CY Partners - 2024 Recruitment Forecast: Trends and Insights
We recently conducted a survey to help us and the businesses we represent better understand the future of recruitment.
In light of the enduring challenges posed by the cost of living crisis for both job seekers and organisations, our goal was to collect valuable data. We hope this information empowers businesses to make informed decisions and shape effective recruitment strategies, aiding their success in a volatile market, not only for 2024 but for the years ahead.
Summary of findings:
Our survey results illuminate the landscape for 2024, offering insights into both hurdles and potential prospects. As we explore the outcomes, it becomes clear that there’s a notable shift in organisational priorities. The focus on internal development, mental health and overall employee wellbeing indicates a positive trajectory. However, with reskilling and upskilling emerging as prominent challenges, businesses are prompted to reassess their strategies to stay competitive in a dynamic job market. The commitment to top perks showcases a dedication to holistic employee support, while the minimal focus on salary raises necessitates reflection on alternative means to attract and retain top talent.
Let’s take a closer look at the findings from this year’s survey:
Internal development and staff promotion:
In response to our survey, 75% of businesses underscored the significance of fostering internal development and staff promotion to remain competitive in the talent market in 2024. This strategic approach not only ensures talent retention but also cultivates a company culture that values organic growth from within.
Prioritising employee wellbeing and satisfaction:
An overwhelming 83% of businesses revealed their commitment to boosting employee wellbeing and enhancing morale and motivation in 2024. This reflects a recognition of the integral role employee satisfaction plays, especially amidst challenges like the cost of living crisis. This emphasis aligns with the evolving needs of the workforce, acknowledging and addressing employee needs beyond financial compensation as crucial for sustained success.
Mental health takes centre stage:
75% of respondents highlighted a focus on mental health and wellbeing as a key trend influencing their recruitment strategies in 2024. This demonstrates a progressive move toward prioritising the holistic health of employees, recognising its impact on overall productivity and workplace satisfaction. In turn this indicates a paradigm shift, with businesses paying greater attention to the crucial link between mental wellbeing, efficiency and job contentment, positioning them for long term prosperity.
Addressing reskilling and upskilling challenges:
50% of respondents foresee reskilling and upskilling the workforce as the most pressing recruitment challenge for 2024, signalling a growing awareness of the need for continuous learning and development. Anticipating these challenges highlights the importance of taking proactive measures, urging organisations to invest in robust training programmes that equip their workforce with the skills demanded by fluctuating industries.
Innovative employee perks for 2024:
The top three perks businesses plan to offer in 2024 include Mental Health Services (66%), Financial Wellness Benefits and Employee Assistance Programmes (EAPs) (54%). This exemplifies a concerted effort to fully harness employee potential, emphasising overall wellbeing and satisfaction.
Salary raises dilemma:
Only 8% of businesses surveyed plan to offer higher pay raises in 2024. This calls for reflection on how organisations plan to stay competitive amid increasing demands for better remuneration. The cautious approach to salary raises underscores the need for thoughtful consideration, prompting organisations to explore comprehensive approaches beyond monetary compensation to effectively attract and retain top talent.
We’d like to extend our gratitude to all participants in our 2024 recruitment trends survey.
We trust these findings will guide your organisation to recruit more effectively in 2024. If you’re interested in discussing how our team can assist in developing a winning recruitment strategy, we’d love to hear from you. Contact us here.
CY Partners specialises in sourcing skilled science professionals from graduate to executive level within Pharmaceuticals, Biotechnology, Clinical and the Chemicals industry sectors. Established in 2008, our mission is to make recruitment easier for both the job seeker and the hiring manager so whether you are looking to join a global Pharma corporation or an ambitious Biotech start-up throughout the UK and beyond or you need help sourcing skilled scientific professionals then we can serve you.
