At Solutions Driven we’re dedicated to analysing both the hiring market and our own internal data to uncover patterns that help us and our clients to succeed. Now, we’re pleased to share some of our most recent findings with you… If you’ve already downloaded our whitepaper, “Key Hiring Trends We’re Seeing in 2024,” you’ll be familiar with our take on gaining a competitive edge in 2024. In this blog, we’ll dive into just one of the key sections to explore some of the macro and micro trends we’ve uncovered, plus what they mean for the industry – and, importantly, your recruitment strategy.

Macro Trends vs Micro Trends

Before we get into the trends themselves, let’s recap on what macro and micro trends are. Firstly, a macro trend can be described as a significant, long-term shift in consumer behaviour across many industries. Think of something that impacts society like the pandemic, changes in the economy, or global shifts in the way we work. A micro trend, on the other hand, is something that although widespread, may affect a far smaller group, or a specific sector/industry. It could also be a shorter-term concern that lasts for just a few years, or even months.

Both macro and micro trends will influence the way we hire, but the impact of a macro trend is generally further reaching and longer lasting than that of a micro trend.

Macro Trends Affecting Hiring in the Second Half of 2024

Let’s begin by looking at some of the macro trends our data analysis has revealed.  

Gen Z movement – Did you know that by next year (2025), Gen Z will make up 27% of the global workforce? Gen Z are competitive, entrepreneurial, and tech driven. They value flexibility and embrace change. So, if you’re not reflecting these needs and preferences in your recruitment strategy, you’re possibly neglecting around a third of the global workforce, not to mention some of the best up and coming talent. It’s time to create adaptable recruitment strategies that mean you’re casting your net widely, and, of course, reaching every generation.

Hybrid & remote working models – Despite a 23% decline in job postings for fully remote roles (between 2024 and 2023), hybrid and remote working options are still high on the agenda for a large number of candidates. Data from LinkedIn backs this up, showing that there have been twice as many applications for remote roles compared to the number of remote vacancies. So, this is definitely a consideration when looking to attract talent.

Economic uncertainty & tight job market – The economy remains uncertain and continues to tighten the job market. The result? Both hiring teams and candidates are cautious over making hiring/career decisions. For employers, strategic thinking and strategic recruitment processes are more important than ever.  

AI & automation in hiring – More and more businesses are integrating AI into their systems and processes, and recruitment is no exception. The rises in AI usage in hiring means we’re able to access and onboard talent more efficiently. But there are downsides too such as concerns around gender bias and the AI gender gap. 

Growth of the gig economy – A term virtually unheard of until a few years ago, the gig economy continues to expand! As organisations increasingly look to fractional support as a solution for reaching specialist talent whilst addressing talent shortages and budget constraints, it seems the use of freelancers, contractors, and ‘one-off’ workers is here to stay.   

Pay transparency & competitive compensation – Emerging legal requirements for pay transparency and competitive compensation are not the only reason that these now need to be important considerations for employers. There’s also a growing expectancy from candidates for their potential employers to be upfront about what they’re offering and to whom.  

Micro Trends Affecting Hiring in the Second Half of 2024

Now, micro trends. We’ve noticed the following: 

Data-driven recruitment strategies – Data now sits at the centre of most business functions…and recruitment is no exception. So, if your organisation is yet to evolve from more traditional hiring processes and embrace all that a data-led process has to offer, you’re almost certainly missing a trick! 

Focus on soft skills, upskilling & internal mobility – Lots of companies are focussed on soft skills, internal mobility, and skills-based hiring. Upskilling candidates and existing employees not only helps businesses to tackle skills shortages, but increases rates of attraction and retention as team members feel valued and motivated.

Diversity, equity, inclusion & accessibility – DEI&A has been a top priority for businesses for some time now and the benefits of a diverse team are well evidenced and reported. Data-driven recruitment is helping companies reach their ambitious DEI&A goals. 

Outsourced Hiring – We’re noticing a shift to outsourced/embedded recruitment solutions as opposed to more traditional RPOs. This is likely due to the flexibility an outsourced/embedded solution provides, allowing organisations to scale their talent acquisition teams to suit their changing needs.  

Candidate Experience & Employer Branding – Candidate experience and employer branding are now considered foundational aspects of recruitment. No longer just a ‘nice-to-have’ these elements are crucial for any business wanting to remain competitive in the evolving job market. If you’re still struggling with either or both of these vital components of your recruitment strategy, partnering with a specialist like Solutions Driven will help.

As we move through the second half of 2024, it’s clear that both macro and micro trends are shaping, and will continue to heavily influence, the way we hire. Adapting to these trends is about more than just staying up to date; it’s about planning for ongoing and long-term success. 

For a deeper dive into these macro and micro trends, plus many more insights on developments in the recruitment world, download our 2024 Hiring Trends whitepaper. It’s full of valuable data and leading strategies to help you get to where you want to be this year, and beyond.

And remember, for a more personalised chat about your own recruitment strategy, contact us at Solutions Driven. We’re here to help.