As we look ahead to next year, one thing is certain: Recruitment remains dynamic. The scarcity continues and candidates have a choice. And that requires creativity from employers, because 'traditional recruitment' is less and less of a reality. Those who wait for signals indicating a career move are even too late. The decision to change jobs is made much earlier. And then there is the competition....
Fortunately, there are also opportunities. At least, for recruiters who take a different approach. And take into account the following developments in their recruitment strategy.
Use these facts in your recruitment strategy 2024
Fact: the job market is tight
The first key finding comes as no surprise: companies are urgently looking for new staff, but there aren’t enough of them. The labour market shortage has been going on for a long time. And according to the latest figures, it is set to continue for some time yet. Unemployment is falling, but for every 100 unemployed people, there are still 122 job vacancies (CBS, October 2023). And of the working population, only 10 per cent are actively looking for a new job. There is some movement, but nowhere near enough to resolve the shortage.
Fact: there is low job readiness
It sounds contradictory, but many job applicants no longer want to apply. At least not in the traditional way, with a long cover letter and many rounds of interviews. And this, combined with newly acquired freedoms like working (ánd applying) remotely, makes candidates more critical than ever. They simply do not choose the first best offer.
It requires employers to tap from a different barrel. In other words, to approach candidates themselves. Actively seek contact. Early on, even before thinking about a career move. Because do you wait too long? Then your competition will be ahead of you.
Fact: cost per hire (CPH) is rising
Another challenge for recruiters: it is becoming increasingly expensive to recruit new employees. There are several reasons for this. First, the competitive job market plays a role. The battle for talent drives up advertising costs and often makes it necessary to use external recruitment agencies.
There is also a growing scarcity of qualified talent. When you are looking for a sought-after specialisation, it comes at a price. The smaller the pool of talent, the higher the price tag.
Candidates are also increasingly demanding more from their employers, such as flexible working hours and work-from-home options. To remain attractive to potential talent, employers need to invest in these and other additional benefits, leading to higher costs.
And then there is the investment in new technology to make hiring better, such as assessments and applying gamification. These too come at a cost.
So it’s a fact: the cost per hire is rising. This underlines the need for more efficient recruitment processes. All the more reason to use your available resources wisely whilst maintaining the high quality of your hires.
Fact: conversation over conversion
Traditional recruitment methods are losing their power. These days, more than ever, the conversation is central. Conversation takes precedence over conversion. The future belongs to recruiters who are engaged and show genuine interest.
Who really gets into the conversation with candidates:
- Builds relationships: you create a bond of trust with candidates, making them more likely to seriously consider your offer.
- receive more information: on candidate backgrounds, such as skills, motivations and cultural fit.
- Gain insight into motivations and goals: by finding out what your candidate needs, you can better match expectations with vacancies.
- offers a positive candidate journey: in a world of mass communication, a personal approach is a breath of fresh air. This can lead not only to a good hire, but also to positive recommendations and a good reputation for your organisation.
- Build your own talent pool: not every candidate is available for a new position or is the best fit. By maintaining regular contact, you build a valuable talent pool for future vacancies.
- Receive feedback and improvement: on how candidates perceive the process. This allows you to optimise the candidate journey and make the recruitment process even more effective.
In short, a good interview is crucial to ensure you find the right candidate.
How to stay on track with your recruitment strategy 2024
The shortage of people, changing behaviour, rising costs and the need for a distinctive approach: recruiting in 2024 will once again bring challenges. Responding quickly and smartly to these developments is key to attracting talent and laying the foundations for a successful recruitment strategy.
Being top-of-mind with potential candidates at an early stage is more important than ever. And that may well explain the rising popularity of lead generation in recruitment. It’s a strategy being adopted by an increasing number of recruiters. And that’s hardly surprising: with a low willingness to apply for jobs, proactively reaching out is quite simply the way forward. Lead generation keeps you in the driver’s seat and ensures you have a sufficient pool of candidates in a dynamic labour market.
