While we focus on our new year’s resolutions and embrace all the optimism a new year brings, labor market data from last year is emerging and can give us a projected outlook of what to expect in 2024.
According to ClearlyRated, the world’s leading client, talent, and employee experience platform built specifically for staffing and recruiting firms, the following staffing trends are clear:
74% of 2023 graduates are worried that the current state of the economy will impact their career prospects. This anxiety is further displayed by 82% of job seekers in the new year choosing “Cost of Living” as the primary reason for their increased salary expectations and just 1 in 3 staffing firms reported an increase in employment in the past month, which may suggest a particularly light start to 2024.
Some industries, however, remain strong in their hiring needs. The Top 3 Job Title Postings from companies across the country remain: “Registered Nurses”, “Sales Reps”, and “Heavy Tractor-Trailer Truck Drivers”. If securing job prospects is causing you alarm or concern, it may benefit you to pursue one of these industries that still hold a strong hiring need.
When considering the desires of candidates seeking jobs, the evidence is clear: “remote work” is the #1 job seeker search term and 41% of workers say they would rather quit their position than return to in-office work full time. Other popular search terms for job seekers include: “administrative assistant” and “project manager”, showing that admin candidates are increasingly confident in their abilities to remain productive in a remote setting.
Other considerations in 2024 include the continued war on inflation. 51% of employers say their recruitment/staffing budget will go up in the new year, specifically due to inflation. Because of this fact, 68% of employers say that a dedicated focus to improving the success rate, specifically on hard-to-fill positions, is their top priority for 2024.
Another trend that is emerging as we progress into the new year is a dedicated focus on mental health and process efficiency. Mental Health will continue as a new KPI for work and 62% of candidates who recently changed jobs specifically cited improved mental health as a part of their decision. Artificial Intelligence (AI) is also gaining an increased presence with 40% of employers reporting that AI has streamlined the candidate search process by identifying applicants with the right skills, more efficiently.
Also interesting and maybe surprising to a text-based communication society, is the data emerging that email not only isn’t dead, but instead, is thriving. 53% of clients prefer e-mail to other forms of communication (call = 26%, text = 9%) and 34% of candidates prefer e-mail communication over calls (31%) or texts (19%). Maybe it’s time to re-think the way you handle client and employee communication?
RepuCare is proud to have our fingers on the hiring process pulse. As we continue to navigate 2024, we look forward to serving our clients and employees with these labor market trends in top consideration.