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The global hiring landscape has been very rough for small to medium-sized businesses in the last two years. The US and EU entered a recession, triggering global inflation and compelling organizations to lay off several employees to cut costs. In a bid to optimize their workforce and ensure resilient hiring, employers started looking for remote talent from cost-effective regions. These were the developments in 2022 and 2023. But what about 2024? Here we present the important hiring trends 2024 global employers should know.
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The global tech talent shortage will rise to 85 million by 2030, and currently, local talents in US, UK, AUS, and SA are proving expensive. To overcome these challenges, global employers are hiring remote talents from offshore talent-rich locations. From 900 companies in 2019, 14,000+ companies embraced this flexible form of hiring in 2022 and the number is set to rise much higher.
India is currently the most preferred offshore hiring destination for global employers. The country has 6.5 million tech and digital talents and consistently generates a large number of ready-to-onboard talents every year. By 2030, India will be the only nation with a surplus of human talents, while other popular regions like LatAm, East EU, and East Asia will have far less skilled talents with high salary expectations.
Recruiters are moving over the traditional methods of evaluating candidates based on academics and experience. By emphasizing the skill levels and knowledge of the talents, 92.5% of companies reduced their mis-hire rate. Tools like Versant and Codility are helping recruiters assess the tech expertise of the applicants. The reports from these tools and the background of the candidate helps more in decision-making, than the traditional hiring methods.
A talent’s alignment with the company culture is crucial in retaining them for a longer association. 73% of professionals left their jobs because of poor cultural fitment, prompting employers to start evaluating candidates’ behavior, work ethics, and values before hiring them. The attention to details during the hiring phase will help in identifying the perfect fit for the organization and building a stronger workforce.
Tech-based hiring platforms, like Uplers, are helping fast-paced agencies find their ideal remote talents within a short hiring cycle. These platforms oversee most of the hiring process (sourcing, vetting, matchmaking, onboarding) and the recruiter only has to make informed hiring decisions. 38% of global businesses are using hiring platforms to confidently hire remote talents.
Fast-paced agencies and tech startups need to prepare well before exploring an offshore region for remote hiring. Part of their preparation is making a hiring strategy that aligns with their organization’s goals and resources. The recruitment trends 2024 above dictate the direction of the job market, proving crucial for every hiring strategy. Before we enter 2024, recruiters can count on these hiring trends to make an effective expansion plan.
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