A new year, as a social convention, does not in itself bring about a change in realities that are already underway. It encourages, however, a more analytical perspective, which allows the construction of a global perspective and the identification of trends.
Therefore, in the world of work – and human resources in particular – 2024 is expected to confirm and reinforce what its precedent has already shown. Cross-referencing the information provided by studies or expert statements reveals five common denominators, without prejudice to the existence of microtrends: talent shortage; Artificial intelligence; soft skills; flexibility It is well-being of employees and green economy.
The difficulty in hiring or maintaining qualified professionals for some specific functions will continue in 2024, according to prospective analyses. 60% of the companies surveyed in Randstad's “human resources trends 2023 – 2024” study recognize that they are struggling with a “notable talent shortage”. Almost all (90%) of the companies that participated in this study, published last November, were looking for new professionals this year.
The use of Artificial Intelligence (AI) – and, on a smaller scale, generative intelligence – is one of the most prominent trends expected for 2024. According to the study by Randstad, digitalization and technological innovation (with AI at the forefront) represents, for companies, the change with the greatest impact on the world of work for 2024 (50.4%). The progressive generalization of this tool will involve the various processes of organizations – including recruitment – and even individually, by candidates for job vacancies. Regarding the dangers that generative AI poses to the job market, International Labor Organization came to demystify what is seen as its biggest risk when, in a report published in August, it argued that this technology “will probably increase rather than reduce jobs”.
Working conditions also remain on the agenda of the main trends for organizations and professionals. And in these, flexibility is the key concept: in remuneration (flexible compensation), in perks (emotional salary) and in format (hybrid).
Soft skills, as in 2022, should continue to be the most coveted skills. The Randstad study reveals that results orientation and the ability to adapt are the priority skills of both companies and employees. In this context, reskilling and upskilling will remain privileged strategies to combat talent shortage.
Working conditions also remain on the agenda of the main trends of organizations and professionals. And in these, flexibility is the key concept: in remuneration (flexible compensation), in perks (emotional salary) and in format (hybrid). All this so that employees can enjoy a true work-life balance and the workplace is, in fact, a place to promote mental health.
The green economy and everything related to it (jobs, models, solutions, talent/skills and technology) will also be one of the trends that will accelerate in 2024, as well as in the following years. The “Green Jobs Report”, a ManpowerGroup study released in September, reveals the confluence in the labor market movement among employers (70%, worldwide, say they are actively recruiting for green jobs or skills or plan to do so) and candidates (68% are “more willing to accept jobs at organizations they consider to be environmentally sustainable”).
Decarbonization is an objective adopted by most major economic blocs (United States, European Union and China), which already has implications for the goals set by large companies, both in terms of their own (carbon neutrality, i.e., final result of zero emissions) as in the value chain (“Net Zero”, cutting indirect emissions associated with that product or service from suppliers to end users). This study by the HR consultancy states that 34% of the largest companies in the world are committed to achieving Net Zero.
From a more generic perspective (ESG objectives), the “Green Jobs Report” highlights a pre-disposition, but also a gap, which suggests a flow of demand in the market: almost 8 out of 10 organizations have an ESG strategy (or are in the process of planning) vs 94% globally and 91% in Portugal which “lack the necessary talent” to achieve these objectives.
Half a dozen trends in talent acquisition
Hiring (or maintaining) talent is the central aspect of the dynamics of the labor market, meaning its trends indelibly influence the entire work structure. Organizational consultant Korn Ferry, in the study “Talent Acquisition Trends Report 2024”, highlighted the six that will mark next year.
The first trend in talent acquisition identified by the multinational consultancy is the harmonization between recruiters and AI in hiring: the balance between the gains in time/efficiency and money provided by this type of technology and its necessary strategic implementation by leaders , under penalty of recruitment processes becoming completely automated (without human intervention) and, therefore, incurring significant risks of failure.
AI's help to professionals in directing their applications is the second line of strength identified. Support is given both in the research itself (comparing and selecting the most interesting companies, functions, salaries from the perspective of those looking for it) and in formalizing the application (cover letter, adaptation of the CV). According to an MIT Sloan study cited in this report, candidates who use AI to improve their resume experience better hiring rates (by 7.8%) and higher salaries (by 8.4%).
The third trend is the reinforcement of hiring at the beginning of their careers. Korn Ferry expects recruiters to expand their network (particularly larger ones) to students from “technical and non-traditional higher education institutions”.
Hiring much more based on skills than on an academic or even professional curriculum is the fourth predicted characteristic. This opening will take on several facets: temporary hires to improve the teams' skills (which can also act as a test or experience with a view to a possible permanent contract); redistribution of functions in companies, taking into account the attributes that are revealed and improved by professionals; focus on soft skills and special attention also to leadership skills.
In this new approach, the most important thing is “what candidates know” rather than “where they have been”. The “Talent Acquisition Trends Report 2024” states that job advertisements on LinkedIn that do not require a degree grew by 36% in 2022.
The fifth tendency, put in the form of an imperative, is empathy (also called “going down steps”) and how this regains importance at the top, in particular the ability to listen and take into account the personal circumstances of the people in charge. Almost all (99%) of the professionals surveyed in this study stated that their company's leaders demonstrated empathy for them.
The last line of force expected for 2024 is having a particular impact in the United States: the end of exclusively remote work and the consequent return, even part-time, to offices. This change in format is putting thousands of Americans (in 2024 we will know if Europeans will also) in the dilemma of moving to another city or resigning, after, during the pandemic, they chose to work for a company in a location different from the one they were in. from their residence, as they could perform functions from home.
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