From unexpected layoffs to AI breakthroughs to shifting workplace norms, this year has already seen its fair share of headline-grabbing recruitment news.
Curious about which are the top ones on the list?
We got you covered; keep reading.
1. Corus entertainment layoffs
Corus Entertainment announced a significant reduction, eliminating 25% of its workforce.
That's around 800 positions gone!
This move is part of their effort to streamline operations amid financial hurdles.
Sadly, the news left many employees, including high-profile journalists, reeling and worried about their future.
The layoffs are part of a broader effort to manage costs and restructure the company to focus on core operations.
Read more here.
2. The fall of the tech unemployment rate
Despite ongoing layoffs and market volatility, the tech industry has shown resilience, with the unemployment rate dropping to 1.9% in April from 2.2% in March.
This unexpected decrease highlights a persistent demand for tech talent, especially in cloud computing, cybersecurity, and AI.
Software development remains critical, particularly for roles involving cloud services and AI integration, while cybersecurity hiring is surging due to increasing threats.
Read more here.
3. Intel's financial restructuring
Intel announced a significant restructuring of its financial reporting, which involves separating its product design and chip manufacturing operations.
This move is intended to enhance efficiency and reduce costs, aligning with Intel’s broader strategy to cut spending by $10 billion through 2025.
The layoffs associated with this restructuring affected several hundred employees as the company seeks to make its chip manufacturing arm more competitive in the market.
Read more here.
4. Google layoffs
Google couldn’t keep itself away from layoffs too.
Earlier in 2024, the tech giant announced a significant round of layoffs, letting go of several hundred employees, primarily from its advertising division.
This decision was part of a broader strategy to streamline operations and focus more intensely on artificial intelligence and other high-priority areas.
CEO Sundar Pichai addressed the layoffs in a company-wide memo, explaining that while these decisions are always difficult, they were necessary to ensure the company’s long-term success and competitiveness.
Read more here.
5. Randstad and Monster partnership
In an exciting move, Randstad has teamed up with Monster and CareerBuilder to shake up the recruitment game.
By merging Monster's job board with CareerBuilder's job advice platform, they're aiming to offer a top-notch experience for both job seekers and employers.
Randstad will pay $3.40 per share in cash, or approximately $429 million in total for the merger.
The main goal of this partnership is to respond to current market trends and expand its reach in the recruitment industry.
Read more here.
6. SHRM dropped the Talent Trends Report
The Society for Human Resource Management (SHRM) dropped its much-anticipated 2024 Talent Trends report earlier this year, and it's packed with some pretty exciting insights.
This report highlights several key trends shaping the future of HR and recruitment.
From the growing role of AI in hiring processes to the critical emphasis on inclusion and diversity, SHRM covers it all. They also spotlight the continued rise of flexible work arrangements, which have become a must-have for attracting top talent.
Honestly, if you're in HR or recruitment, this report is a must-read.
Full report here.
7. Operam education group acquisition
Operam Education Group just made a big splash by announcing its first acquisition in London!
This is a huge deal for them, marking a major step in expanding their reach into the South-east of England.
The news dropped earlier this year and has been buzzing ever since. By moving into the London market, Operam is set to tap into a larger talent pool and better serve educational institutions in the area.
If you’re in recruitment, this is definitely one to watch, as it could set a new standard for education hiring.
Read more here.
8. Klarna's AI-altered hiring strategy
In a surprising twist this February, Klarna shook up the recruitment world by integrating OpenAI's technology into its hiring process.
This major shift led to the reduction of 700 full-time staff as Klarna embraced AI-driven chatbots to handle its recruitment needs.
The goal?
To make their hiring process faster and more efficient while ensuring they still snag the best talent.
AI is influencing how companies operate more and more, and this news was a prime example.
Read more here.
Also read: Hiring made smarter: Exploring the 15 best AI recruitment software options
9. NVIDIA becomes the world's most valuable company
NVIDIA has recently become the world's most valuable company, surpassing Microsoft and Apple with a market valuation exceeding $2.7 trillion.
This milestone signals significant implications for the recruitment industry, particularly in the tech sector.
The surge in NVIDIA's valuation indicates a growing demand for tech talent, especially in areas like AI, data science, and development.
There is no doubt that recruiters in these high-demand fields should start building a skilled talent pool for the future.
Read more here.
10. Wells Fargo fires ‘Mouse Jigglers’
Wells Fargo, the third-largest bank in the U.S., has recently made headlines by firing over a dozen employees from its wealth and investment management division.
The terminations came after an internal investigation uncovered workers using "mouse jigglers" to simulate keyboard activity, creating the illusion of active work.
This practice, aimed at appearing productive while potentially engaging in "fake work," has raised concerns about employee monitoring and productivity in the digital age.
The bank has faced ethical issues in the past, including the 2016 unauthorized account scandal, but it stated that it "holds employees to the highest standards and does not tolerate unethical behavior."
This incident highlights the ongoing challenges companies face in managing remote and hybrid work environments, balancing productivity monitoring with employee trust and privacy.
Read more here.
11. The Josh Bersin Company launches Galileo AI assistant
At the Irresistible 2024 conference, The Josh Bersin Company presented something pretty exciting: Galileo™, an AI assistant that's set to shake up the HR world.
This is an AI assistant designed to aid HR leaders and their teams.
The tool aims to provide actionable insights and streamline HR processes, making it a significant development in the field of human capital management.
Looks like Galileo™ is all set to change how HR professionals approach recruitment and employee management.
Read more here.
12. Recruitment Agency Expo 2024
The Recruitment Agency Expo 2024 recently wrapped up on March 19-20 at ExCeL London, and it was a resounding success!
This two-day event brought together thought leaders, innovators, and recruitment professionals from all over the world.
Over 80 exhibitors showcased the latest tools and trends in the industry, providing attendees with a wealth of knowledge and networking opportunities.
Highlights of the event included numerous expert-led seminars covering a range of topics, from AI in recruitment to the future of remote work.
The expo also provided a fantastic platform for professionals to connect, share ideas, and forge new partnerships.
Read more here.
13. Microsoft faces backlash over DEI team layoffs
In July 2024, Microsoft laid off its internal team dedicated to diversity, equity, and inclusion (DEI) in a move that has stirred controversy.
This decision, attributed to 'changing business needs,' has not gone down well, igniting a wave of backlash and raising eyebrows about the tech giant's commitment to its diversity goals.
Microsoft announced the layoffs, citing the need to adapt to shifting business priorities.
However, this explanation has been met with skepticism and disappointment, especially given the growing importance of DEI initiatives in fostering inclusive workplace environments.
Social media platforms and professional networks like LinkedIn have been buzzing with discussions. Employees, industry experts, and DEI advocates have expressed their concerns and frustrations. Some see this as a step backward for the company and the tech industry as a whole, which has struggled with diversity issues for years.
Read more here.
5 trends to look forward to for the rest of 2024
1. AI will create more work opportunities
Instead of taking over jobs, AI, particularly Generative AI (GenAI), is set to transform roles and introduce new responsibilities.
By 2025, Gartner predicts GenAI will be involved in 70% of text- and data-heavy tasks, up from just 10% in 2023.
So, get ready to see AI supporting recruiting like never before.
It’s time to partner with HR to reassess roles and workflows and identify potential internal candidates who can fill these newly redesigned roles.
2. DEI will become more embedded in the way we work
After the 2020 surge in corporate DEI (Diversity, Equity, and Inclusion) efforts, there's been a bit of a slump and even some pushback.
But here's the good news: DEI isn't going anywhere.
Instead, it's going to become a fundamental part of how we work.
Companies are moving away from siloed DEI programs to embedding DEI principles into their daily operations, business objectives, and overall culture.
3. AI will keep supporting recruiting
While only 27% of talent professionals are currently using or experimenting with GenAI, a whopping 60% are optimistic about its potential.
The number of recruiters adding AI skills to their profiles jumped 14% last year, indicating a growing trend.
So, don’t be left behind!
AI can streamline your recruiting processes, from initial candidate screenings to personalized communications. High time to get started with it.
4. Attracting Gen Z will require new strategies
Gen Z is entering the workforce, and attracting them will require some fresh tactics.
Employer branding will be crucial, with 57% of recruiting professionals predicting increased investment in this area.
Gen Z values companies that align with their principles, especially those related to social justice, the environment, and inclusivity.
So, to win over this passionate generation, highlight your company’s values and show genuine commitment to the causes they care about.
Remember, Gen Z won’t compromise their principles for a job, so make sure your employer brand reflects what they stand for.
5. We will continue to see layoffs and workforce restructuring
Layoffs are a reality many companies are facing in 2024.
Economic pressures and the integration of AI are leading to significant workforce restructuring.
According to a report by Randstad RiseSmart, 92% of employers expect more layoffs this year.
However, companies need to handle these transitions with care.
Offering robust severance packages and career transition support is crucial. Organizations must ensure they manage layoffs transparently and ethically to maintain morale and brand reputation.
So there you have it!
The rest of 2024 promises to be an exciting time for recruitment, filled with opportunities to innovate and adapt.
Keep these trends in mind, and you'll be well-equipped to sail through.
Happy recruiting!
