What does executive hiring look like in 2024? Well, every company is at a different stage, with different needs, and a unique approach to executive hiring, which is why we recommend you create a talent strategy that’s tailored to your team.
That being said, as the economy shifts and industries experience change, there are natural reverberations that help us predict trends within the hiring space. We asked our team of executive recruiters to share hiring and talent market trends they expect to see—or are already seeing—in 2024.
An uptick in hiring and growth
Many companies reevaluated their talent strategies in 2023 due to a downturn in investment. Some even stopped hiring altogether to tighten their belts. While this can work for a short time, companies will need to hire again to see meaningful growth and qualify for the next round of funding.
While we’re still expecting a focus on financial efficiency, the Bolster team is optimistic about growth in 2024. We expect this year to see more deal activity and capital deployment. While hiring levels may not return to those seen in 2021 and early 2022, organizations will begin rebuilding their teams. In particular, early-stage companies with reasonable valuations and a commitment to steady growth—rather than growth at all costs—will see the most attention and thus have the leverage to attract solid talent.
An emphasis on smarter hiring
As organizations return to executive-level hiring, they’ll find that the “old” (read: peak tech bubble times) way doesn’t work anymore. It’s time to hire smarter.
We’re cautioning against hiring candidates with recognizable experience simply for the press release. Instead, each open role should be calibrated to your team’s specific needs. Ideal candidate profiles will be highly prescriptive and focused on company growth, rather than immediate public gratification.
A focus on connection
We believe hiring smarter includes hiring with a focus on connection. Our executive search team helps you source leaders who connect with your organization, your team, and your vision.
We expect to see the same trend on the candidate side, too. Top candidates will be looking for a hiring process that helps them form relationships with your team. They’ll be looking for communicative organizations that value their time and build their enthusiasm for the role, but also for teams that can demonstrate that they value strong culture after the hiring process ends. Some teams will pursue connection through a hybrid structure or a return to the office, but even for remote teams, it’s important to build and maintain culture throughout the organization.
Mapping out your hiring strategy for 2024?
As we move through Q1, many of us are already looking ahead to the rest of our year. If you’re contemplating hiring more leaders for your team, Bolster can help. We’d love to support your search, whether you know exactly what roles you're hiring for, or you’re not sure where to begin when it comes to creating a talent strategy. Book a time to chat with our team.
