The talent market, like many aspects of the global landscape, has undergone significant change in the past year.
Technological advancement, changing employee needs, and global events have all played a role in reshaping how businesses approach talent acquisition and management.
In this year's Salary Guide for Ireland, we take a look at how the next 12 months will evolve and the transformations we expect to see in the world of work.
The Defining Talent Market Trends in 2024
Cpl surveyed over 670 people about their views on the talent market for 2024, combined with our team's expansive knowledge of the talent market and understanding of client wants and needs, we see the below trends shaping the talent market over the next 12 months. By adapting existing working models, new ways of working, and focusing on the evolving candidate experience, dynamic and agile organisations will benefit from the opportunities 2024 presents.
Cpl’s survey revealed less than 12% of respondents think AI will have a negative impact on their jobs over the next 12 months. The majority of respondents (46%) think AI will have no impact or the impact will be neutral, while over 40% of people think AI's impact will be positive. We expect to see people up-skilling to take advantage of the opportunities AI has to offer over the next few years.
Skills-based hiring unlocks candidate potential in a tight talent market:
This is particularly relevant to levelling up the employment playing field, as skills-first hiring could increase the percentage of women in the talent pool by 24%.
Skills-based hiring empowers less conventional candidates to land roles previously closed to them, however, digital skills remain at the fore of this change. Professionals with experience in data analysis, artificial intelligence, cybersecurity, and software development skills will remain in high demand, and people will upskill or reskill to meet these skill gaps.
Internal mobility, a better way to retain talent:
The distinction between traditional and contract employees will continue to blur, as organisations lean into blended workforces. The technologies supporting the contractor space will evolve, making it easier for businesses to fill skills gaps on a project-by-project basis.
Organisations are exploring new approaches to both retaining and attracting top-tier talent by focusing on designing and amplifying their value proposition beyond remuneration. This includes developing comprehensive health and wellness programs and providing opportunities for training and development. Organisations are also using their employees' voices to promote their culture and community through storytelling.
Staying relevant in the workplace through continuous learning and development:
The need to keep up with the ever-changing workplace, the desire to see more internal mobility, and the need to fill skill gaps, will prompt continuous and lifelong learning to become more ingrained and attractive to potential employees.
To deliver these initiatives, organisations are leveraging skills-based hiring trends to acquire talent proficient in sustainability, renewable energy, and social impacts.
The business case for DEI investment is becoming stronger:
Companies with women exceeding 30% of their executive team are significantly more likely to financially outperform those with a lower representation. Companies will not only strive for diverse hiring but also work on building inclusive workplaces that are more human-centric. Next year will see an increased emphasis on measurable outcomes and accountability regarding diversity, equity, and inclusion (DEI) efforts.
Mental health and well-being as a strategic enabler:
The recognition of the importance of mental health and well-being in the workplace is expected to persist. By 2024, the best employers will have refined their approaches to support employee mental health, including providing access to resources and destigmatising mental health discussions. Organisations are seeing the benefit of treating wellness programmes as strategic enablers with key measurable outcomes that successfully drive engagement and productivity, rather than a tick-box exercise. A recent study has shown that the UK economic value of improved employee well-being could be between £130 billion to £370 billion per year.
Organisations have now adapted their working models and invested in the necessary technologies and resources to ensure these flexible models remain successful. This year will see an even more seamless and effective work experience and more stability for employees about when and where they work.