Since the pandemic, the professional hiring landscape continues evolving at an accelerated pace and as recruiters, we are able to see things from an interesting perspective by talking to both the hiring managers and the candidates. Our goal in this article is to share some interesting insights we’ve seen firs-hand that will help you navigate the professional landscape of hiring and job seeking in 2024.
2024 has already brought some interesting trends to look for that have heavy influence from the accelerated AI advancements and industry changes we saw in 2023. Without further ado, here are our insights backed by our own proprietary information.
Trend One: The Need for Human Connectedness in an Automated World
Artificial intelligence, with its expertise in analyzing vast amounts of data and patterns, has become an invaluable tool for hiring managers and recruiters alike. It automates many tasks, enhancing overall hiring efficiency. However, the question arises: how do we include the human touch in the hiring process while also allowing AI to create efficiencies for us?
We have the answer. At TLR, we like to stay abreast of what our community of Oil and Gas, Chemical, Industrial, and Renewable industry folks think about the hiring process so we can better serve our clients with real insights to help improve their hiring process.
When we asked what behaviors were required from hiring managers/recruiters now that we have AI to help with automation, we wanted to understand what human aspects were still essential for candidates to feel included and considered, instead of being a cog in an automated process.
60 percent of respondents want all human aspects of the hiring process to remain that way. While AI efficiently streamlines the initial stages of candidate selection, the importance of the human touch is still vital when assessing the candidate, engaging the candidate, and making final decisions. As we navigate this era dominated by technology, hiring decision-makers should consider prioritizing the human element in the recruitment landscape by being available to listen, making sure to keep individuals in the loop, and making sure research is done when speaking with candidates.
If you find yourself as a job seeker this year, you should be attuned to the growing significance of networking and in-person events to showcase your unique qualities. These platforms offer opportunities to reveal aspects of your character and skills that extend beyond the discernment of algorithms. In a world where AI is increasingly integrated into recruitment practices, standing out as a human applicant becomes important. In fact, jobs on the market are now 1 for every 2 applicants. Standing out becomes a necessity.
For employers, nurturing a workplace culture that values and integrates the human element ensures a holistic approach to hiring that goes beyond what algorithms can achieve. AI works at tasks such as swiftly sorting through resumes, analyzing vast datasets to identify hiring trends, and ensuring efficient onboarding processes. But it is the humans that excel at tasks that require intuition, understanding of cultural fit, and making intricate decisions for the company. As a hiring manager, assessing culture fit, discerning soft skills, ensuring a positive candidate experience, making intricate hiring decisions, and negotiating are areas where human intervention cannot be lost in the process to engage a candidate. Our community believes that personalization in messaging is key because it shows that there is still a human behind this process who understands the candidate.
Hiring a recruiter can also help. Recruiters work to understand organizational culture seeing it from a perspective of what it would be like to be in the trenches and can assess a candidate's fit based on values, mission, and goals through human intuition. They can also discern soft skills crucial for a candidate's success within a team.
Trend Two: Embrace Adaptability in Candidates and Companies
In the year of 2024, the demand for cross-industry expertise is anticipated to intensify. Macro trends such as the widespread adoption of AI mentioned above, evolving consumer habits, and the intricacies of global supply chain management are set to impact diverse sectors of business. For both employers and job seekers, destigmatizing job hopping and evaluating a candidate’s history rather than jumping to conclusions will be beneficial. Instead, embrace traits such as adaptability, agility, and an awareness of prevailing economic trends and how that might affect the industry you are in. There is inherent value in adaptability that some “job hoppers” bring to the table, and it can help foster a culture that celebrates career diversity and continuous professional growth. However, be cautious of job hoppers who look like they move often and quickly. That could be a sign of someone who did not learn enough at their previous organization.
Our advice to hiring managers is to look beyond industry-specific experience, placing greater value on functional expertise and a broader understanding of the dynamics of bringing a person to your team.
Hiring managers can look for things like:
Diverse Skill Set:
List a range of skills that go beyond industry-specific expertise.
Showcase proficiency in diverse areas that demonstrate adaptability and versatility.
Continuous Growth and Learning:
Highlight any relevant training programs, certifications, or courses undertaken for continuous professional development. Don’t forget to share relevant side interests.
Mention instances where you applied new knowledge or skills to achieve positive outcomes.
Achievements Across Industries:
Showcase achievements and successes not only within the specific industry but also in different contexts.
Demonstrate the ability to excel in diverse environments.
Adaptability:
Communicate experiences that highlight adaptability to different work environments or industries.
Provide examples of how you navigated change and contributed positively to various teams.
Problem-Solving and Innovation:
Highlight instances where you applied problem-solving skills to address challenges.
Showcase any innovative solutions or ideas that led to positive outcomes.
Leadership and Team Collaboration:
Showcase leadership experiences and contributions to team success.
Provide examples of effective collaboration and teamwork across different projects.
Effective Communication:
Highlight strong communication skills, both written and verbal.
Provide examples of situations where clear communication played a pivotal role.
Results-Oriented Accomplishments:
Emphasize tangible results and accomplishments in previous roles.
Quantify achievements wherever possible to showcase the impact of your contributions.
Commitment to Excellence:
Demonstrate a commitment to delivering high-quality work.
Provide examples of going above and beyond to achieve excellence in tasks and projects.
Highlight Soft Skills:
Showcase important soft skills such as adaptability, creativity, problem-solving, and emotional intelligence.
Use specific examples to demonstrate these skills in action.
Job seekers, in turn, are advised to highlight not only their industry-specific skills but also showcase a diverse skill set and a commitment to continuous growth, setting themselves apart in a competitive job market. For job seekers, this signifies the need to craft compelling narratives when interviewing for each chapter of their career, emphasizing the valuable skills and experiences gained from diverse professional environments, both good and bad. After all we learn from mistakes and challenges.
Job seekers can add things to their resume like:
Diverse Skill Set:
List a range of skills that go beyond industry-specific expertise.
Showcase proficiency in diverse areas that demonstrate adaptability and versatility.
Continuous Growth and Learning:
Highlight any relevant training programs, certifications, or courses undertaken for continuous professional development. Don’t forget to share relevant side interests.
Mention instances where you applied new knowledge or skills to achieve positive outcomes.
Achievements Across Industries:
Showcase achievements and successes not only within the specific industry but also in different contexts.
Demonstrate the ability to excel in diverse environments.
Adaptability:
Communicate experiences that highlight adaptability to different work environments or industries.
Provide examples of how you navigated change and contributed positively to various teams.
Problem-Solving and Innovation:
Highlight instances where you applied problem-solving skills to address challenges.
Showcase any innovative solutions or ideas that led to positive outcomes.
Leadership and Team Collaboration:
Showcase leadership experiences and contributions to team success.
Provide examples of effective collaboration and teamwork across different projects.
Effective Communication:
Highlight strong communication skills, both written and verbal.
Provide examples of situations where clear communication played a pivotal role.
Results-Oriented Accomplishments:
Emphasize tangible results and accomplishments in previous roles.
Quantify achievements wherever possible to showcase the impact of your contributions.
Commitment to Excellence:
Demonstrate a commitment to delivering high-quality work.
Provide examples of going above and beyond to achieve excellence in tasks and projects.
Highlight Soft Skills:
Showcase important soft skills such as adaptability, creativity, problem-solving, and emotional intelligence.
Use specific examples to demonstrate these skills in action.
Trend Three: Employee Priorities are Beyond Compensation
In the face of ongoing changes in the job market, candidates are prioritizing aspects beyond mere financial compensation. Workplace flexibility, job security, and alignment with company values will take center stage in the decision-making process for candidates.
Employers are urged to communicate transparently about work environments and non-compensational benefits to engage candidates. Remember, not every benefit package will cater to every individual. The pandemic has made it to where employees value their work to fit their personal lives. When we asked our community, surprisingly 67% didn’t mind being in the office on Mondays. We cannot say the same for everyone, since we have heard more insights on this outside of our survey. The point being is that every employee is not the same. Most of the candidates I work with have been vocal about their personal preferences and about what they want out of jobs. Some prefer to work from home, while others thrive in an office environment. Some travel a lot in their off time and vacation packages matter a lot to them.
Further, the emphasis on employee well-being, burnout prevention, and maintaining a healthy work-life balance will continue to play a pivotal role in shaping positive organizational cultures.
Job seekers, armed with an understanding of their own values, are encouraged to seek workplaces that resonate with their personal and professional principles. Candidates should inquire about the company's stance on things that matter to them like workplace flexibility, including policies related to remote work, flexible hours, and other arrangements that promote work-life balance that fits for you. Assessing job security involves researching the company's financial stability, market position, and historical record of employee retention. However, if you like to make an impact and create a lot of change, align with companies that are taking risks or starting up.
Additionally, prospective employees should thoroughly investigate the company's values and mission to ensure alignment with their personal beliefs and professional goals. This includes evaluating diversity and inclusion initiatives, corporate social responsibility practices, and the overall organizational culture. By analyzing these factors, job seekers can make informed decisions that align with their preferences and contribute to a fulfilling a sustainable career path that aligns with their personal beliefs and goals.
Trend Four: Consider the Economics
As we explore the labor market forecast for 2024, a cautious, competitive, and selective hiring landscape emerges on the horizon. Despite signs of stabilization, the job market is expected to remain competitive, with fewer job openings and heightened search intensity among job seekers. Employers are becoming more selective in their recruitment processes. It's important for both employers and job seekers to approach this landscape with a strategic and cautious mindset, understanding the impact of their decisions on individual careers and organizational success.
The reason we say cautious is because concerns arise as the job market slows, with October and November's job growth being revised down by a combined 71,000 jobs. The Fed, aiming for a "soft landing" by bringing down inflation without triggering a recession. The Fed faces challenges in deciding when to cut interest rates. While the labor market remains a crucial factor in this decision, recent robust jobs data and wage gains could delay rate cuts. Investors closely watch these developments, anticipating potential shifts in interest rates and their impact on the economy and stock market in the latter half of the year.
In January we saw a turn for the better as, U.S. payrolls unexpectedly surged by 353,000 while unemployment held steady at 3.7%. Notably, the three-month average of payroll growth reached 289,000, indicating a sustained upward trend. Upward revisions of 126,000 jobs over the last two months further underscored the strength of the labor market. The prime-age labor force participation rate also saw a slight uptick to 83.3%. Despite monthly fluctuations, the job market remains robust, reflecting broader economic resilience and positive indicators.
This strong performance aligns with recent trends, including solid GDP growth in Q4 of 2023. Wage growth remained strong at 0.6% for the month and 4.5% over the year, while inflation moderated to 3.4% in December. The persistent low unemployment rate, below 4% for two consecutive years, indicates a solid labor market, supporting consumer spending and economic growth. While caution is warranted against overinterpreting one-month data, the overall picture highlights the continued strength of the U.S. job market.
Conclusion
Considering the trends that led us here, will help you adapt to the trends that are to come. As we inevitably adapt to the changing dynamics of AI integration, embrace transferable skillsets, and prioritize values in the workplace, and consider economic conditions. The key is to approach these changes with empathy, resilience, and a commitment to fostering a professional environment where everyone can thrive and bring diversity to the table through skillsets and mindsets. In 2024, we are looking forward to employers and job seekers adapting together, embracing positive changes, and creating a corporate landscape that encourages growth, inclusivity, and success for all.