Salt Lake City, UT, March 05, 2024 (GLOBE NEWSWIRE) -- HireVue, the pioneer and global leader in Human Potential Intelligence, today announced the findings of its 4th annual Global Trends Report, which demonstrates how companies are emphasizing candidate potential and adopting artificial intelligence and automation to meet their hiring goals.
The annual survey asked more than 6,000 talent leaders across industries including software, finance, and retail to share how they have adapted hiring strategies in response to current economic conditions. 47% of respondents report company wide budget reductions, but 30% of hiring leaders report an increase in technology budgets as companies race to find skilled candidates using new artificial intelligence capabilities.
“Hiring leaders are becoming increasingly comfortable with artificial intelligence thanks to the widespread exposure to ChatGPT we’ve all had in the last year,” said Jeremy Friedman, Chief Executive Officer at HireVue. “Organizations that had been more hesitant are now ready to implement AI-backed assessments because they better understand the tech and trust our scientific approach. Any lingering reservations are outpaced by the urgent need to assess for potential - which is critical as skills requirements are changing on what feels like a daily basis.”
Potential is the new priority as in-demand skills rapidly change
Now more than ever, employers look to build processes that can identify what a candidate is capable of rather than hiring solely on a laundry list of qualifications and previous experience:
- 65% use skills assessments to determine potential
- 21% replaced resumes with skills-based assessments
- 96% of respondents are looking at a combination of current skills for near-term roles and future skills for likely needs
Candidate job searches slowed, but those looking prioritized stability and compensation
In addition to talent leader perspectives, HireVue surveyed 3,300 candidates in the U.S., UK, and Australia about how the state of the economy is affecting their job search. As further evidence that the Great Resignation is well behind us, a full 39% of respondents had not applied for a job at all in the last twelve months. Heading into 2024 job seekers' top priorities are:
- Greater job stability (27%)
- Financial bonuses and rewards (20%)
- Ability to grow with the company (20%)
A third of job seekers say they turned down an opportunity because the hiring process was so poor, and their refusal was based on poor communication (62%), lack of transparency (46%), and poor compensation and benefits (37%).
To get a full look at the results, download the Global Trends Report here.
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