Recruitment Market 2024
Last year was an interesting year, full of changes in the recruitment market. But what does the recruitment market look like now - in the beginning of January 2024?
Five notes from the recruitment market in 2024:
Changing jobs is a risk for the employee, all aspects are weighed carefully. Expenses have risen significantly with interest rates, and jumping into the trial period is understandably exciting. Of course, changes happen and a lot of them, but employees now evaluate employers even more strictly and familiarize themselves with the future role and organization as well as possible risks in much more detail than before. A salary increase of a couple of hundred is no longer enough, the employer must also pass the employee’s screening process and build trust in the future.
Many qualified professionals are currently unemployed and many are quietly looking for a new job. The reason for this is an ongoing layoff, the end of a previous employment relationship or ongoing change negotiations and the fear that your own employment relationship will end in the near future. LinkedIn's public job postings represent only a fraction of the volume. Despite this, finding the desired talent is still very challenging and takes a lot of time.
Last year's numerous change negotiations have caused turmoil in organizations in many ways, roles and entire teams have left and new ones have taken their place. With the changes, new needs have arisen and the real needs and gaps will become apparent during the winter and spring, i.e. jobs will open up for search.
Uncertainty about the future continues, in almost every industry it takes a lot of time for buyers to make a decisions and this causes a domino effect. When there are no confirmed projects or invoicing, there is no opportunity or courage to invest and recruit new talent. When the uncertainty factors finally ease, there will be a rush and companies will be again recruiting for their vacancies at the same time. Now is a good time to get the background work in order, update the recruitment strategy and invest in the employer image, so that you are ready to act quickly when it’s again time to hire.
Some companies have seized the opportunity and are now recruiting dozens of professionals at once. Hats off to your courage and timing, you couldn't do much better in this situation. In recent months, in Finland at least the S-group and the K-group have published that they are hiring up to more than 100 new IT and digital professionals, as well as numerous other professionals.
Change is certainly a possibility this year as well as last year. Assessing your own situation and acting courageously within it is my tip for this year as well. Keep up the good work!
I'll be eagerly exploring which trends will be highlighted and whether we'll see a brisk pick-up in recruitment right from the beginning of the year or only later in the fall.
Happy “hunting” and until next time,
Outi
