2024 recruitment in review: Will these trends set a precedent?

As we conclude the first quarter of 2024, the trends that have shaped the year so far have the potential to set a precedent for the coming year and beyond.

As described by Jesse Shah, the director of recruitment agency nrol, the first quarter of the year has been “all guns blazing” in the recruiting world. With hiring ramping up significantly from the same time last year, 2024 could be candidate’s dream.

“This quarter, I’ll be very honest with you, has been busy from the word go. We got back in the office on the second of January. We came a week earlier this year just pre-empting how busy it is. We pre-empted this period, and it’s been all guns blazing from the word go, which was slightly different to last year, where things started kicking off more after Australia Day,” explained Shah.

“A lot of this is due to roles that weren’t filled at the end of last year. So, they’ve had to carry it on to this year. It’s been a challenging market for so long now that we have roles that have been going on for ages because they just can’t find anyone.”

Perhaps preparing for continued talent strains, organisations got in early to try and beat the competition to the best candidates. Considering how 2023 played out, smart leaders surely took advantage of the early bird getting the worm.

“I believe they’re trying to get in as quick as they can. Normally, you can’t get a partner to interview a candidate in January. Partners have been readily available in January for interviews, making themselves available because I think everyone has realised after last year and the year before that, if you get a great talent through the door, you got to make time to meet that individual and you’ve got to make it fast,” Shah said.

This competitiveness is likely to continue throughout the year, said Shah, outlining the need for businesses to be all hands on deck in regard to talent sourcing.

“I know I speak to a lot of my counterparts in the recruitment world who think things will slow down, or some say it will change. But, my belief [is that] it’s still going to go on … I think it’s going to still go on for the whole of 2024. I don’t see this slowing down,” he commented.

It appears growth is on many employers’ minds, which is a factor in this ramped-up hiring. With many organisations letting go of staff throughout 2023, this could be a reaction to the losses experienced.

However, compounding these losses are employees looking to greener pastures. With cost-of-living troubles plaguing many, salaries are likely a driver of these moves, said Shah.

“Firms are growing. [There are] more projects, lots more work, but at the same time, people are leaving for better opportunities. They’re making lateral moves and getting a 15 per cent to 20 per cent raise,” Shah said.

“People know that their worth in the market has gone up. People know candidates are more and more aware of this talent short market. I get candidates specifically reaching out to me now going, ‘Hey, Jesse, I know this is a talent-short market. I know I’m in a great position. I want to make a move.’”

While salaries are influencing career changes, wellbeing is reportedly another key factor. With businesses also struggling through inflationary stress, offering wellness benefits can be a cheaper alternative to sourcing skilled workers.

Shah continued: “Salary is definitely one of the most important questions we get asked. Everyone wants a jump, everyone wants a hike, and they know they can get it in a move. But also, another one right behind it at the moment is culture and mental health because, in a talent-short market, firms and candidates are working harder because they’re under-resourced, so they’re putting in longer hours.”

“And then, they also feel that they’re not being remunerated for those long hours. So, the combination of salary and trying to find a better work/life balance are both combining, and they’re both coming to the table now.”

The transcript of this podcast episode was slightly edited for publishing purposes. To listen to the full conversation with Jesse Shah, click below: