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What Sherlock Holmes said in the movies The Hound of the Baskervilles“I don’t have any thoughts” essentially sums up our thoughts on the recruiting and talent scene over the coming year when it comes to marketing, communications and the creative industries.
2024 will be a difficult year to determine whether recruitment will improve or if this is just the beginning of a tough economy. We are moving to a stage where there is no clear central theme running through the entire talent scene. It’s a departure from past years, where the central themes were very clear, from talent to tech companies to mass resignations.
We expect 2024 to be a collection of several stories. The past year has seen the birth of several terminology and talent phenomena.
major remodeling – Where we once saw a mass exodus of talent to tech companies and startups, some of these talent are now returning to agencies, brands, freelance roles, and self-employment jobs such as coaching and consulting. The number of people entering the workforce is also increasing.
Based on the top news stories of the past few weeks, the number of technology companies forced to layoffs and restructure doesn’t seem to be slowing down, so this talent trend is likely to continue.
The Big Stay – Where more talent is hanging on and staying in their current roles, even if they’re not happy with their current roles.
“Nowadays, there are not only interesting roles.”
“It’s better to be the devil you know than the devil you don’t know.” There are several perspectives common to these talented groups.
It’s not as easy to remain unemployed as it was during the height of the pandemic, when the biggest change in perspective on life was due to the very real reasons of rising costs of living, mortgages, and rents.
big gap – We have personally witnessed many talented people currently in a state of “between roles”, either by choice or because of the influence of a role.
Their numbers are increasing day by day, and the length of time they remain unemployed continues to increase.
This phenomenon is actually happening on the ground, not some fancy terminology jumbled together for the sake of this article. We see it every day in our work as headhunters.
Now, more importantly, with all this happening on a macro level, what are the key takeaways for hiring managers and talent?
What it means for recruiters
Despite all the above factors, we are not yet in the employer market. Attracting, hiring, and retaining talent is a constant challenge in good times and bad.
Most candidates are still looking for a desirable salary package, recognizing that the high cost of living is not going away anytime soon, while maintaining its status as the world’s most expensive city.
Increasingly, some companies are choosing to return to working completely or almost completely in the office. There are many people out there who will only embrace a balanced, hybrid way of working and never look back on how they worked before the coronavirus. Accept the fact that if the nature of your job requires you to work primarily in an office, these talents will not be considered.
Be open-minded to where the right talent will come from, not just similar fields, categories, and companies. A major personnel change may broaden the pool of talent you consider and add new dynamics and perspectives to your current team.
If the pool of talent to consider is shrinking, whether due to fewer applicants, higher salary expectations, or demand for home-based work, where can you get similarly qualified talent? It makes sense to broaden your horizons.
For the talent you choose to be with, whether they’re willing to take on the role or not, now is the time to bond with them.
Due to the current challenging times, a significant number of people are developing a stronger sense of purpose for their role in helping their organizations navigate these challenging times. Inspire them and make them understand how their immediate scope is connected and contributes to the big picture. To keep everyone interested, try to provide a personal touch, even if you’re focused on the big picture or commercial aspects of things.
Indeed, most organizations currently have their hands tied when it comes to raises and promotions. But when the time comes, be sure to fulfill your promise of reward.
What it means for talent
“What got you here today won’t necessarily get you here tomorrow.” We shamelessly stole this quote from our former boss.
Rather than seeing this as a period of uncertainty, there’s never been a better time to re-evaluate your broader career direction. What role, characteristics or industry experience can contribute to your element, a concept coined by Sir Ken Robinson?
Major personnel changes have made many organizations more accepting of which departments people can hire from. Years from now, when you look back on your career changes, it will all seem very intuitive.
For those of you who are at the “big gap” stage, which is not your choice, don’t despair and believe in the saying, “The harder you work, the luckier you get.” In the current situation, the process of finding a full-time job can become a full-time job in itself.
Take an omnichannel approach to attract the attention of recruiters, friends, industry contacts, and recruiters and build your presence on LinkedIn. Often, the next role you get doesn’t come from your direct professional or social networks.
Generalists and specialists alike are in demand. In good times, specialized roles proliferate, but in tough times, roles consolidate and the case for generalists grows. Don’t just follow the crowd or trends. Regardless of where you fall on the spectrum, be good at what you do. The Japanese call it “takumi” or “craftsmanship.” Choose the one that will help you maintain your authentic self.
The rise of AI and employment replacement.
Over the past year, there have been a number of innovations, from robotics to Web3, and debate about whether they will significantly displace jobs. When it comes to AI, there doesn’t seem to be much doubt that it’s a game-changer. As roles are replaced, new roles will be created in the AI industry as well, albeit to a lesser extent in terms of employment volume.
If the development of AI poses a significant threat to your current operations, consider the possibility of embracing and incorporating AI into your field of expertise.
“The possibilities lie in that direction.” Sherlock Holmes said, but frankly, we can’t know exactly where things are headed. We hope the above observations and tips will help you identify a clearer path forward.
This article was written by The Talent Detective founder Jimmy Yar and partner Sim Yunying.
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