5 Trends Affecting Recent Graduate Hiring in 2024 and Beyond

The Class of 2024 has been through a lot – from a global pandemic to an economic crisis, and all the changes in between. Yet, according to surveys, they remain optimistic about their job search. Though NACE’s Job Outlook 2024 survey projected a 1.9% decrease in overall hiring this year, the Bureau of Labor Statistics (BLS) reported that the U.S. Economy added 206,000 jobs in June, well ahead of expectations and close to the average monthly gain of 220,00 over the prior 12 months. And three-quarters of employers say the overall job market is favorable for the class of 2024 graduates. So, how do you attract the best and brightest to your organization?

We’ve identified five key trends that are affecting recent graduate hiring in 2024 and are expected to endure. 

1. Hybrid work options are becoming more important. Work environments have continued to evolve over the past four years. Many organizations made remote work a norm, while others required employees to return to the office full time. Between those two models lies the most popular work environment among Gen Z candidates – the hybrid model, which allows employees to work remotely on certain days and in the office on others. In fact, a study by NinjaOne found that 55% of recent graduates would prefer remote or hybrid work with the largest percentage (32%) citing a preference for a hybrid work environment. Additionally, SHRM reported that 41% of soon-to-be-grads are more likely to apply to a job with a hybrid schedule and 22% are more likely to apply to a job where they could work remotely.

Many organizations have found that the hybrid model combines the benefits of in-person office time, such as building company morale, improving communication, and boosting overall productivity, with the flexibility and appeal of remote work. It saves employees commute time and expenses, while fostering community and preventing isolation. Hybrid models also help with work-life balance, which is important to Gen Z.

According to the 2024 Workplace Flexibility Trends report, nearly 60% of employees now have the option to work remotely or on a hybrid work schedule. Of course, this type of flexible work model differs from one industry to another and may not be possible in certain professions. For those organizations that can find a perfect balance between remote and in-person work, it can be an attractive option for recent graduates.

2. Four-day workweeks are becoming routine and expected. Closely related to the hybrid work environment, is the trend toward shorter workweeks. According to a Gartner survey, 63% of candidates rated “four-day workweek for the same pay” as the top new innovative incentive. When it comes to new grads, a whopping 76% believe that a four-day workweek should be the new standard. This fits with the list of priorities cited by Gen Z, which include flexibility, work-life balance, and value-driven work. 

In addition, recent pilot programs of four-day workweeks suggest that there are benefits for productivity and employee well-being. This would indicate that employers who offer four-day workweeks may not only attract and retain top talent, but also improve business outcomes. 

3. Organizations have begun to offer creative benefits to address the costs of work. Speaking of working remotely, employees who have experienced working from home or in a hybrid environment have realized that there are costs associated with going into the office daily (i.e., financial, time, and energy). According to LinkedIn, 60% of employees say those costs outweigh the benefits. It’s no surprise, then, that Gen Z shares this opinion. In response, many companies have started offering “incentives” to offset these costs, such as housing subsidies to help new recruits afford nearby housing, caregiver benefits for childcare, eldercare and even pet care, financial well-being programs (i.e., financial planning), and student loan repayment. Of course, pay is also top-of-mind for recent grads strapped with student loans. According to a Handshake survey, more than two-thirds (69%) of those with student loans said that debt will influence the jobs they will consider upon graduation.

Close to 60% of 2024 graduates say they are concerned about current economic conditions, with 59% worried about covering basic expenses and 37% worried about paying down their student loans. Given these concerns, companies that provide creative benefits to alleviate some financial stress may have an advantage in attracting top talent. 

4. Executives need to work with HR to assess how generative artificial intelligence (GenAI) will change roles and workflows to identify which tech requirements are now necessary for open and newly-designed roles. There is no denying that GenAI is transforming workplaces, and there is a lot of anxiety about whether it will replace certain jobs. Therefore, it’s important for leaders to partner with HR to evaluate how GenAI will impact hiring strategies and determine what new skills are needed. 

Instead of diminishing the workforce, most experts believe GenAI will create new opportunities. In fact, Gartner predicts that many jobs impacted by GenAI will be redesigned and will have new responsibilities that include interacting with GenAI tools – which is a great fit with expectations. The vast majority of 2024 graduates are familiar with tools like ChatGPT and DALL-E, and 50% plan to build new skills around generative AI, with 30% planning on using GenAI in their career. What’s more, 21% of students said they are more likely to take a job where they have a chance to experiment with GenAI. 

5. Training remains important. With the emergence of GenAI, there has been a lot of talk about traditional career paths changing and roles continually shifting. In the past, employees expected a “linear” career path, working their way up the corporate ladder. These days, non-linear career paths are becoming the new norm, which may involve switching industries, changing roles, or even taking on freelance work. According to Forbes, this trend is due to several factors, including people working longer, shifting attitudes about work-life balance, and skills becoming more important than degrees or experience. In fact, many companies have moved to a more skill-based hiring approach as they consider skills requirements to be more important than degrees. Consider this: Google, Delta Airlines, Accenture, and Zoho have removed degree requirements from their job postings in order to attract qualified talent without limiting themselves. Which begs the question: If you can demonstrate the skills, do you need the degree?

Today’s graduates understand the evolving nature of the workplace and the importance of being flexible. So, it’s no surprise that they also understand the importance of training and upskilling. In a survey by SHRM, 50% of the 2024 graduates who participated said they are more likely to apply to a company that provides company-sponsored training or upskilling resources. While staying with a company for 30-40 years may be a thing of the past, organizations can not only attract, but keep talented, motivated employees by helping them gain new skills and grow within the company. 

In addition to these trends, the class of 2024 cares about transparency. They want to know about your pay equity and what the leadership team looks like in terms of diversity. They want to see the values you talk about on your website in action. Recent grads are also more likely to fully research a company before applying, including reading online reviews from current and former employees. 

Researchers at Gartner sum things up this way: “While most organizations cannot act on all of these trends, those that don’t prioritize and take action on some will find themselves at a disadvantage – both in terms of talent attraction and retention, as well as their ability to meet strategic goals.”