Hiring processes are changing fast, and automation and AI are leading the charge. According to the latest Lighthouse Research and Advisory (LHRA) report, based on data from over 1,200 global employers and 1,000 candidates, these tech tools are now essential for making the recruitment process smoother and more individualized.
Talent Acquisition Trends in 2024
AI is taking over tasks like sourcing and scheduling interviews, making things quicker and more efficient. Plus, having solid data on hiring metrics is a game-changer for showing the real value of your recruitment efforts. Other trends to keep an eye on include the need for building strong relationships with candidates and the importance of being transparent about pay and job expectations. Staying ahead in talent acquisition means embracing these changes and making the most of what tech has to offer. Here’s a breakdown of some key trends to look out for this year, drawn from the LHRA’s 2024 Talent Acquisition Trends Report.
1. Automation & AI are the New Norm in Talent Acquisition
From the data presented in the report, it’s clear that automation and artificial intelligence (AI) are shaking things up in a big way. These days, AI isn’t just a fancy add-on; it’s a must-have. It helps streamline repetitive processes and enables recruiters to add a personal touch to hiring, making the whole process more efficient and competitive. Job seekers are using AI tools like ChatGPT to polish their resumes, pushing hiring teams to step up their game by leveraging advanced AI systems. AI and automation tools are now being used across the talent acquisition process, for everything from sourcing to interview scheduling, with about 75% of employers reporting they have jumped on the automation bandwagon. The takeaway? If you’re not using AI and automation in your talent acquisition process, you’re falling behind.
The report sums it up rather nicely, stating that “Attempting to skip using advanced hiring technologies, including AI, is like that executive in the 90s that had their assistant print out emails instead of using a computer. It simply isn’t an option.”
2. Data is Invaluable to TA Teams
In talent acquisition, data is critical. The adoption of technology and automation can mean even more data to help your team measure and refine how your strategy is performing.
According to the report, metrics like quality of hire, new hire performance data and retention rates are crucial for showing the value of your hiring efforts. Quality of hire, in particular, ties directly to business outcomes, according to respondents. Last year, 72% of employers indicated that hiring managers should report on quality of hire or that both hiring managers and talent acquisition teams should share this responsibility.
3. The Importance of Relationships in Recruitment is Higher than Ever
The human element of recruitment is more critical than ever in our tech-driven world. According to the LHRA report, relationships between recruiters and candidates often extend well beyond the hiring stage, with many candidates keeping in touch with their recruiters for months or even years. These ongoing relationships foster a sense of connection and belonging, significantly impacting new hire engagement and long-term performance. For employers, building strong relationships with candidates is a strategic advantage. Candidates value recruiters who make them feel appreciated, and this personal touch can set an employer apart in a crowded job market. With this data in mind, it’s important to consider your approach to both talent acquisition processes that center communication between candidates and your team, as well as how your employer brand can speak to this aspect of what candidates are looking for.
But it’s not just talent acquisition processes that matter. Onboarding, a critical phase for new hires, should rely heavily on fostering connections to ensure a smooth transition into company culture. The report highlights that more than half of candidates maintain contact with their recruiters post-hire, enhancing their overall experience and connection to the company. A continued relationship-building helps new hires feel more integrated and supported, leading to better engagement and performance. In a world where technology often dominates, maintaining the human touch in recruitment can be a key differentiator for employers.
With this in mind, it’s critical for talent acquisition and HR teams to work closely together on this aspect of the candidate to employee journey, ensuring both are providing feedback and insights, as well as process changes when needed to evolve the onboarding process to match candidate needs. And the good news is, this approach can help not only to bolster retention rates, it can also help fuel an engaged employee referral program that can then pay dividends on the sourcing and recruiting fronts.
4. What Do Candidates Really Want? Transparency
Pay transparency is the top priority for job seekers, according to the report. Candidates want to know upfront what they can expect to earn, and this transparency can make or break their decision to pursue a job. But it’s not just about the money. Candidates also value transparency around workplace flexibility, training and growth opportunities, the hiring process and company culture. Understanding these priorities helps employers tailor their recruitment strategies to attract top talent.
For instance, 63% of candidates surveyed said they place a high value on knowing the starting pay, a trend driven by legislative changes and increased public sharing of pay data. Employers that prioritize transparency can build trust with candidates, leading to higher application rates and faster hiring cycles. By being open about compensation and other key aspects of the job, companies can create a more appealing and trustworthy recruitment process.
5. Fully Embracing New Tech is as Important as Having It
The report outlines the main priorities across 15 key areas for employers in 2024. At the top of the list are onboarding, recruitment marketing, candidate experience, inclusive hiring and AI and automation.
For candidates, while their priorities change from year to year, the latest data shows that they are now looking for smoother, more relationship-focused recruitment.
From the first contact in recruitment marketing to the onboarding process, the candidate experience should be clear and personalized. Onboarding especially needs to be a thorough and positive experience. Throughout the whole talent acquisition process, the technology should be easy to use and work seamlessly for candidates (and TA teams!)
Technology, especially CRM systems, is vital for managing candidate relationships and improving recruitment processes. However, there’s a growing gap between employers who use these tools effectively and those who don’t, emphasizing the importance of adopting smart technologies and using them to their fullest potential.
Forecasting how many new hires you’ll need, for example, can be difficult for many companies. But using data and insights provided by the right talent acquisition tech helps talent acquisition leaders better align hiring strategies with business goals – and even be ready to pivot to changing dynamics more quickly.
The report highlights how embracing the latest tech and staying on top of trends can really make a difference across your talent acquisition strategy, helping to close the gap between where you are now and unlocking even more potential.
Having the tech is a great starting point; fully embracing it is key to winning in the new era of TA.
Navigating the Future of Talent Acquisition
As we are ushering in a new era of recruiting, empowered by tech advancements and driven by constant change to meet rapidly evolving candidate expectations, most talent acquisition teams realize that automation and AI are no longer optional—they’re essential tools for staying competitive. What sets the best apart depends on how they adopt these tools to best leverage the promise of technology to reduce the load of repetitive, time-intensive tasks and increase their team’s ability to focus on the more human aspects of hiring – the communication, transparency and relationships that candidates demand.
Data and metrics provide the insights needed to make informed hiring decisions, so technology will continue to be a cornerstone of an effective TA strategy. Employers who embrace these trends and adapt to the changing environment will be better positioned to meet their recruitment goals and drive business success. The future of talent acquisition is here, and it’s time for employers to navigate it with authenticity, intentionality and a keen understanding of what candidates truly value. You can read more about these trends in the LHRA’s full report.
To learn how the Radancy Talent Acquisition Cloud can help you stay ahead of these trends, request a demo today.
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