Article: Hiring trends 2024: Taking advantage of AI remains a concern for HR


Hiring trends 2024: Taking advantage of AI remains a concern for HR

As organisations set their strategic HR objectives for 2024, employee well-being, recruiting for skilled roles, and adopting AI and technology appear to be the top three priorities, according to the Head of People Operations at Responsive.
Hiring trends 2024: Taking advantage of AI remains a concern for HR

India's rapid economic growth has put pressure on organisations to compete for skilled talent in the global market. Despite the promising economic landscape, a recent LinkedIn poll unveiled a surprising trend: 88 per cent of Indian professionals are contemplating a job change, with nearly 80 per cent seeking opportunities in different industries or roles. 

However, navigating this job market can be challenging, especially with the evolving technological landscape dominated by artificial intelligence (AI). Approximately half of job seekers feel they lack the necessary skills for their desired positions, highlighting a significant skills gap that needs to be addressed. 

As AI continues to play a pivotal role in businesses, the demand for skilled AI developers and users is on the rise. Recognising this, forward-thinking companies are leveraging this challenge as an opportunity to invest in developing existing talent. This strategic approach not only benefits individual employees but also strengthens the organisation as a whole. 

To bridge the skills gap, an increasing number of learning and development (L&D) professionals are collaborating closely with HR departments to design tailored training programs. Moreover, companies are expanding their talent pool by tapping into the highly skilled workforce in Tier-2 cities, a segment often overlooked in the past. 

By relocating headquarters or establishing satellite offices, employers are capitalising on the untapped potential of these regions to meet their hiring needs. This shift reflects a growing recognition of the talent diversity across India and underscores the importance of adapting hiring practices to leverage emerging opportunities in the evolving job market, stated Shipra Kamra, Head of People Operations, Responsive, during a recent interaction with People Matters. 

Excerpts from the interview: 

How do you approach upskilling and L&D as an HR-lead, what are some approaches best-fit for the talent in India?

Our unwavering commitment to continuous learning and development remains a central focus as we navigate the ever-evolving technology landscape.

Responsive has established a valuable partnership with LinkedIn Learning, offering an extensive array of courses spanning various skills. This collaboration empowers our employees to leverage these resources to their advantage. 

We diligently identify skill gaps within our teams and take proactive steps to ensure our employees attain relevant training, consistently enhancing their expertise in their respective fields. 

Moreover, we actively promote employees exploring diverse roles within the organisation, providing opportunities for acquiring and developing new skills. We also prioritise employee participation in industry seminars, where experts and professionals from the same domain converge to facilitate knowledge exchange and the cross-pollination of ideas and best practices. 

The growing interest in internal mobility among our employees is particularly thrilling, signalling a positive organisational culture. We encourage employees to pursue industry certifications and recognise their achievements. Certifications enhance skills and add value to employees' professional profiles.  

Lately, SaaS companies are widening their presence beyond core IT markets and having their capabilities in tier-2 cities. Responsive’s viewpoint on how best to work with talent in other cities and inviting lateral hires?

While the majority of India’s businesses still operate from Tier-1 cities, many are relocating or establishing offices in smaller Tier-2 cities such as Coimbatore, Responsive’s primary hub. 

Expanding our workforce into Tier 2 cities has proven to be a resounding success for Responsive. Coimbatore teems with exceptional talent in terms of skills and a positive work attitude. 

The key advantage of targeting cities like Coimbatore lies in the fact that we can tap into the potential of individuals who possess remarkable skills but are unable to or prefer not to relocate to Tier 1 cities, typically as a result of personal commitments or desire to stick to their roots. 

By establishing our presence in these cities, we unlock the potential of these ambitious and committed talents, fostering a sense of loyalty that leads to the retention of invaluable domain knowledge. 

Coimbatore boasts numerous colleges that consistently produce highly skilled engineering professionals. These educational institutions have become reliable sources of emerging talent for us, creating a fresh pool of capable individuals year after year. Our partnerships with these educational establishments have been instrumental in helping us identify and secure the best local talent to support our ongoing growth and success.

We also integrate a hybrid hiring model that allows us to fulfil our skill requirements from Tier 1 cities while simultaneously establishing a robust foundation in Tier 2 cities.

What are the hiring trends for 2024 like, and how do they differ between the global market and India?

A survey of nearly 3,100 employers in 41 countries found that India’s net employment outlook (those who plan to hire minus those who plan to reduce staff) is 37 per cent — tied with the Netherlands for first place.

Industries with the most significant needs include those in finance, real estate and IT, all of which are embracing new technologies. One trend, however, is universal. Every responding company reported a talent shortage, with an average of 75 per cent of companies worldwide reporting that roles are difficult to fill. 81 per cent of respondents in India report that it is difficult to hire qualified employees. 

As organisations plan their strategic HR objectives for 2024, employee well-being, recruitment for skilled roles and adopting AI and technology seems to be the top 3 in the chart of priorities. Training the staff to leverage AI and narrowing down on roles that can take advantage of this advancement continues to remain a concern.

You can also read: 

What are expected to be the most significant hiring trends in 2024?

Today’s HR professionals understand that the needs of the company and those of employees are inseparable. Those who are most successful will embrace emerging technologies while helping create an environment that attracts and retains the best talent.  

Adoption of Artificial intelligence

With the increasing potency of technology, HR departments are poised to undergo a surge in AI integration. The adoption of systems operating on AI principles is expected to be widespread among companies, marking it as one of the foremost recruiting trends in 2024.

Employer Brand & Value Proposition: 

Fostering a positive employer brand and a compelling value proposition plays a crucial role in shaping a favourable perception of the organisation, drawing in the right talent, and cultivating a workplace that enhances employee satisfaction and retention. 

These components are essential for establishing a resilient and prosperous workforce. Companies are prioritising these factors as key strategies to distinguish themselves in a competitive landscape.

Tailoring the recruiting strategies for new generations

Millennials currently constitute the largest segment of the workforce, and with the addition of Generation Z, the younger generations are poised to take the forefront in the workplace. Consequently, recruiting will need to adapt their strategies and campaigns to resonate with the values and priorities of these emerging generations. Generation Z, in particular, places significance on factors such as the organisation's mission, culture, commitment to diversity, equity, and inclusion (DEI), as well as the social impact and contribution the organisation makes to the world. Navigating these evolving dynamics promises to be an intriguing challenge for recruitment efforts.

Is there any advice you would like to share with HR professionals in India?

HR professionals should ensure that HR strategies are in alignment with the overarching business objectives, utilise data for making informed HR decisions, and, above all, prioritise the organisation's culture. As the saying goes, "Culture eats strategy for breakfast."

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Topics: Recruitment, #Trends, #HRTech, #HRCommunity

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