HR recruiting and labour market trends in 2024

25/01/2023 – HR positions and recruitment methodologies within companies are constantly evolving. Our comprehensive salary survey provides up-to-date insights, offering a clear perspective on anticipated labour market and salary trends for 2024.

Current developments in HR recruiting

1. M&A challenges

Mergers and acquisitions remain pivotal in the HR landscape, with a focus on integrating companies and aligning corporate cultures. HR managers must adeptly navigate these intricate tasks.

2. Race for top HR talent

In 2024, the demand for new employees is expected to surge, intensifying the competition for the most qualified HR candidates. It is advisable to proactively retain existing talent and commence the search for suitable candidates promptly.

3. HR as a figurehead

HR plays a crucial role as a company's figurehead to the outside world. How companies deal with applicants and employees influences their image and attractiveness as an employer. In this context, employer branding is becoming a key factor in the "war for talent". A strong employer brand can help to attract and retain the best talent in the long term.

Qualifications and skills in demand in the HR environment in 2024

Legal knowledge

Expertise in labor law is gaining prominence. Organizations, such as the Chamber of Industry and Commerce (IHK), offer training courses to assist HR professionals in staying abreast of legal developments and effectively navigating legal challenges.

Business partner competences

HR professionals continue to act as strategic business partners who support the company in all HR-related matters. This is not just about fulfilling operational HR tasks, but also about helping to shape and implement the corporate strategy.

Openness to change

HR experts characterized by a high degree of adaptability are particularly sought after. A willingness to assume different roles and step out of one's comfort zone is increasingly crucial. This enables HR professionals to proactively respond to changes in the company and the evolving landscape of work.

Salary trends for HR experts

Currently, salaries for key positions such as HR Director, HR Business Partner, CPO and Talent Acquisition Recruiter are remarkably high, reflecting the high demand and appreciation of these roles in organisations. These positions play a strategic role in HR development, which is also reflected in salaries. For Payroll Specialists in particular, a significant salary increase of up to 37.5% is forecast by 2024.

The salary development is also reflected in companies' expectations and plans. For example, 73% of companies are planning salary increases within HR functions in the coming year. However, only 53% of HR professionals expect a salary increase in 2024. Despite this discrepancy between HR professionals' expectations and companies' plans, our salary survey shows that over half of the HR professionals surveyed are actively looking for new career challenges. If you also work in HR and are looking for a new challenge, you can find our open HR positions here.

If you are interested in other exciting market and salary developments, you can access our latest salary survey here.

If you are looking for talented HR professionals, we are also at your disposal. Upload your job description here and we will get back to you as soon as possible.