2024 – What’s to come

With 2023 drawing to a close, we reflect on the challenges that the last 3 years have brought to businesses and agencies. Although we’ve learnt to not predict the future, our staff have gained valuable insights into what 2024 could bring. Here’s what we’ve collated.

Candidate driven market?

Since the post 2020 market boom, the power has been in the power of the candidates’ hands. ONS data shows the increase in available jobs vs candidate availability, and the shortage has continued. However, this trend has begun to shift, will 2024 be the year this reverses, and candidates are more available? Time will tell.

The impact of AI

Automation is on the rise and likely has reached your business already, but has AI? The overall market has yet to shift its’ hiring in the direction of AI, but tools appear regularly for both job seekers and employers, gradually paving the way for more. We are not convinced 2024 will be the year of mass change but we’re confident powerful tools will be appearing.

Employer Branding

2023 has demonstrated the importance of employer branding due to the candidate shortage, but we believe it was only the beginning. As 2024 starts with the same challenges, we see this year being the year employers capitalise on their brand and focus on attracting employees by any means.

Pay Transparency

The market has been shifting towards more transparent pay and fostering open job discussions, encouraging companies to reveal their salaries across all levels. Legislation has been reflecting these changes in 2023, such as the Pay Transparency Directive in the EU, and we see this continuing.

The impact of minimum wage

April 2024 brings new minimum wages for all ages and those over 21 are now eligible for the National Living Wage. A 21-year-old previously earning £10.18, would now be eligible for £11.44/hour, this boasts both benefits and costs, and we’re interested to see how the market responds.

Retaining vs replacing

We’ve seen a year of retaining staff as the challenges to rehire have been stacked against all businesses, this has usually resulted in salary increases via counter offers. As these challenges loosen, replacing leavers becomes a more financially beneficial route and we expect to see more of this.

Only time will tell what 2024 brings, but we believe it will be a great year for the economy, presenting unique challenges as always. No matter what these challenges, we’re here to help.