4 Perspectives on What Top Talent Looks Like Today
January 30, 2024 – Last year was riddled with confusion, change, and uncertainty. A series of paradoxical events. We navigated a recessionary market amidst a record-strong jobs landscape. Meanwhile, downsizing across tech resulted in deep fears, while advances in AI simultaneously paved the way for new, revolutionary opportunities. But with 2024 on the horizon, there’s the sense and hope of positive change, according to a new report from Hunt Club. The labor market is showing signs of steady growth and there’s optimism that a recession has been averted, at least for now.
“We may still be experiencing the residual whiplash of these past few years, but this very moment in time offers a rare chance for employers, founders, investors, and candidates alike to hear from other industry peers who’ve been through it all and plan to grow again,” said Nick Cromydas, co-founder and CEO of Hunt Club.
Trend 1: Title ≠ Talent. The Skills-Based Hiring Revolution.
Traditional markers of experience that helped candidates get noticed in the past, such as job titles, lengthy tenures, and education, are holding less weight in the search for exceptional talent, according to the Hunt Club report.
“Rather than considering talent based on conventional resume credentials, companies are adopting skills-based hiring to prioritize role-specific skills and competencies,” Mr. Cromydas said. “This approach is bridging the critical skills gaps — which is something a long tenure can’t always do.”
Skills are five times more predictive of job performance than hiring for education and twice more predictive than hiring for work experience, according to a report from McKinsey. The World Economic Forum predicts that 50 percent of all employees will need to reskill by 2025 to respond to advances in technology.
Trend 2: AI Makes Good Talent Better, Not Obsolete
“Forward-thinking companies are drawing from the lessons learned from past technological shifts and anxieties, such as Y2K and the mobile revolution,” said Mr. Cromydas. “This time, they’re prepared to embrace AI not as a threat, but as a trusted collaborator to boost productivity.” This is in line with a recent McKinsey report, which revealed generative AI technologies have the potential to automate tasks that absorb up to 60 to 70% of employees’ time.
Generative AI could enable labor productivity growth of 0.1 to 0.6 percent annually through 2040. In addition 84 percent of U.S. members are in jobs that could leverage AI to automate at least a quarter of repetitive tasks and increase productivity.
Trend 3: Retention, Redefined — Stability Over Perks
The once-romanticized illusion that startups offer a silver bullet to the top can’t attract and retain talent like it used to. Instead, Hunt Club is seeing top-tier talent exit this environment to enter more traditional industries that not long ago would have been called “sleepy” or “unimaginative,” — all in the name of longevity and security.
Related: Determining Your Career Objectives in 2024
“In this new paradigm, companies that demonstrate their commitment and investment in career growth and balance versus intense trial and stamina are most likely to attract top talent,” Mr. Cromydas says.
Trend 4: From Frustration to a Breath of Fresh Air — The Power of a Positive Candidate Experience
The Hunt Club report explains that the candidate experience is a reflection of your brand, your culture, and your investment in people. Now consider the fact that 92 percent of candidates claim they’ve experienced poor recruiting practices at some point in their careers, a report from PwC found.
Related: Top 5 Executive Search Trends for 2024
“While employers often serve as the gatekeepers to lucrative opportunities, it’s talent and candidates themselves that hold the keys to a company’s overall success,” said Mr. Cromydas. “Recognizing this power dynamic is critical, especially as we approach 2024, and candidates’ experiences will be decisive factors in where they devote their time and skills.”
PwC also found that 49 percent of job seekers working in in-demand fields like technology say they’ve turned down an offer because of a bad experience during the hiring process, with two frustrating behaviors in particular that stand out:
• Businesses that drag out the recruiting process longer than a month—experienced by 67 percent of job seekers.
• Recruiters who vanish—withdrawing from all communication suddenly and without explanation, even after a candidate has had an interview. Sixty-one percent of candidates have experienced this.
“One thing’s certain, we will see even more change and trends emerge as 2024 unfolds,” said Mr. Cromydas. “But planning and navigating this upcoming year doesn’t have to be an isolated or difficult venture.”
Hunt Club is a referral recruiting service that leverages technology and a front-end automation process to help land passive candidates. The firm leverages a network of connected influencers, which include executives, entrepreneurs, subject matter experts and connectors, to refer for roles. Notable clients include Dollar Shave Club, Bellhops, Proctor & Gamble, Wilson Sporting Goods, and Trunk Club, among others. Hunt Club also works with high-growth start-ups, unicorns, and companies looking to build teams including gopuff, Typeform, G2, Nerdy, Dollar Shave Club, Terminus, and Oak Street Health.
Related: What is Attracting Top Tech Leaders
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Executive Editor; Lily Fauver, Senior Editor – Hunt Scanlon Media
