Morgan McKinley has revealed the top 5 hiring challenges companies will face in 2024:
- Lack of skilled candidates available
Companies across sectors continue to face talent shortages for roles requiring specialized skills. With demand exceeding supply for these roles, hiring the right candidates with the required competencies and experience will be extremely competitive.
- Pay and benefits not competitive enough
To attract top talent, compensation and benefits packages must meet candidate expectations and keep pace with the market. Companies not willing or able to pay competitively will struggle to secure the best talent.
- No budget to hire
Despite needs, some companies simply lack the budget for new headcount due to economic conditions. Limited resources for new roles will make hiring difficult.
- No sign off for new headcount
Even with budget, strict headcount controls mean openings require executive sign-off. The added red tape slows critical roles from being approved and filled.
- Employer branding not attractive
To be an employer of choice, companies must showcase their culture, values and employee experience. Those failing to promote and differentiate their employer brand risk missing out on top applicants.
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