2024 H1 Recruitment Overview

Let's quickly go back a step...

2020: COVID hits. The market stopped.

2021: Insane bounce back!

2022–2024: Consistent poor trading conditions.

Experience

In 2024, I have noticed two trends. Firstly, for senior profiles, it is essential to be a 'plug and play' candidate who can bring across a book of business. The threshold to secure a senior position is higher than ever!

In terms of the junior end of the market, there seems to be an increase in demand for candidates around the 2-year mark. The prevailing theory is that with difficult trading conditions, natural selection has weeded out the wheat from the chaff and that candidates with this level of experience offer good value for money, have learned things the hard way, and are able to transition into different markets.

Business Development

Business development is for sure a non-negotiable in 2024, but firms are also requesting that candidates not only win business but are able to execute on their roles.

To secure roles in 2024, candidates must have the ability to bring on new business, deliver into the roles, build long-standing, repeat business relationships with their clients, and even have the potential to feed other desks in the business.

Diversifying

So far in 2024, I have seen firms that are specialists and have a reputation in X market branch out by hiring a partner or a senior profile who complements their current business but also brings diversification to their current portfolio.

I have seen this be hugely successful. It's a compelling opportunity for a senior profile to have the chance for complete ownership and the potential to build out not only a team but an entire practice area that creates synergies for all involved.

Compensation

Generally, there has been a tailing off from large base salary pay rises, sign-on bonuses, and commission guarantees. 

However, there is still a fight for top talent, and there is still an upward trend for the top 10% when it comes to increased compensation. We’re still agreeing on large sign-on bonuses and guarantees for this elite bracket.

The days of junior talent securing enormous packages were over a long time ago, but the figures that junior candidates believe they should secure are still distorted. In 2024, this simply isn't being entertained by firms.

Accelerators for good performers seem to be the preferred route for hirers so far this year. Rather than a guaranteed earning figure, hirers will bridge the gap in earnings through improved commission percentages for a set amount of time.

Onto H2...

I'm looking forward to the second half of 2024. I'm personally seeing a lot more amenability across the market, and the summer of 2024 has been the busiest summer of my 4-year career.

Usually, 7-figure billers and search/staffing firm owners are unavailable for most of July and August, but this year, this simply hasn’t happened. Business is continuing while on vacations, and Manhattan seems to be busier than the last few summers. Is this a sign of the market recovering, or simply that we're working harder in this current climate?

For the first time over the last 24+ months, there does seem to be a more positive medium-term outlook, and before the hopeful upturn in 2025/2026, it may be a good time to reorganize and restructure for those who want to take pre-emptive action in anticipation of the market improving!