3 Interesting Job Market Observations in 2024

Reduced Wait Times for Job Candidates In today's competitive job market, prompt communication is essential. According to Forbes, in the first quarter, almost 90% of candidates received feedback from employers within a week of applying…wait times are decreasing.

Continued Focus on Employee Retention Even with a slightly softer job market, there are still more job openings than available talent. Therefore, retaining employees will continue to be a major emphasis. According to Payscale, 79% (down slightly from 86% in 2023) of employers plan to raise starting salaries, and 47% will introduce new benefits and perks to attract and keep top talent in 2024. 

Increased Salary Transparency We are seeing much higher response rates and overall candidate curiosity when salaries/comp plans are provided to passive candidates. Openly sharing salary information is becoming more common. Payscale research found that about 60% of hiring managers are now publishing pay ranges (15 percentage point jump from 2023). The same research revealed nearly 60% of workers would not continue with an application if salary information is not provided. This trend towards greater salary transparency is expected to continue to grow in 2024.