Q3 has seen a rise in HR hiring among large MNCs, driven by increased market confidence. However, while companies are pushing for more office presence often up to four days a week candidates continue to prioritize flexibility, leading to a growing disconnect in the market.
Key HR Market Insights 2024
There is increasing interest in AI among HR Directors, though adoption rates remain low. HR leaders are looking for successful case studies to justify investments in automation, process improvement, and cost reduction, with a focus on securing increased budget allocations for 2025. Additionally, there has been a heightened focus on reskilling and upskilling the existing workforce.
Companies Hiring
Q3 2024 has seen increased hiring confidence across both start ups and MNCs, with the largest surge in recruitment coming from large MNCs. This uptick reflects stabilizing market conditions and renewed investment in Asia.
Industries Hiring
Most industries have seen an increase in hiring, with investment management, technology, healthcare, and transportation leading the way. In contrast, sectors like manufacturing, biotechnology, and construction have experienced more subdued hiring activity. Meanwhile, consumer goods, professional services, and hospitality have all shown notable growth in recruitment.
In Demand HR Roles
The demand for mid-level HR Business Partners and HR Managers, which began rising in Q2, has accelerated in Q3. Companies are reinvesting in talent acquisition teams to support this growth. While attrition rates among HR Directors remain low, new HR Director roles are emerging, reflecting the growing emphasis on strategic HR leadership.
Reward
The demand for reward specialists remains strong as companies prioritize competitive compensation packages to attract and retain talent. Organisations are increasingly looking to reward professionals to restructure benefits, including flexible work arrangements, to align with employee expectations and market trends, particularly in sectors like technology and financial services.
HR Shared Services
HR Shared Services experienced steady growth in Q3 2024, with companies focusing on improving efficiency and cost-effectiveness. There is a growing reliance on automation and digital tools to streamline operations such as payroll and employee inquiries, reducing administrative burdens. This shift has created higher demand for professionals with expertise in HR technology and process optimization.
HR Analytics
HR analytics remains a priority as companies seek data-driven insights to inform decision-making around talent management, performance, and engagement. In Q3 2024, there was increased investment in HR analytics teams, particularly in large organizations aiming to enhance productivity and reduce turnover.
Talent Acquisition
Talent acquisition teams are seeing renewed investment as hiring picks up across various sectors. The focus in Q3 2024 has shifted to balancing in-office mandates with candidates' demands for flexibility, presenting a challenge for recruiters. Sectors like technology, healthcare, and financial services are leading the way in hiring, driving demand for experienced recruiters capable of attracting top-tier talent.
Talent Management
Talent management remains a priority in Q3 2024 as organizations work to develop internal capabilities and retain high performers. Companies that have reduced senior headcount are increasingly investing in leadership development programs and succession planning to build stronger talent pipelines.
Conclusion
As we have seen in our Q3 HR market insights 2024 there has been a notable increase in hiring demand, particularly among large multinational corporations, signalling that market conditions are becoming more stable and optimistic. However, despite this uptick, many employers still perceive the current landscape as an "employer's market. This mindset has led to longer and more drawn-out recruitment processes as companies take a more cautious and selective approach when filling roles.
While this cautiousness might stem from lingering uncertainty about economic recovery or fears of over-hiring, it can inadvertently cause delays in securing top talent. In a market where the best HR candidates are often fielding multiple offers, companies that take too long to make decisions risk losing these high performing individuals to competitors.
If you need more in-depth HR insights or personalised advice, feel free to reach out. Looking to improve your hiring process or boost your recruitment strategies, check out our resources on hiring best practices for more expert tips.
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