The first half of 2024 is over. It’s been a wild ride the past few years. We’re finally moving away from the post-pandemic right-sizing layoffs. This year has been a learning curve for everyone in staffing as we get back to a steadier flow of open jobs and candidates on the market.
This doesn’t mean, however, that it is any easier to fill highly technical positions. The second half of the year will likely highlight some of these wrinkles as organizations, staffing agencies, and candidates continue to find their footing.
Key takeaways moving into the second half of 2024 include –
AI, Machine Learning and LLM will continue to dominate the conversation. These are the in-demand jobs. Employers are competing fiercely for a very finite amount of talent. We will continue to see large compensation packages and remote-first preferences to snag this type of talent. Organizations need to be ready to pony up for top talent and ensure that their hiring process is tight if they want to compete.
Mid-to-senior level positions will be the most challenging to fill. Junior talent and even executive talent searches are often easier to fill than mid-to-senior level positions. The reason? Unemployment for highly skilled workers with experience to hit the ground running is low. Very low. Active job seekers are being scooped up quickly and those who are currently working are leery to make moves without enticing raises and remote work. Salary increases have dropped, and companies want employees back in the office. This makes it harder for employees to justify the energy needed to complete a job search.
Employer expectations don’t match the job market. Employers looking to complete their teams are requesting more resumes, more interviews, and more candidates than ever before making a hiring decision. Yet, this behavior doesn’t match the current market. Less than 3% of technology workers are unemployed. There is a disconnect between the perceived number of open jobs and the available talent on the market. Employers will need to zoom out, re-group, and focus on what they really want from a new hire.
Salaries are stagnant.
Even though we know that expectations are high and talent inventory is low, companies are digging in their heels and waiting out the right person at the right price. Job seekers might be surprised when they don’t see the double-digit percentage jumps when they move into a new position this year.
Keep an eye out for more M&A activity.
There will certainly be an increase in M&A activity in the back half of 2024. Money is expensive to borrow. We’re in a perfect position to watch larger companies acquire smaller ones to show continued growth this year. This will certainly affect open technology positions at banks and law firms that will be handling these transactions.
