The numbers are in for 2023, and now it's time to look forward to which recruitment strategies we should apply in 2024.

In this benchmark review we highlight 3 important recruitment benchmark reports and there outcomes.

1. 2023 Hiring Benchmark Report (data by Criteria Group)
2. 2023 Trends in Recruiter Productivity Report (data by Ashby)
3. 2023 Recruiting Outreach Benchmarks Report (data by Gem)

1. 2023 Hiring Benchmark Report (data by Criteria Group)

The first report that we can learn from is the Criteria Research 2023 Benchmark Report. The report covers key insights from over 450 hiring professionals, predominantly from the United States, Australia, and Canada, spanning a wide range of industries and company sizes​​.

It covers the following areas:

• Talent Shortage and Skills Gap
• Remote Work Advantage
• Employee Turnover and Internal Mobility
• AI in HR
• Talent Shortage and Skills Gap
• Hiring Strategies
• Future Outlook and Priorities

Talent Shortage and Skills Gap

Understanding the challenge

• Key Insight: 73% of hiring professionals believe there's a talent shortage, and 70% struggle to find candidates with the right skills. This issue is particularly acute in the Manufacturing and Healthcare industries​​.

Steps to address

• Reevaluate Job Requirements: Scrutinize the necessity of each job requirement. Are all listed skills essential, or can some be learned on the job?
• Upskill Current Employees: Invest in training programs to bridge the skills gap within your existing workforce.
• Look for Transferable Skills: When hiring, prioritize candidates with skills that can be adapted to multiple roles.
• Improve Onboarding and Training: Develop comprehensive onboarding and training programs to help new hires acquire necessary skills quickly.
• Explore AI Solutions: Consider using AI in recruitment to identify candidates with potential that might be overlooked through traditional methods.

Remote Work Advantage

Leveraging remote work

• Key Insight: Remote companies have advantages in attracting talent. 80% of in-person workplaces struggle with skill shortages, compared to 57% of remote workplaces​​.

Steps to implement

• Adopt a Remote or Hybrid Model: If feasible, transition to a remote or hybrid work model to access a wider talent pool.
• Enhance Remote Work Infrastructure: Invest in technology and policies that support effective remote working.
• Remote Work Training: Provide training to managers and staff on how to work effectively in a remote environment.

Employee Turnover and Internal Mobility

Tackling turnover

• Key Insight: 45% of hiring professionals see turnover as a major issue. Healthcare and Manufacturing have higher turnover rates, especially among in-person workplaces​​.

Steps to reduce turnover

• Internal Mobility Programs: Implement programs that allow employees to move within the organization, thus enhancing job satisfaction and retention.
• Regular Feedback and Engagement: Engage with employees regularly to understand their career aspirations and job satisfaction levels.
• Competitive Compensation and Benefits: Ensure your compensation packages are competitive within your industry.

AI in HR

AI adoption

• Key Insight: Only 12% of hiring professionals currently use AI in recruitment. The adoption is higher in larger companies and certain industries like Technology and Finance​​.

Steps for AI integration

• Evaluate AI Tools: Assess various AI tools for their potential in improving hiring efficiency and accuracy.
• Pilot Programs: Start with pilot programs in specific areas of recruitment to gauge effectiveness.
• Training and Transparency: Train HR teams on AI usage and maintain transparency about its role in the hiring process.

Hiring Strategies

Hiring methodologies

• Key Insight: Job boards are the most used source for talent. Interviews, especially in-person, and pre-employment assessments are key selection methods​​.

Steps to optimize hiring

• Optimize Job Descriptions: Use AI tools to develop effective job descriptions.
• Diversify Hiring Channels: Expand beyond job boards to include social media, employee referrals, and professional networks.
• Structured Interviews: Implement structured interviews to objectively assess candidates.

Future Outlook and Priorities

Preparing for 2024

• Key Insight: Top priorities include reducing turnover, upskilling employees, and improving hiring efficiency. There's a general sense of optimism for growth in 2024​​.

Steps for future readiness

• Focus on Employee Development: Place a strong emphasis on training and development programs.
• Process Optimization: Continuously seek ways to make hiring processes more efficient.
• Embrace Flexibility and Innovation: Be open to new methods of working and hiring to adapt to changing circumstances.