What Will Tech and Finance Recruiting Look Like in 2024?
In the dynamic technology and finance worlds, the recruitment landscape is ever-evolving. The good news for 2024 is that HR recruiters are optimistic about the future of recruiting, with 86% of HR decision-makers positive about the future of talent acquisition, according to research by Jobvite.
Tech Recruitment in 2024
In 2024, we expect a surge in the need for skilled tech talent adept at cutting-edge technologies like artificial intelligence (AI), blockchain, and cybersecurity. The IT skills gap shows no signs of going away in 2024, with 93% of businesses saying there is a gap in IT skills within the UK jobs market. This is according to findings in the IT Skills Gap report. In skilled, in-demand specialisms such as cyber security, and AI, skilled employees will continue to have their pick of places to work.
When you’re recruiting skilled techs in a skills-short market, it is easy to consider just skills. Hiring managers also need to consider candidates' soft skills, as there is a need for tech workers to work with colleagues.
As the pace of digitalisation accelerates, and more companies have moved their capabilities to the cloud, the importance of harnessing that data is important. According to the World Economic Forum (WEF), big data analytics is expected to be one of the biggest drivers of job growth over the next five years.
In 2024, roles for data scientists, analysts, engineers and architects will be in demand, as will roles related to machine learning engineers, and business intelligence professionals.
Finance Recruitment in 2024
Finance in 2024 will be more than numbers and compliance. At Meraki Talent, we predict an increased demand for professionals who blend financial expertise with strategic thinking and technological proficiency. With the rise of fintech, candidates who can navigate the intersection of finance and digital innovation will be sought after.
Accountancy firms will continue to look to automation to streamline manual processes, eliminate repetitive tasks, and automate steps in areas like tax and bookkeeping. With the increased inclusion of AI, employees are likely to be recruited for value-added work and strategic areas such as forecasting or decision-making
In 2024, green finance, a term that once occupied a niche corner, will command the attention of the financial market. Despite still being in its early stages, the demand for professionals with expertise in green finance will grow. Roles including sustainability analysts, ESG specialists, and green portfolio managers are likely to become more prevalent.
In 2023, job applications were up by 43% year on year according to Hiring Trends Report Q3 2023 by eFinancial. In 2024, it will be important for organisations to make sure they are accessing the talent pool as efficiently as possible.
How to Meet Finance and Tech Skills Gaps in 2024
Some employers may need to take a skills-based approach to hiring. This could include reducing reliance on educational requirements, or industry experience and instead focusing on candidates with skills and potential. Recruiters will also need to assess if candidates are fit for remote work and create a company culture of collaboration.
There are other areas that firms recruiting for tech and finance workers can address too.
Remote Work is here to Stay
Hybrid and remote work have a role to play in recruitment for 2024. As many organisations continue to embrace remote working, strategies for talent sourcing across locations can help fill skills gaps from a wider candidate pool. This also has strengths in diversion and inclusion.
Companies will need digital tools and platforms to attract, engage, and retain remote workers.
Automation and AI
AI will drive growth and transformation in the finance and tech sectors. It will enable more efficient, accurate, and personalised services and products. AI will also create new roles and skills, such as AI engineers, and AI trainers.
Diversity and Inclusion
Diversity and inclusion will be important, as both sectors will face pressure from regulators, customers, and society to address the existing gaps and biases. The tech and finance sectors have struggled with diversity and inclusion. To address this issue, recruiters need to ensure that hiring is fair and transparent.
Invest More in Employer Branding
Your reputation in the industry can impact your ability to attract talent. Investing in employer branding is crucial in the competitive markets of finance and technology. Indeed findings show 94% of candidates consider an employer’s brand when applying for jobs.
Data-Driven Decision- Making
Data has become the backbone of informed decision-making. As we progress into 2024, recruitment strategies will increasingly rely on data analytics to identify trends, predict candidate success, and optimise hiring processes. People analytics and data-driven HR practices enable employers to make informed decisions about their employees. HR can also draw insights from productivity metrics, turnover rate and talent management data.
Upskilling and Training existing Employees
In 2024, skills and potential are the new currency. The tech and finance sectors are evolving. The skills and competencies that are required today are unlikely to be relevant tomorrow. This means that recruiters will need to focus less on current skills and experience, and more on potential. This includes assessing candidate adaptability and their growth mindset. Recruiters will need to use data and analytics to identify skills gaps and client needs. In 2024, it is the year to use innovative methods and tools to assess candidates' abilities and potential. HR teams and employers will also need to invest time and money in reskilling and upskilling existing talent and creating a culture of learning and growth.