1、TALENTACQUISITIONTRENDSREPORT 2024New Tech.New Talent.New Tactics.REPORT15 MINTodays job market is in constant flux,and talent leaders face a seismic shift.Artificial intelligence(AI)is revolutionizing recruitment,a new generation of workers brings new expectations,and the debate of“when,”“where,”an

2、d“how”we work rages on.But what does this mean for the coming year?How much will AI affect the talent market?Is early career hiring the undervalued advantage?And is CEO empathy the key to attracting and keeping top performers?No individual can see the future clearly.But when we blend the expert view

3、s of global talent leaders with comprehensive data,it becomes clearer.Its this powerful combination of insights that fuels our annual Talent Acquisition Trends.Its your chance to find out what recruitment trends and talent trends youll be seeing in the coming year and your opportunity to stay ahead

4、of them.Here are the six biggest hiring trends you need to know about in 2024.EXPERTS PREDICT 2024S TALENT ACQUISITION TRENDSNEW TECH,NEW TALENT,NEW TACTICS:|REPORT|2024 TA Trends2TALENT ACQUISITION TREND#1 AI AND RECRUITERS Cautiously,AI and recruiters will find hiring harmony.AI is transforming th

5、e way companies tackle recruitment.And its not just about streamlining processes.It can be a game-changer for talent acquisition,offering fresh perspectives and new approaches.But with its widespread adoption looms the question:what will happen to that personal touch in hiring?Heres how AI is steppi

6、ng in:its taking over those time-consuming tasks,which experts say will alleviate pressure and make the job of the recruiter easier.The technology can help write job descriptions,build chatbots that offer instant answers,integrate job board platforms,and manage candidate profiles.It can also automat

7、e scheduling,evaluate pre-employment assessments,and analyze pre-screening video interviewssaving time and money from coordinating in-person meetings.And the information AI collects becomes a treasure trove for recruiters,who are still at the heart of the process.What they learn from the data can he

8、lp them enhance the hiring experience,increase candidate engagement,and evaluate an applicants match for a role.AI could also improve diversity,equity and inclusion(DE&I)efforts in hiring.DE&I is still a top priority for many companies,but reaching diversity goals goes beyond mere words,and leaders

9、often face hurdles funding initiatives,experts note.This is where AI comes into play.Talent leaders can use AI to enhance accessibility for candidates with disabilities through features like screen readers,voice commands,and captioning.They can also find new hiring sources to broaden their outreach

10、strategies to spot talent in unexpected places.Most recruiters would say the benefits of AI outweigh the risks.Yet,AI still carries risks.AI may help advance DE&I,but AI models are not immune to bias.AI may collect data for better decision-making,but it can be prone to attacks or data breaches(73%of

11、 CEOs and senior leaders surveyed by Korn Ferry said they will keep a close eye on their tech for signs of security issues or algorithmic bias).And AI may automate those tedious tasks,but it may spit out wrong or false information.In fact,a recent Stanford study found that generative AI tools like C

12、hatGPT are becoming less accurate.We know the AI revolution is coming.In the same Korn Ferry survey,82%of CEOs and senior leaders said they believe AI will have a significant to extreme impact on their business.And more than 33%are already using AI to improve productivity and efficiency.With AI taki

13、ng an ever-bigger role,our experts caution talent leaders to be strategic in their implementation,fostering agility,embracing progress,and making substantial investments in human input and oversight.After all,AI tools are just that:tools.AI can modernize the hiring process but cannot replace human q

14、ualities like creativity,empathy,critical thinking,and adaptability.While AI handles routine tasks,recruiters can concentrate on strategy,relationships,problem-solving,and overseeing AI systems.Over 37%of CEOs and senior leaders surveyed by Korn Ferry envision a future where humans collaborate with,

15、rather than compete against,AI.Finding this harmony,though,will not be easy.There is a clear need to get talent leaders ready for change40%of senior executives told us their HR team lacks AI-related knowledge and skills.Technical upskilling,personalized learning,development opportunities,transparent

16、 communicationthese efforts will be key to successfully integrating AI into talent acquisition processes.|REPORT|2024 TA Trends3TALENT ACQUISITION TREND#2 AI FOR CANDIDATES AI helping candidates apply themselves.We know AIs role in the hiring process is on the rise,and its not limited to recruiters.

17、Candidates are also finding ways to make the most of AI.They are leveraging the technology to ease tedious taskslike tailoring resumes,drafting cover letters,hunting for roles.When used correctly,AI can make job hunting smarter for candidates who want to stand out in a crowded field of applicants.So

18、me recruiters may have concerns about how candidates are using AI.Are they embellishing their resumes?Are they misrepresenting their qualifications?Will they lose their unique identities?While these questions are fair,the answer is simple:not any more than they would without AI-driven tools.Recruite

19、rs should instead see AI as a means to expanding their talent pool,giving opportunity to high-potential candidates whose applications may have otherwise been ignored.How so?First,AI matches candidates with suitable job postings based on their skills and preferences,growing their options.Second,gener

20、ative AI tools help in resume creation,improving content and structure.Applicants using AI for resume enhancement saw an 8%higher hiring rate,7.8%more job offers,and 8.4%higher wages,as per an MIT Sloan study.|REPORT|2024 TA Trends4AI also aids job seekers in networking with recruiters,providing acc

21、ess to opportunities and tailored advice.AI tools can help candidates draft effective messages to connect with recruiters.Some AI platforms can offer mock interview sessions,analyzing responses and offering personalized feedback to prepare candidates for interviews and improve their chances with emp

22、loyers.And not only does AI help candidates land the role,once hired,they will go through a more streamlined onboarding process,thanks to the help of digitized paperwork,virtual training,and interactive chatbots that answer new employee questions faster.AI goes beyond enhancing job applications;it e

23、mpowers candidates.Some AI tools can quickly assess salary ranges,helping candidates negotiate better offers or make informed decisions.AI can also scan employee review sites,providing valuable insights about potential employers.Whats more,AI platforms can keep transparent communication with candida

24、tes,ensuring they stay informed about their application status and reducing recruiter ghosting.In 2024,talent leaders should consider evaluating and updating their recruitment best practices to meet these new expectations of candidates.Think offering competitive salaries,listing the salary range in

25、the job description,providing transparent communication on company culture,and keeping regular touchpoints with candidatesespecially when there are no plans to move forward.Using effective assessments can also help businesses understand someones skills and capabilities to ensure they are a good matc

26、h for the role.A word of caution:while there are many positive aspects of AI for candidates,studies show it could cause a breakdown in online security.There have been reports of fake AI-generated job openings posted by scammers to try and obtain sensitive information,such as a candidates social secu

27、rity or bank account numbers.With the help of other AI tools,scammers pose as recruiters from legitimate businesses and take hopeful candidates through the entire hiring processeven going as far as offering a role.(One recent study found that 49%of scams on LinkedIn are fake job offers.)The best adv

28、ice for candidates is to double check the validity of postings and be very judicious in sharing personal information.|REPORT|2024 TA Trends5TALENT ACQUISITION TREND#3 EARLY CAREER HIRING Its never too early:doubling down on early career hiring.Some professional jobs will continue to call for college

29、 degrees.But in 2024,recruiters will cast their net wider.Larger employers will woo candidates while theyre still in high school.Others will search for hires in technical and non-traditional higher education institutions.There are a couple of reasons for this.Finance plays a part.Entry-level hires u

30、sually command lower salaries than their more senior counterpartsmaking them an especially attractive choice when budgets are tight.But the pandemic era has reshaped what companies want in future leaders.Today,employers prioritize adaptability,learning agility,curiosity,empathy,and strong emotional

31、intelligence.And they are actively evaluating candidates for these skills to spot and nurture potential leaders.Companies are now realizing the untapped potential of early career programs for workforce development.Employers are investing more into early career hiring as a way to bring in fresh ideas

32、,develop skills,build networks,and identify new hires with the potential for high performance.In 2024,we expect to see more talent leaders double down on their early career hiring strategies,using online assessments and training programs to develop the future workforce.Dont expect to see the same ap

33、proach,though.Experts tell us more companies are moving away from recruiting exclusively from top-tier universities and branching into state colleges,vocational schools,and similar institutions to attract new early career candidates.As a result,theyre engaging students from a wider variety of backgr

34、ounds and experiences(one study suggests nontraditional learners make up 74%of the college population).By prioritizing DE&I in early career hiring,companies can build a foundation of a more diverse,inclusive workforce at all levels over time.And we know from our research that this pays dividends:inc

35、lusive organizations outpace their peers on financial performance.Companies are also opening up the selection process for graduate programs,focusing on potential and transferrable skills rather than strict academic criteria.They are offering bootcamps,apprenticeships,and in-house certification progr

36、ams as alternatives to traditional university education.Some employers are also providing modules on workplace readiness to prepare todays students for professional environmentsrecognizing their experience with isolation during the pandemic.All this said,recruiters should remember:young candidates a

37、re not just seeking jobs;they are looking for companies that value their overall well-being and personal development.In fact,our data shows 76%of Gen Z employees see learning and development as a key driver of work engagement.And they expect more from employersmore inclusion,more balance,more compas

38、sion.Were finding a louder call for more empathy,emotional intelligence,and a focus on mental health at work.Early career hires are advocating for honest conversations and for better resources and supportthink access to counseling,free wellness apps,promoting work-life integration.As we move into 20

39、24,it will be more critical than ever for managers to keep the lines of communication open with new hires.Its on employers to step up and support their people.of Gen Z employees see learning and development as a key driver of work engagement.76%|REPORT|2024 TA Trends6TALENT ACQUISITION TREND#4 HIRIN

40、G FOR SKILLS:Its not where youve been,its what you know and what you can do:hiring for skills.$8.5 trillion.This is the potential cost if the global talent crunch persists.Back in 2018,Korn Ferry predicted that the world economy could see a talent shortfall of more than 85 million people by 2030,res

41、ulting in roughly$8.5 trillion in lost annual revenue.Our research,our experts,and our data all confirm our prediction is holding true:the global demand for talent will continue to exceed the supply,and in six years,companies will leave trillions of dollars on the floor.To close this gap,some employ

42、ers are taking a new approach to recruitmentone where they prioritize what candidates know over where they have been.An emphasis on skills-based hiring is quickly gaining popularity as companies grapple with this talent shortage.In fact,recent LinkedIn data reveals recruiters on the platform search

43、for candidates by their skills 5 times more often than by their degrees.And the share of LinkedIn job postings that didnt require a professional degree grew by 36%over the course of 2022.Instead of framing work in terms of roles,many companies are starting to define work in responsibilities and the

44、capabilities needed for success.Theyre hiringand paying top dollarfor both the technical know-how and behavioral competencies that offer value to the business,not the prestige of a candidates alma mater or past work experience.This means no longer sticking to arbitrary degree requirements or dismiss

45、ing a job hoppers resume.Instead,companies will screen candidates who have the specific capabilities and transferrable skills to get the work done.Think AI data engineers without computer science degrees.Or sales consultants without business backgrounds.|REPORT|2024 TA Trends7Amid the evolving lands

46、cape,addressing the skills gap becomes paramount,particularly in cutting-edge fields like generative AI,where new roles are certain to emerge(think AI ethicist or prompt engineer).In 2024,we expect to see more employers recruiting talent with competencies that not only meet immediate needs but also

47、align with long-term strategic goalsa key driver of success in an increasingly skills-centric job market.When reviewing resumes,recruiters should consider how candidates describe their skills and experience,rather than scanning for past titles and tenure.And while interviewing,lead with questions ab

48、out their skillsets and knowledge to better understand their competencieslike creativity,problem-solving,critical thinking,and collaboration.This shift is a big win for DE&I efforts.Embracing skills-based hiring broadens the candidate pool,bringing in diverse talents and backgrounds.Prioritizing cap

49、abilities uncovers skilled professionals who often get missed by traditional recruiting methods,resulting in a more diverse and inclusive workforce.Whats more,widening the talent pool to consider a wider range of skills enables companies to tap into undiscovered sources of innovation and creativity,

50、fostering a more dynamic,more forward-looking workplace.Employers will also apply this skills-centric approach to the entire talent lifecyclefrom how people develop and move around the organization to how they are rewarded and promoted.Another increasingly common practice will be to hire interim pro

51、fessionals who will bring niche skills to help organizations through periods of change or growth(think mergers and acquisitions,expanding into new geographies).In one Korn Ferry survey,61%of interim workers said being able to quickly understand,assess,and integrate into a client organization is crit

52、ical to success.In 2024,more employers will use this skill to fill talent gaps,pilot new roles or business strategies,or help steer transformations.They will also bring in interim workers to upskill teams and retrain permanent hires,meaning we can expect to see more sideways moves as businesses reas

53、sign roles to unleash hidden potential in their ranks.|REPORT|2024 TA Trends8TALENT ACQUISITION TREND#5 EMPATHY REGAINS IMPORTANCE Listen up or step down.Empathy regains importance at the top.During the pandemic,CEOs and other leaders put people on the top of their agenda,empowering employees to do

54、what they needed to do to take care of themselves and their families.They understood the need for strong leadership in times of crisis and were aware of the impact on their employees well-being.Indeed,99%of professionals surveyed by Korn Ferry at its peak said their companys leaders displayed empath

55、y for them.This shifted to some extent in 2023,as more leaders began requiring employees to return to the office.Many employees saw this as CEOs ignoring workers need for flexibility and autonomy,no longer supporting their well-being.An early 2023 survey of 3,000 HR professionals found that 32%dont

56、find their CEO to be empathetic16 points higher than in 2022.As our research shows,having a lack of empathy is a big problem for any business that wants to hire and hold onto high performing people.High performers will move on,taking roles in organizations where they have greater work-life integrati

57、on and more freedom to share their opinions without fear.While meeting growth and financial goals will still be a top priority,CEOs will have to make some changes going forward if they want to be an attractive choice to new talent,experts say.After all,empathy plays a critical role in recruitment.It

58、 helps recruiters better understand a candidates needs and perspective,leading to better communication,rapport,and more informed hiring decisions.Research shows employees are more likely to stay with an organization where they feel understood and supported by their leaders.And candidates are drawn t

59、o employers with reputations for empathetic leadership.|REPORT|2024 TA Trends9We also know from our research on emotional intelligence that empathy makes leaders more effective,and empathetic leaders are more likely to have engaged employees.When they show empathy,they connect with their team member

60、s on a deeper level,making employees feel valued and understood.This,in turn,leads to higher levels of job satisfaction and performanceand better outcomes overall.This same research shows that leaders high in emotional self-awareness are better at fostering teamwork and collaboration in their compan

61、iesbecause they create more positive team climates.And our work on burnout found that creating empathetic and supportive work environments can reduce stress and cynicism,as well as lead to improved health and better job performance.By 2024,we expect CEOs to listen more to colleagues at every level i

62、n their businessand without judgement.They will need to think more about the culture they create and make more allowances for peoples personal circumstances.This is both critical to retaining talent and powering performance.In fact,one Korn Ferry study found that 92%of leaders strong in emotional se

63、lf-awareness had teams with high energy and high performance.As the workforce becomes more and more diverse,leaders will need to foster welcoming and inclusive cultures,where employees feel safe to express their thoughts without fear of repercussions.|REPORT|2024 TA Trends10TALENT ACQUISITION TREND#

64、6 RELOCATE OR RESIGN:An impossible choice is on the rise.Decades ago,moving cross-country for a dream job was a no-brainer.Companies footed the bill to snag top talent.Fast forward to 2023:less than 2%of American professionals moved for work,according to a recent studya far cry from the 45%in 1986.W

65、hy the change?Experts point to skyrocketing costs,shrinking budgets,and the love for remote work during the pandemic.The past three years saw a major shift in work dynamics.As offices closed and remote work became the norm,many employees moved to more affordable citiessome beyond reasonable commutin

66、g distances.During this time,companies eager to expand their teams advertised remote-only positions,opening up new job opportunities to candidates in smaller towns and rural areas.But theres been a recent change in direction.Recent job board data show open postings for remote-only roles have fallen

67、since 2022.LinkedIn,for example,saw remote-work ads drop from over 20%of all postings to about 14%,over the course of last year.This share is still higher than pre-pandemic daysin 2016,roughly 2%of open roles posted by public companies were eligible for remote work,according to new academic research

68、.Now,as more bosses push for office returns,job relocation could make a(reluctant)comeback.In fact,some big firms are already demanding remote hires move so they could go into the office,at least part-time.This poses problems,especially for those living in areas where the organization has no physica

69、l presence.With inflation rates high,uprooting can be both difficult and costly,for employees and employers.|REPORT|2024 TA Trends11This is the conundrum of remote work,experts say.Over 90%of professionals surveyed by Korn Ferry said their boss wants their teams back in the office,yet only 8%are mor

70、e interested in going in than their managers.So much so,that some would rather quit than head back in.And while remote-only job ads are slowly disappearing,candidates are still clamoring for these roles first.After all,72%of professionals surveyed by Korn Ferry said they would take a job with a lowe

71、r salary if it meant flexibility to work from home.Even with mass layoffs in some sectors,the global unemployment rate is still low,and employers continue to face a tight labor market despite slow economic growth.The confluence of factors poses a challenge for certain industries,like manufacturing,w

72、hich require on-site presence.Some businesses already pay relocation costs for top executives.But as 2024 approaches,companies with in-office or hybrid setups should consider expanding relocation benefits for all new hires,not just those near the top.With the number of job vacancies surpassing 10 mi

73、llionand 1 in 5 employees intending to switch employers,according to one global studyoffering a competitive relocation package can make all the difference in attracting the best talent.of professionals surveyed by Korn Ferry said their boss wants their teams back in the office.90%|REPORT|2024 TA Tre

74、nds12 2023 Korn Ferry.All Rights Reserved.Business advisors.Career makers.Korn Ferry is a global organizational consulting firm.We work with our clients to design optimal organization structures,roles,and responsibilities.We help them hire the right people and advise them on how to reward and motiva

75、te their workforce while developing professionals as they navigate and advance their careers.ANNAMARYA SCACCIA Director,Communication Korn Ferry Institute These are just some of the trends our experts see unfolding over the next year,but there is still a lot more change to come.And it is an exciting time for talent acquisition leaders to take bold action to help futureproof their organizations.Want to learn more about how we can help with your 2024 talent strategy?CONTACT US TODAY