If 2021 was the year of the Great Resignation, 2022 was the Great Reshuffle and 2023 was the Great Reset, what does 2024 hold for talent acquisition? The honest answer is, who knows? The Great Question Mark, perhaps.

As any leader in talent acquisition and HR can testify to, if there’s one lesson learned since March 2020, it is to expect the unexpected. Each year since has brought significant changes – and hurdles – to the way we approach talent acquisition, forcing us to react and adapt to the challenges we face in real time.
 

We recently looked at data from the last year, as well as future-looking trends and job seeker sentiment, and found that 2023 was a year that defied expectation. All the headlines and predictions around a declining labor market ultimately did not play out with applications remaining robust all year. After all, when you make plans…

Preparing for a single expected outcome in a dynamic workforce is not realistic or sustainable for business, or your candidates’ careers. While the question marks surrounding the labor market in 2024 and adopting a malleable strategy may sound like a recipe for scrapped plans and hiring struggles, having the right data on your side can actually yield the opposite results, preparing you for whatever unexpected shift and transformation that comes next.

As you finalize your talent acquisition strategy this year, consider these key stats to ensure your success, no matter which way the workforce winds blow this year:

1) Nearly 90% of people said they aren’t concerned about getting laid off in 2024.

“Yep, the Open to Work banner is back up.” “Not the post I was expecting to make today…” These are the opening lines to many LinkedIn posts as we saw many big-name layoffs making headlines. But our research shows that workplace confidence is rising, and most people are not concerned about being impacted by reductions this year. This optimistic outlook – possibly attributed to cooling inflation and the feeling for many of having already “survived” layoffs – doesn’t come as a surprise given the newly bullish workforce that we are seeing.

2)  Just over half (51%) of people said they are considering looking for a job this year.

This represents a sizable jump from last year, where one-third of workers said they would look for a new job before the end of 2023. While attrition can be unpredictable, that doesn’t mean HR and talent leaders should resort to “wait and see” mode. Now’s the time to turn the tide on employee turnover by leaning into your internal talent pools and nurturing them. Invest in the right internal mobility technology and think proactively about ways to keep your talent engaged through career development and advancement opportunities.

3) Salary was the top reason that the majority of people who will look for new jobs in 2024.

As more than half of employees prepare to be on the move, again, primary motivators include: salary (52%) benefits (13%), location (10%), lack of opportunities to grow internally or develop professionally (7%) and concerns about the economy or the future of the company.

4) 60% of people expect to get a raise in 2024.

Not only that, but 50% of workers also said they will look for a new job if they do not receive an expected promotion this year. Even if your company is unable to meet this expectation, it should not signal to employees that the grass is greener. Our data shows that external hires dipped 13% from this time last year. Instead, provide your employees with the resources to develop the skills – both personal and technical – that they need to get on the right track to securing career growth internally when the time is right.

5) 44% of people would consider looking for a new job if their employer did not demonstrate a commitment to DEI in the workplace.

In case you thought conversations around DEI in the workplace have dwindled, you thought wrong. According to the Pew Research Center, only around half of workers (54%) say their company pays the right amount of attention to increasing DEI, signaling that many companies may be in jeopardy of losing top employees this year.

An organization’s approach to DEI should be “always on” – not just when it’s making headlines or trending on social media. As the number of workers considering looking for a job this year increases, it’s critical for employers to prioritize building a diverse workforce and inclusive culture. This should also include offering equitable experiences for internal and external talent, to both retain winning teams and attract new candidates in 2024.

6) Applications across industries increased 14% from December 2022 to December 2023.

As it turns out, predictions around a declining labor market did not play out last year. Job seekers are continuing to look with confidence, with applicants per opening (APO) even increasing from 19 to 26, on average.

On the other hand, employers aren’t matching this confidence and appear to be in a bit of a holding pattern. Openings across industries are at nearly the exact same level year-over-year, with a slight decrease of just 1%, and hiring activity is down by 13% since last year. This could possibly be attributed to employers either placing focus on finding the right talent, or they are growing their existing employees.

7) Tech jobs saw 46 applicants per opening at the end of the year.

To no one’s surprise, APO for tech jobs exploded last year, up from 26 in December 2022. On the other hand, the healthcare industry is still struggling to recover post-pandemic and continued to lag behind overall APO (26) with just 18 applicants per opening. It’s not all bad news, however, as this represents an increase from just 13 in December 2022.

While we can’t predict where the year will take us, it’s critical for healthcare leaders to consistently create a candidate experience that makes candidates want to hit “apply,” especially when faced with low supply. To keep nearly 36k clinician and support personnel roles filled and provide care for 4,000 communities at a moment’s notice, Global Medical Response brought their employer brand to life by revamping their career site and featuring employee-generated videos, attracting hard-to-find candidates and providing a better view into what it’s like to work for their company.

8) Time to fill remained consistent in 2023, starting with 45 days in January 2023 and slightly decreasing to 40 in December 2023.

As other metrics like APO experienced ups and downs throughout the year, time to fill (TTF) remained consistent throughout the year. This begs the question, is a part of the process being sacrificed to maintain this pace, like candidate experience or quality of hire, or did talent leaders manage to pull off an incredible feat?

Not only do HR teams want to fill their open roles as fast as possible, but candidates’ time is also important, and something to be mindful of in 2024 and beyond. Many applicants apply at high rates, so it’s important to engage with them and provide an update on their status before they forget they ever even applied. When used responsibly, artificial intelligence can help recruiters save time and money, get candidates in the door sooner and improve efficiency. Using tools like a conversational chatbot to schedule interviews and answer questions, as well as a copilot to help create relevant interview questions and improve job descriptions, could streamline processes.

9) A third of people working in hybrid work environments said they will consider looking for a new job if their company announces return to office full time.

The return-to-office battle is in full swing. But despite the sounds of “everyone going back,” our research shows that not all workers want to. For those who refuse to give in to the pressure, they aren’t above looking elsewhere for a new job. In fact, they already might be on the move. According to our data, applications for out-of-state roles made up 22% of total applications in 2023, compared to 19% in 2022.

10) More than a third of people claim they would not apply for a job if the salary was not included in the job listing.

Leaders must remember that employees are working to live, not the other way around. After an uncertain 2023, talent literally can’t afford any surprises. It’s up to employers to be transparent throughout the candidate's experience, especially when it comes to salary. This means not just including the salary in the job description, but ensuring it’s brought front and center so it can’t be missed, as opposed to being buried at the bottom. Salary transparency is especially a dealbreaker for Gen Z – 40% of college seniors last year said they would not apply for a job if the salary range wasn’t included in the job posting.

2023 was a hard year for talent acquisition, undoubtedly. Many organizations went lean on their hiring teams, and budgets were slashed. However, these hurdles present the opportunity to think creatively and strategize on how we can do more with less. Data and research help us do that, empowering us to face whatever challenges may come next – because they will.
 

Author Bio

Jill Miller is VP of Global Talent Acquisition at iCIMS.

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