Human Resources And Recruitment Trends For 2024
In 2023, the Canadian cannabis industry faced significant workforce challenges, similar to various sectors undergoing widespread layoffs and hiring freezes. However, a transformation in the employment landscape is anticipated over the next 12 months. According to a December survey from Robert Half, 57% of Canadian hiring managers plan to introduce new permanent positions in the first half of 2024, indicating a renewed demand for talent acquisition professionals within Canada.
The primary driver behind this hiring surge is company growth, with 61% of employers expressing a need for additional staff. This renewed optimism is not limited to just increasing staffing numbers; it serves as a catalyst for businesses to move forward with projects that may have been delayed in the wake of the challenges posed by the pandemic.
The survey indicates that 40% of organizations are gearing up to fill existing vacancies, while 68% plan to onboard new contract workers to address emerging business needs. Factors contributing to this surge include a lack of skills among existing staff (50%), recruitment of talent released from other organizations (48%), and employee turnover (48%).
To meet the demands of this changing landscape, organizations are expected to allocate more than half of their budget increase for 2024 to AI-powered recruiting tools. Echoing our latest blog post, Reflecting on Transformations in Recruitment Trends, additional investments are expected to arise in DEI initiatives, candidate relationship management, applicant tracking systems, career sites, sourcing technologies, job boards, and offers.
However, these positive trends also come with challenges. Hiring professionals are experiencing increased difficulty in finding skilled applicants, with 89% noting the struggle compared to the previous year. Moreover, 64% report an extended duration in the hiring process. In the cannabis industry, where talent shortage is a pressing issue, it is important for businesses to be open to exploring talent with relevant experience from outside the industry to bring fresh perspectives.
In addition to the talent shortage, retention concerns take center stage for 90% of organizational leaders, while 87% of managers are focused on keeping their staff motivated and productive. Recognizing the financial impact of a bad hire, which can cost between $25,000 and $50,000, organizations are not only focused on attracting skilled professionals but also on creating an environment that fosters growth, loyalty, and job satisfaction.
This data underscores the robust hiring and workforce challenges faced by Canadian organizations, signalling a dynamic year ahead in the employment landscape. If you are an employer looking to bring on new talent, connect with White Ash Group on how to best combat potential recruitment challenges and successfully onboard the right talent. With expertise in identifying and hiring the best suited candidates, White Ash Group provides valuable support in creating an environment that fosters growth, loyalty, and job satisfaction within the cannabis industry.
