Why is it so hard to get hired in 2024?
This year’s job market has presented some significant challenges and for many it has felt like an uphill struggle trying to secure a new role.
Here’s 6 reasons why getting hired this year feels particularly tough and what you can expect moving forward.
1. Stagnant market trends
Despite a strong start to the year, with January and February showing promise, hiring volumes have remained largely static since late 2023. While there was a slight uptick due to seasonal trends, it’s too early to call this a market improvement. This stagnation means that the number of job openings hasn’t significantly increased, leading to higher competition among candidates.
2. Companies holding back
Businesses are currently focused on protecting their profits and holding onto cash, waiting for the right moment to invest in new projects. This cautious approach affects hiring as companies spend less with suppliers, including creative agencies, outsourcers, and management consultancies. Consequently, many supplier-side candidates are seeking opportunities on the client side, adding to the competition in the job market.
3. Seeking better opportunities
There has been a noticeable increase in candidates looking for opportunities abroad, particularly in the UAE, Singapore, and North America. The driving factors are a desire for lifestyle changes and better wealth creation opportunities. This trend indicates a growing discontent with local job markets and a willingness to explore international options.
4. Promotion from within
Many companies are opting to promote from within rather than hiring external talent. This strategy not only fosters a culture of internal growth and promotion but is also a cost-effective and lower-risk option for businesses. While this is beneficial for current employees, it means fewer opportunities for external candidates.
5. Demand for specific skill sets
Organisations are increasingly adopting a data-first approach, requiring candidates to have strong data skills regardless of their role. Whether it’s for a marketing position, a commercial lead, or any other role, having a data-first mindset is crucial. Job seekers need to highlight their data skills on their CVs and during interviews to stand out.
6. Job search fatigue
“Energy” is a term frequently mentioned by employers, especially for business-critical and leadership positions. Companies want candidates who can bring enthusiasm and a positive attitude to their roles. While this can be challenging, especially for those experiencing job search fatigue, it’s important to bring your best self to every interview.
Outlook for the second half of 2024
Looking ahead, we expect to see increased investment in new projects during the second half of the year. This should lead to a rise in contract assignments and demand for supplier-side talent. However, for roles with salaries above £100k, it remains a buyer’s market, meaning employers will take their time to find the right fit and have higher expectations from candidates. This dynamic is expected to rebalance over the next 12 months.
Areas of investment
Key areas where organisations are likely to invest include:
- Customer Experience
- CRM & Loyalty
- Data Insights
- People & Culture
- AI Adoption
For job seekers, understanding these investment areas and tailoring your skills and experiences to align with these trends can improve your chances of securing a role.