2024 job market

Following the Great Resignation, the Great Reshuffle and a year that defied expectations, employees and employers alike have high hopes for 2024, despite conflicting trends in the labor market. iCIMS has published the 2024 Workforce Report, synthesizing key workforce data trends of 2023 and job seeker sentiment for the new year to help employers adapt talent strategies and succeed in 2024 and beyond.

The new iCIMS data reveals that workplace confidence among employees is rising. Despite big-name layoffs making headlines throughout 2023, 87 percent of people said they are not concerned about getting laid off in 2024. This optimistic outlook, perhaps attributed to cooling inflation or "surviving" the layoffs of 2023, is contributing to a newly revitalized and bullish workforce. The report uncovers how employee mindsets are eager to shift back to the job seekers' market of 2021-2022, however the data emphasizes that employers — and the job market — may not be moving at the same pace.

Additional key findings include:

• 2023 was a year that defied expectations. While application volume burst right out of the gate in January 2023 and remained robust all year, numbers fell off in Q4. Employers appear to be in a holding pattern – they are opening roles, but have slowed down hiring activity by 13 percent since last year. However, job seekers are still looking with confidence, with those same openings getting 14 percent more applications. Employers may not be feeling as confident as employees or are perhaps focusing on finding the right talent and growing existing employees.
• Employees are on the move, again… More than half of respondents (51 percent) are considering looking for a new job this year. This represents a sizable jump from the previous year.
• …Unless you show them the money: After a year of uncertainty, employee mindsets are shifting back to traditional motivators. The majority (52 percent) of people who will look for a new job cited salary as their top reason for seeking change. Furthermore, 50 percent of workers say they will look for a new job if they do not receive an expected promotion this year.
• Rebutting return-to-office (RTO) mandates: Despite RTO conversations making headlines, out-of-state applications were up last year, making up 22% of total job applications, a slight uptick from the past few years. In addition, one third of people claim they would consider looking for a new job if their company announced they must return to office full time.
• The hiring grass might not be greener for job seekers: Applications to external roles increased, while external hires plummeted 13% over the last year. As employers invest in internal mobility programs to grow and retain workers, now might be a good time for people to snag a new role with their current employer instead of looking elsewhere.

Laura Coccaro, chief people officer at iCIMS said, "Now is the time to demonstrate internal mobility, career growth and career management opportunities for employees before they turn into job seekers."

Source: iCIMS.

From WCI's HR Answers Now ©2024 CCH Incorporated and its affiliates. All rights reserved.