January 5, 2024, Cleveland, OH —AMS, the global talent solutions business responds to latest US Bureau of Labor Market statistics. In December, the US economy added 216,000 new jobs, with the unemployment rate remaining consistent at 3.7 percent, indicating workforce stability entering the new year.
Commenting on the latest statistics Nicky Hancock, Managing Director, Americas Region at AMS said: “As we embark on 2024, AI remains a top priority for most companies. Talent teams are seeking a balanced approach to AI that avoids taking risks that endanger the company legally or reputationally, while ensuring they don’t fall behind their competitors with an approach that is too conservative. Adopting AI with a people-first and skills approach to improve TA efficiencies and improve the overall hiring experience is a trend we are seeing. Organizations are starting to explore how to enable skills such as generative AI prompt engineering into teams beyond IT.
Competing priorities and demands on budget caused a swaying focus on DE&I in 2023. With companies expecting to re-prioritize DE&I in 2024, HR strategies need to be designed to compete in the current diverse workforce landscape.
Across various sectors, there have been specific trends and activities pointing to how talent will transform in the new year: In Retail, hiring remains strong with a focus on a tech-driven approach to finding candidates, and to harness robust Insights for both employees and customers.
In Life Sciences we are seeing some uptick from prior projections, but a slower increase in hiring than they had experienced in the recent past.
Many banks conducted major restructuring in 2022 as a result of a significant slow-down in revenue generating activity. We will continue to see a careful approach to hiring in at least H1 of 2024 in response to ongoing uncertainty in market conditions. These changes have led to a more selective approach to Talent Acquisition. Recruitment has evolved from a volume-based approach to a strategic operation, hiring only the best diverse talent from the external market. Investment banks are continuing to drive a return to office. We will see banks vying for the best talent within the same geographical areas, particularly in front office roles. The digitalization of wealth products, including analytics, mobile payments and online trading, caters to a digitally savvy generation of affluent individuals. Online trading apps and virtual financial advisors are now commonplace, reducing the need for physical branches and personal interactions.
Both talent tech enablement and AI integration are of key interest across industries. We are looking forward to help navigate and support companies around these themes in talent technology as the new year accelerates.”