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HR Trends In 2024 That’ll Change The Job Market

The work landscape is on the brink of significant shifts in 2024, influenced by economic dynamics, the rise of new technologies, and the ever-changing priorities of the modern workplace. In 2024, the Indian job market is anticipated to maintain its upward momentum, with forecasts pointing towards ongoing expansions in hiring. Fueled by rapid industry growth and a consequent surge in demand for skilled professionals, technology is at the forefront of this expansion.

Success depends on upskilling to adapt to the new roles that are emerging now. Diversity and inclusivity will play a more prominent role this year and the employee experience will be tailored and personalised.

In the evolving landscape of hiring, there’s a growing emphasis on prioritizing specific skills over traditional qualifications. This strategic shift enables organizations to align talent more effectively with their unique needs, fostering a workforce that is both dynamic and adaptable.

AI and Automation in HR

Looking ahead, the incorporation of artificial intelligence (AI) into HR processes stands out as a transformative trend. The utilization of AI bots for technical screening not only enhances efficiency but also creates comprehensive databases, streamlining the entire recruitment process. Additionally, technical interview outsourcing to companies that will focus on the adoption of skill score-based hiring offers a nuanced understanding of candidates’ potential success within a given organization, ensuring their capabilities align seamlessly with specific requirements.

As we step into 2024, Gen AI is expected to play a pivotal role in various HR functions. The deployment and utilization of this technology are anticipated to showcase more wisdom and discretion compared to the previous year. The spotlight on Generative AI gained prominence in the past year, revolutionizing HR functions by automating tasks and offering support in talent sourcing, screening, selection, onboarding, career development, payroll, and performance management.

Numerous Indian companies have already integrated Generative AI into their operations for applications such as chatbots for HR queries, resume analysis for hiring, online technical interviews, and mapping employee engagement. However, as Generative AI gains momentum, the focus on ethics and compliance becomes increasingly vital. Establishing governance guidelines for data privacy, security, and regulatory compliance becomes an essential aspect for organizations leveraging Generative AI.

The Indian Tech industry is witnessing a profound transformation in talent acquisition through the integration of artificial intelligence, automation, and data-driven insights. These technologies streamline recruitment processes and enhance candidate matching, personalize experiences, promote diversity and inclusion, and contribute to improved candidate retention.

Companies have started to outsource technical screenings so that virtual recruiters powered by AI along with human experts address candidate queries and get a personalized understanding, while data-driven insights help identify early signs of turnover. The ongoing advancements in AI, automation, and data-driven insights are poised to introduce even more innovative applications, further revolutionizing talent acquisition and elevating candidate experiences in the industry.

Solving the Labour Shortage

Many companies in India struggle to find the right people for jobs, even though more people are looking for work. This problem might be because there’s a mismatch between what people learn and what businesses need. Some companies prefer to hire people with the skills they need instead of training them. This has created a shortage of experienced workers, especially in jobs that require knowledge of new technologies. To solve this problem, companies will focus on “reskilling,” which means helping current employees learn new skills. This way, employers can better deal with the shortage of workers by focusing on skill-based hiring rather than banking on the position-based model.

Pay Transparency and Pay Equity

The gender pay gap has often been neglected in most organisations and there used to be an attempt to conceal pay from employees by most employers. But as more laws and expectations around pay transparency emerge, employers will be unable to do this going further and will have to adhere to the laws, which are likely to address the issue of gender pay gap and promote gender-neutral pay. It is also seen that candidates show more interest in a position if the salary is displayed, which is what most HR professionals are going to do moving forward.

Focus on Employee Experience

Stepping into this year, companies want to focus on new ways to maintain and enhance employee experience and engagement. This also becomes imperative as we see a notable shift in the workforce with Gen Z increasingly becoming a part of it. With Gen Z coming into the workforce, the importance is not only given to financial incentives but also to job satisfaction and having a productive and positive environment. Also seeing how most companies have shifted to hybrid, there needs to be innovation to keep the workforce motivated while focusing on the physical and mental wellbeing.

Integration of DE&I

DE&I has been a part of the companies for a while but it is likely to see a growth in its force where inclusion will be a priority in new hirings. DE&I initiatives are imperative for any company, especially to make employees feel accepted in an environment. There have been instances of employees feeling alienated or divided because of the company’s dispassionate DE&I efforts. Therefore, in 2024 companies are likely to take steps for better incorporation of DE&I initiatives.

The market is likely to see a rise in its hiring. With a focus on reskilling, upskilling, and enhancing the talent pool by making sure the employees want to put in their hard work for the companies, and with a human-AI alliance, the job market is ready to bloom in 2024.

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