HR / Recruitment Trends within Consumer Industries - 2024 Predictions from Sanderson King

There is no escaping the fact that 2023 has been a?tumultuous year for recruitment within many consumer industries. It has often been hard to predict what may happen next, especially with global events continuing to impact the retail and hospitality sectors.

Many organisations were reactive in 2023 and went too far with stripping out roles. It was a cost-saving exercise for some, but it does mean that into Q1 and 2, we will see a rehiring and right sizing for many businesses.

Based on our network at Sanderson King, supporting Founders and Exec leadership teams, it is with this insight we can predict a few likely themes emerging within Consumer Industries.

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Utilising AI in HR

There will be an increased use of AI in HR in 2024. It will become a powerful tool to reduce the labour-intensive administrative side of recruitment such as sifting through CVs. The coming year will see the power of that technology unlocked and utilised to hone talent attraction and streamline processes. That said, we will still need the right people and personalities to decide how best to access and apply this technology.

Leadership and employee value proposition

With our newsfeeds permanently peddling the disaster narrative, we will need special leaders to emerge in 2024 who can rally the troops. Internal communication and the ability to engage positively with employees will be high on the agenda for exec-level hires. The consumer industries will be searching for special leaders who can change mindsets and make teams feel confident and secure.???

Both Retail and Hospitality sectors are still feeling the effects of Brexit as they struggle to fill junior and mid-level roles. This shortage in some talent pools will lead to smarter recruiting and sharpening of strategies to improve the employee value proposition. Successful organisations will continue to build wellness into their job offerings as investment in well-being continues to be a priority for candidates. The war for talent within consumer industries will be won by offering employees attractive packages that go beyond salary. With the cost of living and inflation still rising, however, pay will need to follow suit to attract candidates into the sector.

Q1 will unlock investment.

The unstable economic climate has led to a lack of funding and limited growth in many areas. The world of private equity and venture capital has understandably reacted to market conditions and been cautious with investments. There have simply been more limited funds to funnel into people and tech but as we enter Q1, there will be a recalibration as cash is unlocked for investment into talent and growth.

Please reach out to us for further insights and conversation - [email protected]

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