The talent market, like many aspects of the global landscape, has undergone significant change in the past year.
Technological advancement, changing employee needs, and global events have all played a role in reshaping how businesses approach talent acquisition and management.
In this year's Salary Guide for Ireland, we take a look at how the next 12 months will evolve and the transformations we expect to see in the world of work.
The growth of AI and its impact on the workplace:
The EU is taking a proactive approach to regulating AI with the upcoming EU AI Act. When passed into law the act will consider AI systems related to employment as high risk which will lead to a high level of compliance and scrutiny of systems. In the next five to ten years new job opportunities will be created in AI development, maintenance, and oversight.
Cpl’s survey revealed less than 12% of respondents think AI will have a negative impact on their jobs over the next 12 months. The majority of respondents (46%) think AI will have no impact or the impact will be neutral, while over 40% of people think AI's impact will be positive. We expect to see people up-skilling to take advantage of the opportunities AI has to offer over the next few years.
Skills-based hiring unlocks candidate potential in a tight talent market:
As technologies like AI redefine roles, traditional qualifications give way to skills-based hiring. A massive 72% of US employers say they now practice skills-based hiring. In the EU skills-based hiring could expand the talent pool six-fold.
This is particularly relevant to levelling up the employment playing field, as skills-first hiring could increase the percentage of women in the talent pool by 24%.
Skills-based hiring empowers less conventional candidates to land roles previously closed to them, however, digital skills remain at the fore of this change. Professionals with experience in data analysis, artificial intelligence, cybersecurity, and software development skills will remain in high demand, and people will upskill or reskill to meet these skill gaps.
Internal mobility, a better way to retain talent:
With the new focus on skills-based hiring and the re-evaluation of skills needed for many roles, forward-thinking employers are turning to internal mobility as a cost-effective and culturally positive way to allow employees to grow and evolve within the company. People who have moved internally have a 64% chance of remaining with an organisation after three years.By encouraging internal mobility, companies can retain institutional knowledge, reduce onboarding time, and boost employee morale.
A growing blended workforce model:
The contractor economy will continue to grow, as professionals seek to take more control of their working lives and, with 50% of Irish freelancers living in small towns and rural communities, where and when they work. In the EU, 15% of the workforce is either freelancing or self-employed, a trend which is projected to grow over the next few years. In the US, it is forecasted that up to 50% of workers will be freelancers by 2027.
The distinction between traditional and contract employees will continue to blur, as organisations lean into blended workforces. The technologies supporting the contractor space will evolve, making it easier for businesses to fill skills gaps on a project-by-project basis.
The value proposition beyond remuneration:
The talent market will remain highly competitive throughout 2024. Skilled professionals will continue to demand generous salaries and benefits packages. Moreover, employees will want flexibility, meaningful work, and similar values from their employers.
Organisations are exploring new approaches to both retaining and attracting top-tier talent by focusing on designing and amplifying their value proposition beyond remuneration. This includes developing comprehensive health and wellness programs and providing opportunities for training and development. Organisations are also using their employees' voices to promote their culture and community through storytelling.
Staying relevant in the workplace through continuous learning and development:
The need to keep up with the ever-changing workplace, the desire to see more internal mobility, and the need to fill skill gaps, will prompt continuous and lifelong learning to become more ingrained and attractive to potential employees.
While only 14% of Ireland's adult population (aged 25-64) engaged in education and training in 2022, professionals who update their skills will stay more relevant in the workplace and have an advantage over their peers who do not upskill. However, educational institutions and employers must work closely together to offer accessible upskilling and reskilling opportunities that matter to employees.
This is becoming even more important as the generation gap broadens and leaders need to develop new skills to connect and motivate Gen Z workforces.
Sustainability and ESG skills are growing in demand:
With more than 95% of the S&P 500 releasing sustainability reports, Environmental, Social, and Governance (ESG) considerations are growing in importance for businesses and investors. More companies will begin prioritising sustainability and social responsibility in their day-to-day operations. Cpl has fully embraced sustainability and the Cpl annual sustainability report highlights how we are tackling issues which will impact us all over the coming years.
To deliver these initiatives, organisations are leveraging skills-based hiring trends to acquire talent proficient in sustainability, renewable energy, and social impacts.
The business case for DEI investment is becoming stronger:
Companies with women exceeding 30% of their executive team are significantly more likely to financially outperform those with a lower representation. Companies will not only strive for diverse hiring but also work on building inclusive workplaces that are more human-centric. Next year will see an increased emphasis on measurable outcomes and accountability regarding diversity, equity, and inclusion (DEI) efforts.
Mental health and well-being as a strategic enabler:
The recognition of the importance of mental health and well-being in the workplace is expected to persist. By 2024, the best employers will have refined their approaches to support employee mental health, including providing access to resources and destigmatising mental health discussions. Organisations are seeing the benefit of treating wellness programmes as strategic enablers with key measurable outcomes that successfully drive engagement and productivity, rather than a tick-box exercise. A recent study has shown that the UK economic value of improved employee well-being could be between £130 billion to £370 billion per year.
Say hello to Gen Z:
Generation Z will make up 25% of the workforce by 2025. Noted for being tech-savvy and having a desire for purposeful work, this new generation will begin to shape the future of work by demanding authenticity, inclusivity, and sustainability from their employers. With a notable 12.5% of Cpl survey respondents identifying issues with organisations adapting to the needs and expectations of Generation Z, employers will need to adopt strategies which emphasise values and social responsibility. These values will need to resonate with this upcoming generation's expectations and aspirations.
Return to office and balancing remote and hybrid working models:
The pandemic transformed how we work, with flexible and remote working models becoming the norm. In 2023, the need to focus on internal culture led to the rebalancing of working models. As an outcome of this rebalancing, employers focused on hybrid working models, with Cpl's survey showing 66% of respondents avail of hybrid working. This way of working has also been proven effective, given that 55% of hybrid workers are considered to be highly efficient, in comparison to 36% of on-site employees.
Organisations have now adapted their working models and invested in the necessary technologies and resources to ensure these flexible models remain successful. This year will see an even more seamless and effective work experience and more stability for employees about when and where they work.
* Disclaimer
Reach out to Cpl's recruitment team for a consultation on how we can help you meet your talent needs for 2024 and beyond.
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