While there is no crystal ball for 2024, the best outlooks are forged together.
Here are 8 peer perspectives from leaders in health tech, SaaS, venture capital, fintech, AI, and more that offer valuable guidance as you develop hiring plans for the next year.
2023. A year riddled with confusion, change, and uncertainty. A series of paradoxical events. We navigated a recessionary market amidst a record-strong jobs landscape. Meanwhile, downsizing across tech resulted in deep fears, while advances in AI simultaneously paved the way for new, revolutionary opportunities.
But with 2024 on the horizon, there’s the sense and hope of positive change. The labor market is showing signs of steady growth and there’s optimism that a recession has been averted, at least for now.
We may still be experiencing the residual whiplash of these past few years, but this very moment in time offers a rare chance for employers, founders, investors, and candidates alike to hear from other industry peers who’ve been through it all and plan to grow again.
With Insights From...
Trend 1: Title ≠ Talent. The Skills-Based Hiring Revolution.
Traditional markers of experience that helped candidates get noticed in the past, such as job titles, lengthy tenures, and education, are holding less weight in the search for exceptional talent.
Rather than considering talent based on conventional resume credentials, companies are adopting skills-based hiring to prioritize role-specific skills and competencies. This approach is bridging the critical skills gaps — which is something a long tenure can’t always do.
According to Your Peers
According to the Numbers
- Skills are 5x more predictive of job performance than hiring for education and twice more predictive than hiring for work experience.
- The World Economic Forum predicts that 50 percent of all employees will need to reskill by 2025 to respond to advances in technology.
Trend 2: AI Makes Good Talent Better, Not Obsolete
Forward-thinking companies are drawing from the lessons learned from past technological shifts and anxieties, such as Y2K and the mobile revolution. This time, they’re prepared to embrace AI not as a threat, but as a trusted collaborator to boost productivity. This is in line with a recent McKinsey report, which revealed generative AI technologies have the potential to automate tasks that absorb up to 60 to 70% of employees’ time.
According to Your Peers
According to the Numbers
- Generative AI could enable labor productivity growth of 0.1 to 0.6 percent annually through 2040.
- 84% of US members are in jobs that could leverage GAI to automate at least a quarter of repetitive tasks and increase productivity.
Trend 3: Retention, Redefined — Stability Over Perks
The once-romanticized illusion that startups offer a silver bullet to the top can’t attract and retain talent like it used to. Instead, we’re seeing top-tier talent exit this environment to enter more traditional industries that not long ago would have been called “sleepy” or “unimaginative,” — all in the name of longevity and security.
In this new paradigm, companies that demonstrate their commitment and investment in career growth and balance versus intense trial and stamina are most likely to attract top talent.
According to Your Peers
Trend 4: From Frustration to a Breath of Fresh Air — The Power of a Positive Candidate Experience
The candidate experience is a reflection of your brand, your culture, and your investment in people. Now consider the fact that 92% of candidates claim they’ve experienced poor recruiting practices at some point in their careers.
While employers often serve as the gatekeepers to lucrative opportunities, it’s talent and candidates themselves that hold the keys to a company’s overall success. Recognizing this power dynamic is critical, especially as we approach 2024, and candidates’ experiences will be decisive factors in where they devote their time and skills.
According to Your Peers
According to the Numbers
- 49% of job seekers working in in-demand fields like technology say they’ve turned down an offer because of a bad experience during the hiring process, with two frustrating behaviors in particular that stand out:
Coming Up In 2024...
One thing's certain: We will see even more change and trends emerge as 2024 unfolds. But planning and navigating this upcoming year doesn't have to be an isolated or difficult venture.
Whether you're looking to make critical hires for the new year or need to develop a hiring strategy, the Hunt Club team can help.
