and get valuable insights on what to expect this upcoming year. From predictive analytics to the automation of administrative tasks and AI-driven innovations, we cover it all so you can attract and retain the best talent.
Top Ten Global Hiring Trends
As the world becomes more interconnected and businesses start to consider the benefits of global hiring, it becomes even more essential for employers to understand industry trends that can help them attract and retain top talent.
From advancements in technology and changing demographics to a company’s culture, these trends will impact the way you expand your team in the ever-shifting landscape of global hiring.
Here are the top ten global hiring trends founders, CEOs, CFOs, Directors, and HR professionals should look for when hiring new employees in 2024 and beyond:
1. AI-Driven Innovations in Hiring
With the rise of artificial intelligence (AI) and how it streamlines extensive processes with accuracy, it’s no wonder AI has started shaping the global hiring market. The recruitment process needs tools that are efficient, precise, and effective, and recent AI innovations check all the boxes.
From the various AI algorithms that can analyze resumes and identify the most relevant candidates based on skills, experience, and qualifications to initial screening chat bots that can engage with potential candidates in real-time, AI is here to stay in 2024.
AI in the hiring process can automate and optimize screening processes and save HR professionals countless man-hours spent on screening resumes manually. In fact, 67% of hiring decision-makers consider AI’s main advantage to be its ability to save time.
Contrary to popular belief, the implementation of AI in hiring is not going to eliminate jobs but rather increase the need for upskilling your current team or hiring technically-inclined employees.
AI works by learning from data and recognizing patterns. This is why many companies are starting to consider AI as a way to reduce biases in the hiring process, at least to some extent. Human biases, whether done consciously or not, can influence decision-making and result in discriminatory company practices. However, by leveraging AI recruitment technology, businesses can implement fairer practices when selecting potential candidates based on their qualifications, skills, and experience. Ultimately, this can promote a company culture that values workplace diversity and inclusivity.
One thing is for sure - with the development of AI technologies such as Alberni, Fetcher, Manatal, and many others, the following year will be filled with businesses integrating AI into business models.
2. Digitalization of the Hiring Process
In 2023, we noticed a shift towards digitalization and the emergence of roles such as digitalization specialists, e-commerce workers, and digital marketers. This trend and the digitalization of the hiring and recruitment process is expected to intensify in 2024. From searching for talent to onboarding new hires and even conducting interviews, digital tools can streamline this process at all stages.
Digitalizing the hiring process is one way companies can reach a global pool of talented professionals who will relocate or work remotely. With this, businesses can now find an ideal employee from anywhere in the world.
The use of digitalization tools, such as Application Tracking Systems, increases efficiency in the hiring process. This technology handles the initial screening and filtering of resumes, allowing recruiters to spend more time selecting the right candidates.
Digitalization paves the way for data-driven decision-making in recruitment. It collects and analyzes large amounts of hiring data and helps identify areas for improvement, optimize recruitment strategies, and make data-backed decisions to continuously enhance its hiring efforts.
3. Automation of Administrative Processes and Other Tasks
92% of HR leaders plan to increase their usage of automation in talent acquisition and people management. In recent years, the automation of administrative processes has emerged as a significant change, and in 2024, we’ll see more of this in various aspects of the global hiring process.
Companies can enhance and streamline HR operations by implementing AI algorithms to manage employee records, process payroll, administer employee benefits, oversee employee performance and productivity, screen resumes, track applicants, onboard new staff, and offboard employees.
Automation also can extend to administrative tasks and provide businesses with the ability to allocate resources more effectively. Allowing technology to handle repetitive and mundane tasks, such as data entry, document generation, appointment scheduling, and invoice processing can improve efficiency and productivity.
4. Employee Retention
2024 will be the year of upskilling and retaining talent. Whether it's in the form of offering existing employees competitive pay and supplementary benefits or ensuring they have a healthy work-life balance, investing in the long-term satisfaction and growth of your existing employees is an emerging trend.
This year’s global hiring trend tackles the talent shortage issue with a forward-looking approach that instigates internal mobility. From navigating the tech talent shortage to the labor shortage, 2024’s global hiring trends will ensure we find solutions to our recruitment challenges.
5. Remote to Hybrid
The reason remote work is valued by employees and employers alike is because of the advantages it offers. From healthier attitudes to improved productivity, flexible working arrangements provide a means for reaching business goals from the comfort of your home. However, after a few long years of working remotely, some businesses view the remote work model as less sustainable. Instead, 2024 will see increased embracing of the hybrid work model.
A hybrid work model is when employees work partly from home and partly in a physical office.
The hybrid work model offers some of the same benefits as the remote model, such as offering employees flexible hours to ensure they have a good work-life balance or providing them with the support they need to advance in their careers and upskill their talent.
The increasing transition from remote to hybrid is the result of employee burnout, a lowering of employee morale, and a greater need for location flexibility. HR managers are seeing some remote employees experience a decrease in motivation and morale, resulting in higher procrastination levels and increased rates of employee dissatisfaction. In fact, in a survey conducted by Indeed, one in every six people out of the 5000 participants expressed their dissatisfaction as remote workers.
Employee burnout, lower morale and other feelings of isolation do not mean that an employee is overworked, rather it is the result of having few channels through which to share ideas, receive support, and gain affirmation. However, the remote work model continues to offer many advantages to both the employee and employer, hence it will never be eradicated. This is why in 2024, several businesses are experimenting with a hybrid working model that offers the best of both worlds.
6. Predictive Analytics and Data-Driven HR
Make informed decisions about your workforce with predictive analytics and data-driven HR, which is another major emerging trend in 2024. With tools and algorithms that can predict needs or actions, these insights can become useful when monitoring growth or developing strategies for scaling. Whether it’s predicting the likelihood of a potential candidate accepting a job offer or analyzing how your new policy will impact employee retention, predictive analytics and data-driven HR are becoming more popular in the workplace.
By leveraging historical data with statistical modeling, you can predict your business's staffing needs and make data-driven decisions on recruitment and employee performance.
7. Transparent Pay
Discussing salaries and compensation packages was something that was traditionally kept confidential. This has led to systemic biases, wage gaps, lack of equal pay for equal work, and many other equity issues over the years. However, 2024 will be the year when advocacy for transparent pay will illuminate pay injustices in the workforce.
Pay transparency ensures a seamless and fair process that will not only help attract and retain employees but will also mitigate the risks of unequal pay.
Transparent pay practices help companies better understand industry compensation standards, build trust with employees, and enhance the company's image as an employee-centric organization. Some states, including Colorado and NY make the disclosure of salary ranges mandatory in job listings. This has led to other hiring managers in other states to engage in similar levels of pay transparency, ensuring candidates have a clear understanding of potential compensation and their negotiating power.
8. Workplace DEI
Prioritizing workplace Diversity, Equity, and Inclusion (DEI) is another big trend that will continue throughout 2024. A strong DEI policy that fosters a positive work environment not only drives success but also brings fresh perspectives and innovative ideas to the company.
With unique skill sets, cultural backgrounds, and diverse experiences, a workforce that encourages DEI will stand out when hiring and retaining top industry talent.
9. Employer Branding
Employer branding is becoming more important in the global hiring landscape as employers need to stand out in a competitive market. In 2024, one trend that many employers and employees will need to consider is the immense efforts businesses will need to make to enhance the company’s brand.
Employer branding refers to branding and marketing at all stages of the employment process - from company culture, values, and mission statements to employee support and benefits.
When looking for jobs, employees not only consider compensation and the work model but also look for a company that has shared values, and a supportive and respectful work culture. This is why in 2024 there will be an increased emphasis on enhancing employer branding.
Businesses will need to invest time and resources in developing or enhancing an employer brand that not only aligns with their business goals but also resonates with their target talent pool.
10. Skill-Based Hiring
With a global talent shortage where 75% of employers report difficulty in filling roles, 2024 will bring a wave of skill-based hiring. Rather than seeking professionals with the required education and degrees, businesses this year will find themselves focusing on skill-based hiring. Skill-based hiring is an approach to hiring that is based on a candidate's skill sets rather than their qualifications. This approach will be more prominently seen in 2024 as it will help tackle the mismatch between what professionals offer and what businesses need to succeed.
Whether it’s soft skills, adaptability, or the capacity for continuous learning and upskilling, 2024 will be the year companies focus on competencies and helping employees achieve their potential rather than formal qualifications.
In fact, 60% of employers expect their budget for skills-based hiring to increase over the next twelve months and many recruiters are planning on exploring methods for confirming and evaluating skills, such as assessments or technical interviews.
Expand Your Team With Borderless AI
With Borderless AI, you can expand your team and reach new markets in 2024. Stay compliant with global hiring regulations and partner with a global payroll solution that leverages the power of generative AI to automate and speed up the hiring process.
Introducing Alberni
With the world's first AI-powered agent for global HR, you can answer global employment questions, generate employment contracts, and analyze your current employment agreements in seconds.
Alberni is our very own AI-powered global HR agent that will aid you in tackling the complexities of hiring globally in 2024. Alberni can answer any questions about global employment or queries regarding hiring costs in over 170 countries. From drafting employment contracts to gaining powerful insights to reviewing your existing contracts, Alberni is built for the future of global HR.
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