More 2024 Talent Trends

As we near the halfway mark of 2024, the world of talent acquisition and retention continues to evolve. The Society for Human Resources Management (SHRM) recently released their 2024 Talent Trends report which sheds light on the pressing challenges and emerging strategies in the field of human resources.

Check out the full report here .

Read on for a summary and some key takeaways!

Skills Shortages

The ongoing skills shortage remains a significant hurdle for many organizations, especially here in Utah.  A large number of employers report difficulties in finding candidates with the right skills, a trend that has only intensified in recent years. The competition for talent is fierce, and the demand for specialized skills is outpacing supply. This disparity is most pronounced in sectors such as technology, healthcare, manufacturing, and engineering, where the rapid pace of innovation demands a highly skilled workforce.

Other Recruitment Challenges

The report shows that not only are candidates lacking the right technical skills but that there's been an increase in candidate "ghosting". That's where we come in! We prescreen and proactively find candidates with the right stuff, and by working as the middleman, we help with candidate/company communication (less ghosting!). In fact, we help companies overcome virtually all of these challenges.

Recruitment Strategies

In response to these challenges, organizations are adopting a variety of recruitment strategies to attract top talent. Traditional methods like job postings and career fairs are being complemented by more modern approaches, including social media recruitment, employee referral programs, the use of artificial intelligence (AI) to identify potential candidates, and of course, recruiting agencies.

These strategies not only help companies reach a wider pool of candidates but also enable them to target individuals with specific skill sets more effectively. Recruiters like us already use social media, AI, referral programs, and much more so your people can stick to their actual jobs.

48% of manufacturing companies participating in this research reported they used a recruitment agency (vs 33% across all other industries. There are a couple of reasons why. Again, they require highly trained and skilled employees. AND because we are effective!

At Spectrum we specialize in "difficult to fill" positions. We can't help you with nurses and doctors but the rest of these skilled tradespeople, engineers, and manufacturers are OUR PEOPLE.

Retention Challenges

Retaining talent is as crucial as recruiting it. High turnover rates can be costly and disruptive, impacting productivity and morale. The SHRM report highlights several factors contributing to employee turnover, including inadequate compensation, lack of career development opportunities, and poor workplace culture. Addressing these issues requires a multifaceted approach that prioritizes employee satisfaction and engagement.

Here are our top ten ways to retain top talent. Spoiler alert: It takes a holistic approach!

The Impact of Internships, Apprenticeships, Returnships, & Mentorships

This is an emerging or some would say reemerging trend in the U.S. workforce and we are all about it. Experiential learning programs such as internships, apprenticeships, returnships, and mentorships are proving to be effective tools in addressing talent shortages. Here's a closer look at how these programs are making a difference:

·        Internships: 70% of organizations offer internship programs, with a majority finding them effective in bridging the talent gap. Internships provide valuable hands-on experience and a pipeline for future hires.

·        Micro-Internships: These short-term, project-based internships are gaining popularity, particularly among organizations looking for flexible and scalable talent solutions.

·        Apprenticeships: 21% of organizations offer apprenticeship programs, which combine on-the-job training with classroom instruction. These programs are particularly prevalent in industries requiring specific technical skills.

·        Returnships: Designed for professionals re-entering the workforce after a career break, returnships are less common but offer a pathway for experienced workers to reintegrate and update their skills.

·        Mentorships: 31% of organizations have mentorship programs, which are highly effective in developing and retaining talent. These programs foster professional growth through guidance and support from experienced colleagues.

A Holistic Approach

Again, there is no one solve-all solution to recruiting and retention, which is why we tailor our techniques to your needs. A successful talent strategy requires a comprehensive approach that includes recruitment, development, and maintenance. Programs like internships and mentorships play a crucial role in this ecosystem. Adaptability is key as organizations must remain flexible and adaptive in their recruitment and retention strategies. The talent landscape is continuously evolving, and what works today may not be as effective tomorrow.

As you navigate the complexities of the modern talent acquisition scene, insights from SHRM’s 2024 Talent Trends report underscore the importance of innovative and adaptive strategies in talent management. By addressing the root causes of talent shortages and focusing on wide-ranging, employee-centric approaches, organizations can build a resilient and skilled workforce ready to meet the challenges of the future.

Spectrum can help. It’s what we do every day.

Build the team you want or deal with what you’ve got.