The tech industry in 2024 has been marked by significant upheaval, evidenced by the substantial number of layoffs in various leading companies. 2024 tech layoffs touched major players including Meta, Snap Inc., Okta, Salesforce, and DocuSign, among others, who recently announced substantial workforce reductions. Such developments inevitably impact HR departments, with recruiting teams feeling the most acute effects.
In light of the 2024 tech layoffs, the findings of PwC's recent Global CEO survey become even more pertinent. CEOs estimated that 40% of the time spent on the hiring process is inefficient, underscoring an urgent need for Talent Acquisition leaders to optimize their teams for greater efficiency and productivity, especially during times of industry turbulence.
Here are three key strategies to build a more resilient and efficient Talent Acquisition function in the wake of the 2024 tech layoffs:
1. Take the lead on workforce planning
Effective workforce planning requires collaboration between business leaders, finance, and multiple functions in HR — business partners, recruiting, compensation, and HRIS. But, someone needs to take the lead in designing and operationalizing an effective process. As the function on the front line with leaders, a strong pulse on the talent market, and a vested interest in getting it right, Talent Acquisition is uniquely positioned to take the helm. A rigorous workforce planning process is the foundation of an effective and stable Talent Acquisition staffing model.
2. Structure your Talent Acquisition model for scalability
In fast-growing tech companies, the recruiting team is typically the first to be built out with a focus on hiring more recruiters rather than looking at the skill sets needed to build for scalability. Talent Acquisition leaders need to focus on the skills and structure to most effectively scale for volume:
Consider whether a sourcing team makes sense
Align resources by job function to enable deep knowledge of the talent market and sharing of the candidate pipeline
Establish relevant staffing ratios and make sure the business understands those ratios
Invest in your Recruiting Operations team
3. Build the right capabilities in your Recruiting Operations team
Often a recruiting ops team is made up of coordinators or administrators. But with the proliferation of HR technology and the evolution of AI, it is critical to have the right skills in your Recruiting Operations team to focus on streamlining and automating for efficiency. Technology can’t do it alone. You need a team skilled in process design and optimization, focusing on the process from end to end — requisition to onboarding — to ensure a seamless, efficient, and compelling experience for managers, recruiters, and candidates. Investing in the right skills and capabilities can future-proof your team.
It is clear in 2024 that the business expects greater productivity, efficiency, and value-add from the hiring process. To ensure resilience in your Talent Acquisition team make sure you prioritize workforce planning, develop a Talent Acquisition operating model for scalability, and build a Recruiting Operations function to drive process and technology optimization. Need help with these tasks? We are here for you. Get in touch.