We've recently released our 2024 Annual Pay & Hiring Report. Compiled of recruitment dat...
We've recently released our 2024 Annual Pay & Hiring Report. Compiled of recruitment data from last year, market insights from our specialist recruitment consultants as well as marketing leaders. Plus, sentiments from over 1,200 salary survey respondents.
The responses have been encouraging, with a largely positive outlook for the year. For instance, 64% of surveyed hiring managers plan to grow their teams in 2024.
Our research has also revealed that hiring won’t be as straightforward in 2024. Whilst pay is still a top priority for many, it’s now more common for candidates to consider the whole package on offer.
Read on for the top 7 hiring trends you need to know if you’re taking on the job market this year:
Despite a positive start to the year, 60% of surveyed businesses had to change their hiring plans in 2023. This included hiring fewer heads than planned, making redundancies and implementing hiring freezes.
“At the beginning of the year, we were forecasting a recession,” reminds Jaemien Serrano, Manager of financial services recruitment, “In order to mitigate the damage that would have been caused, businesses made redundancies, especially at a more senior level.”
This is a stark contrast to what we’re seeing in 2024, however. Our data reveals that hiring managers have a renewed confidence in the recruitment market.
Our data shows that businesses are on a clear road to recovery. In fact, 60% of companies that made redundancies in 2023 are intending to hire again in 2024.
While 2023 was a year of contraction and reflection, businesses are clearer than ever on what they want from new hires. Director, Liz Hopkins, says, “Growth and positivity are the key themes for 2024.”
For a more detailed overview of the recruitment market between 2023 – 2024, download the full report.
As stated above, more than half of surveyed employers intend to hire into their teams this year. To attract top talent, it will be crucial to stay up to date with what candidates are looking for in their next role.
Our full report includes the top ten factors for job seekers, plus salary guides across every digital and marketing job title.
For more personalised advice, we recommend getting in touch with a recruitment agency. Our recruitment consultants can support you with developing a hiring process tailored to your talent search.
In last year’s How to Hire report, we predicted that employees would seek stability in their current role. This year, however, 67% of digital and marketing professionals told us that they would be searching for a new job.
There are several reasons for this, including better work-life balance, improved compensation and a more inclusive company culture. For a detailed breakdown, download the full report!
The most shocking (and important) stat is that a third of job seekers have been in their current job for less than a year.
The number of redundancies left many urgently searching for a new role. Rushed decisions were common in 2023. Outside of redundancies, candidates were also making decisions solely based on salary. In 2022, employees could expect a 20% uplift in salary when moving roles. Plus, the cost-of-living crisis placed a newfound focus on compensation.
Now, with less pressure to secure a role, some employees are reflecting on their current working conditions and looking to move.
Losing these employees will be extremely costly to businesses, so it’s crucial to mitigate these losses.
Our data reveals that many planning to look for a new role in 2024 feel unfairly rewarded for the work that they do. 39% of job seekers feel that they are underpaid, with 8% stating they feel significantly underpaid.
Salary benchmarking is not only important for attracting talent, but also retaining your current team.
16% of surveyed employees have ranked salary as the most important factor in a job search. Plus, 45% of employees who left their role in 2023 did so for an improved salary. Hiring teams should begin every recruitment process with salary benchmarking to ensure they’re offering competitive rates.
According to our salary survey, the second most important factor in a job search is hybrid working policies.
Our data reveals that the majority of candidates prefer a minimum of three days remote working.
Having effective flexible working policies is especially important outside of city centres. Businesses needing to consider commuting times and employee preferences, before hiring in 2024.
“These factors become really apparent when hiring for roles based outside of city centres,” says Andy Larkin, head of recruitment in the North West, “Flexibility is incredibly important to find top talent outside of the main hubs, such as London and Manchester, where commuting can be long and difficult.”
Company culture is a key theme throughout this year’s report, touching many topics from DE&I policies through to working practices. As a result, it’s not surprising to hear that 77% of employees believe it’s important for their personal values to align with company values.
Reflecting on your company culture will also be key for retaining top talent. One-third of job seekers shared that they do not feel included in their current company and so are searching for a new role.
We hope you found these 2024 recruitment trends insightful and useful in creating your attraction and retention strategies. For more tailored support, get in touch with 3Search.
We are the largest digital and marketing recruitment agency in London, promising the best recruitment experience you will ever have.
