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There’s nothing worse than trying to explain what you do to relatives you see once a year during the holidays. Recruiters, if you find yourself having to detail how you’ve been spending your time since the job market has cooled, just point your guests here.
Terry Terhark, CEO of Employ-owned staffing company NXTThing RPO, shares how 2023 has gone, and what recruiters can prepare for in 2024.
Current state. Terhark told HR Brew that 2023 has been “one of the more awkward years [he’s] ever seen in the labor market.” Despite the rounds of layoffs and slowdown in hiring, 70% of TA pros said they’re hiring more now compared to this time last year, according to a report from Employ, which surveyed more than 1,200 HR execs and recruiters in September. And more than one-half (53%) of them told Employ their job is more stressful today than it was this time last year.
Respondents cited an increase in open roles, not enough qualified candidates, and competition from other employers among the top contributors to stress. Terhark said that when recruiters get “hundreds of applications for a position because of layoffs, it does make the recruiter's job more complex and time-consuming.” For example, since companies like Google have eliminated recruiter positions, “if you post a recruiter job, you will get inundated with recruiter resumes,” he added.
The year ahead. One-half of the TA pros Employ surveyed think hiring will be turbulent next year, and 61% anticipate spending more on recruiting efforts. Terhark added that HR pros expect to see “increased budgets next year, increased headcount, because most have tried to hold the line this year and not grow as much as they needed to.”
Terhark anticipates some recruiting spending will go toward generative AI. “AI is everywhere, and recruiting pros and [TA] pros are trying to understand what is AI in recruiting,” he said, adding that “companies understand that in order to be competitive in the labor market, they have to invest in technology. Candidates demand it.”
Companies that don’t get in on the tech may fail to meet candidates where they are, Terhark noted.
While no one knows what 2024 will hold, he said “the survey also shows that there is optimism for next year for most companies, recruiters, and hiring managers.”