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Blog
February 12 2024
5 min read
Dive into curated insights from diverse sources to get a comprehensive view of hiring trends. We’re here to help you stay informed and make strategic decisions in today's evolving job market.
Job Application Trends and Insights
According to Indeed, demand for workers has moderated in 2024, but further workforce reductions could be more troubling. The number of job postings on Indeed is down 22.5% from its December 21, 2021 peak.
Perhaps even more remarkable is the decline of job postings in sectors that disproportionately hire for roles that can be done remotely.
However, layoffs remain low by historical standards. This may be owed to higher labor force participation rates, which fell during the pandemic.
Hiring Challenges
According to Robert Half, hiring is on track to remain steady in 2024, with four key hiring metrics staying at or near early 2023 levels.
However, hiring challenges continue, particularly when it comes to finding candidates who align with company culture and fit within the company’s salary guidelines. In some industries, simply finding qualified candidates for open roles is challenging.
The industries forecasted for the highest hiring growth – according to Robert Half – are legal, technology, and marketing among the 1,850 respondents to the survey.
Read the full Robert Half report
Are you ready to accelerate your hiring process with fast and easy background checks? Schedule time to speak with our team and discuss a background screening program tailored to your organization's needs.
Artificial Intelligence
The use of technology – including AI – in human resource departments continues to rise, with the AI recruitment market projected to reach nearly one billion dollars by 2030. Despite concerns about algorithmic bias and other issues related to the reliability of AI technology, nearly 80 percent of hiring professionals foresee a rise in AI usage for recruitment. Orange Tree recommends you consult your legal counsel before using AI in your hiring process, as organizations are getting sued for discriminatory practices.
There is a disconnect in attitudes between employers and candidates when it comes to AI recruitment. More than half of HR professionals believe AI has a positive impact on recruitment, but a similar percentage of U.S. adults said they would not apply for a job that uses AI for hiring decisions.
A loss of accuracy and human touch are both cited as perceived drawbacks to AI recruitment, among both candidates and HR professionals. This wariness extends to concerns about security issues and algorithmic bias.
Read the full Korn Ferry report
Work-From-Home Trends
Workforce participation rates have risen to levels not seen since the early 2000s, showing a consistently high demand for workers and a rebound in immigration from pandemic levels. As of October 2023, the workforce participation rate was 83.3%.
This growth may be due, in part, to hybrid work environments and more relaxed remote working policies that are drawing workers back to companies offering flexibility. In a recent Gallup poll, the “new normal” of hybrid working is front and center.
100% remote jobs aren’t as stable as onsite or hybrid positions, as many employers urge people back into the office.
The Rise of GenZ In the Workforce and Baby Boomer Retirement
By the end of this year, Gen Z is expected to overtake Baby Boomers as a percentage of the full-time workforce. Millennials and Gen X are still poised to make up a majority of the workforce for many years, but the rise of Gen Z (expected to be the workforce majority by 2040) is already happening.
Read the full Glassdoor Workplace Trends report
Hire Faster with Orange Tree
As companies race to fill open positions, we're here to help you hire faster with background and drug screening resources to help you convert offer letters into hires. You can schedule time to Speak with Our Team, or get started now by Creating a Package online.
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