In today’s competitive job market, it’s more important than ever for businesses to stay ahead of the curve when it comes to recruiting. Here’s a look at some of the key recruiting trends that are shaping the landscape in 2024:

  1. The Rise of Talent Retention

With economic uncertainty looming, businesses are increasingly focused on retaining their top talent. This makes sense, as it’s often far more cost-effective to keep a happy and productive employee on board than it is to go through the time and expense of recruiting and onboarding a new one.

There are a number of things businesses can do to improve their talent retention rates. One strategy is to develop internal mobility programs that give employees opportunities to grow their careers within the company. Another is to create a positive work culture that fosters employee engagement and satisfaction.

“The cost of replacing a talented employee can be up to 3x their salary. Retention is much more cost-effective than acquisition.” -Stephanie Sparks, CEO Solaris Healthcare

  1. The Boomerang Effect

Many workers who left their jobs during the Great Resignation may be looking to return to the workforce in 2024. This presents a unique opportunity for businesses to bring back experienced employees who are already familiar with the company and its culture.

To attract boomerang employees, businesses can focus on creating a work environment that is appealing to today’s workers. This may include offering flexible work arrangements, competitive salaries and benefits, and a strong focus on work-life balance.

According to a recent study by LinkedIn, 72% of boomerang employees report feeling more productive in their second stint at a company.

  1. The Continued Importance of DEI

Diversity, equity, and inclusion (DEI) continue to be a top priority for many businesses in 2024. Companies that are committed to creating a diverse and inclusive workplace are more likely to attract top talent from a wider pool of candidates.

There are a number of things businesses can do to improve their DEI efforts. One strategy is to develop a diversity and inclusion plan that outlines specific goals and objectives. Another is to create a culture of inclusion where all employees feel valued and respected.

As Claude Silver, Chief Heart Officer at VaynerMedia, said: “Diversity is being invited to the party; inclusion is being asked to dance.”

  1. Prioritizing Mental Health and Well-Being

Mental health and well-being are becoming increasingly important factors in the workplace. Businesses that prioritize employee well-being are more likely to attract and retain top talent.

There are a number of things businesses can do to support employee mental health and well-being. One strategy is to offer employee assistance programs (EAPs) that provide confidential counseling and support services. Another is to create a work environment that is free from harassment and discrimination.

Sheryl Sandberg & Dave Goldberg Family Foundation VP of People and Culture Katrina Jones emphasized the importance of mental health by saying: “Mental health is not a personal problem, it’s a business problem.”

  1. The Power of Communication and Data

In today’s data-driven world, it’s more important than ever for talent acquisition leaders to be able to communicate effectively and use data to inform their decisions.

There are a number of things talent acquisition leaders can do to improve their communication skills. One strategy is to take courses or workshops on communication. Another is to practice their communication skills by giving presentations and participating in meetings.

Talent acquisition leaders can also use data to track their recruiting metrics and identify areas for improvement. For example, they can track the time it takes to fill open positions, the cost per hire, and the quality of new hires.

Sabah Shakeel
Staff Writer, Digital Marketing Specialist
SRA Staffing