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A new year often brings a burst of energy for workers looking to find the right employment fit and employers aiming to assemble a stellar team.
For those who plan to be involved in either side of the hiring process in the first quarter of this year, recruitment company Robert Half has advised on the six trends that will be shaping employment as 2024 gets into full swing.
1. Shift to an employer-driven market
After years of robust hiring, the Australian job market is undergoing a recalibration, transforming into an employer-driven landscape. Strategic, value-adding hires are becoming the focus, altering the negotiation dynamics between candidates and employers.
In the recruiter’s eyes, “candidates do not have the leverage they once had, and only those with in-demand skills are in a position to negotiate higher salaries”.
2. Hiring for skills over qualifications
A notable shift is occurring as companies prioritise skills over traditional qualifications in their hiring decisions, giving more weight to on-the-job experience and a candidate’s ability to explain how they can utilise their experience for success in a new role.
A recent study by the firm found that 74 per cent of employers are not too concerned if a candidate doesn’t have the required certifications when assessing them for a role, recognising that specific skills are often a greater indication of an individual’s ability to contribute effectively to the workplace.
3. Stabilising salaries
Despite escalating cost-of-living pressures, candidates can expect salary offers in line with market rates unless they possess niche skill sets in 2024.
Nicole Gorton, director at Robert Half, predicted:
“As the economic landscape transitions into a state of moderation in 2024, the dynamic surge in salaries will stabilise. Employers will need to demonstrate the compelling factors that differentiate their job offerings, while employees should carefully articulate their unique contributions and align their expectations with what’s happening in the job market,” she said.
4. Demand for workplace flexibility persists
Mandatory office days are becoming more prevalent, with 87 per cent of Australian employers implementing them in 2023. This shift is once again reshaping what workforces look like.
According to Robert Half, in 2023, 31 per cent of employers said they lost at least one employee due to mandates, while 40 per cent anticipate resignations.
Ms Gorton warned of potential consequences if employers are too bullish with their in-office policies.
“While the benefits of bringing people back are evident, careful consideration needs to be taken when making changes to a policy that is of utmost importance to many professionals,” she said.
5. Thinking outside the box for exceptional candidates
To address skills shortages, businesses are exploring unconventional hiring avenues, including reintroducing retirees into the workforce, engaging with international talent and looking for hires with transferable skills from unconventional backgrounds.
Ms Gorton opined that candidates looking to make a career change can take advantage of this trend by learning to articulate how their experience translates.
“A great candidate – regardless of their work history – should have the technical expertise to perform core job functions efficiently and effectively, and the ability to situate their skills within the wider organisational context, using power skills such as problem solving or stakeholder management. Employers are looking beyond traditional groups of people for their roles and are relying on word of mouth or networking to final specialised talent,” Ms Gorton said.
6. Learning and development driving decisions
Evolving technologies and a heightened focus on productivity are empowering employees to take control of their skills development. In 2023, the firm found that 49 per cent of Australian employers said employees have asked for training and professional development opportunities, highlighting the increasing importance of added benefits like education for candidates considering a new job.
As we transition into 2024, these trends are set to reshape the employment landscape, challenging both employers and professionals to adapt to the evolving dynamics of the Australian job market.
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