Hiring Trends
The stock market hit an all-time high this week while rumors of a cut in interest rates are swirling around the nation. If interest rates are cut, hiring will undoubtedly begin to pick up.
Here are three hiring trends worth noting that will help you prepare for the next hiring surge.
Hiring Trend #1. Companies are Repelling Talent When They Should be Attracting Talent.
Companies are investing heavily in technology to help them hire more efficiently. But what happens when a solution creates an unexpected problem?
The number one complaint from job seekers across all disciplines is their inability to reach a human. Their resumes go into a company's applicant tracking system and never come out the other end.
Eventually, well-qualified candidates swear off certain organizations. They use social media to let everyone else know how a particular company treats their applicants, resulting in a tarnished employer brand, which makes future hiring much more challenging.
To step ahead of the competition:
- Turn your entire team into a recruiting machine.
- Encourage your employees to stay in touch with their network so they can fill jobs without having to post them externally.
- Have members of your senior management team speak at conferences to help increase your organization's visibility.
- Hire a PR firm to keep your company's name in the news.
Hiring Trend #2: Pay Transparency Laws are Expanding
As of the beginning of 2024, eight US states and numerous cities have enacted pay disclosure laws. A new bill introduced to Congress last year could mandate nationwide pay range disclosures if passed.
While pay disclosure isn't yet a federal requirement, it offers companies a competitive edge. According to a survey conducted by Onward Search, 99% of creative, marketing, and tech professionals are more likely to apply to companies that practice pay transparency.
Another study conducted by the Society for Human Resource Management (SHRM), found that 82% of US workers are more likely to consider applying to a job if the pay range is listed in the job posting.
Even if not required by law, employers may want to consider disclosing pay ranges in their job postings to encourage qualified job seekers to apply. The wider your applicant pool, the more likely you'll find the right candidate for your organization.
Hiring Trend #3: AI Interviews Will Become More Common
In June, ResumeBuilder.com surveyed more than 1,000 employees involved in hiring processes at their workplaces to find out about their companies' use of AI interviews.
The results:
- 43% of companies already have or plan to adopt AI interviews by 2024
- Two-thirds of this group believe AI interviews will increase hiring efficiency
- 15% say that AI will be used to make decisions on candidates without any human input
- More than half believe AI will eventually replace human hiring managers
With AI taking an ever-bigger role, hiring risks losing its human touch if talent acquisition and talent management leaders aren't strategic in their implementation.
Companies that retain a high-touch approach to hiring will prevail, as one of the top reasons people decide to work for a particular company is that they feel good about how they were treated throughout the hiring process.
As we stand on the cusp of a potential hiring surge, it's crucial to remember that talent acquisition is not just about filling positions—it's about building relationships and creating a sustainable workforce. In the race for top talent, it's not the fastest who wins but those who create the most compelling journey for candidates.
