Quarter 1 Overview
Following a strong Q3 and Q4 last year, hiring continued to rise during the first quarter of 2024. An interesting trend was that we saw quick turn arounds, owing to significant competition between companies wanting to secure top talent. There were also a lot of businesses aiming to run academies and looking to make multiple hires as a result.
In terms of industries, Tech appears to have recovered somewhat in comparison to last year, while Renewables, Finance and Construction continue to be strong sectors. Salaries have stayed fairly constant since Q4 2023 and it has not been uncommon for contingent recruitment companies to match the salaries of executive search firms. Typically, contingent firms are offering salaries ranging from £25k – £30k to keep up with the market and avoid losing out on the best candidates.
A common misconception is that this time of year is not the best time for hiring as the talent pool is limited. In fact, a lot of companies are taking the opportunity to hire now before the rush of 2024 graduates, when competition for most desirable candidates increases significantly. We currently have a high number of 2022/23 graduates with corporate/sales experience who are looking to make a career change into recruitment.
In Demand Skill Sets
The most desirable skill sets and attributes have remained consistent, with drive, ambition, work ethic and written communication skills standing out as those most in demand.
In addition, some companies have been seeking a level of corporate or sales experience and there has also been a rise in requests for speakers of other languages, as firms plan to take on new markets. If a strong candidate can also speak another language, particularly German or French, they are likely to be off the market very quickly.
Looking Ahead to Q2
It is anticipated that hiring in Q2 will rise considerably, as companies aim to secure 2024 graduates straight from university. The Tech industry is likely to continue its rebound from last year, and Finance, Construction and Renewables will almost certainly remain strong and the most active hirers.
Alongside core skills, graduates with high achievements in areas such as sport and music as well as education will be very desirable, with those extra accomplishments helping to make them stand out. There will also continue to be a rise in employers looking for candidates with language skills or even some client-facing or phone experience, in order to be able to hit the ground running.
Salaries are predicted to remain the same or perhaps even increase slightly during Q2, following a small rise since Q4 last year. The reason for this is that companies will not want to risk their preferred candidate being snapped up by another firm.
For candidates, a potential key challenge will be their ability to be agile and in a position to act fast. Opportunities will come and go quickly, so it is important to make a move as soon as companies look to hire. Candidates will not have the luxury of completing all of the processes before picking and choosing between their favourites, as offers will no longer be available.
Similarly, employers will also need to be ready to move rapidly through their recruitment stages, as there will be stiff competition for the best talent. Failing to do so will mean that they run a high risk of missing out.
[/fusion_text][fusion_text columns=”1″ animation_direction=”left” animation_speed=”0.3″ animation_delay=”0″ hide_on_mobile=”small-visibility,medium-visibility” sticky_display=”normal,sticky” column_spacing=”150″]Quarter 1 Overview
Following a strong Q3 and Q4 last year, hiring continued to rise during the first quarter of 2024. An interesting trend was that we saw quick turn arounds, owing to significant competition between companies wanting to secure top talent. There were also a lot of businesses aiming to run academies and looking to make multiple hires as a result.
In terms of industries, Tech appears to have recovered somewhat in comparison to last year, while Renewables, Finance and Construction continue to be strong sectors. Salaries have stayed fairly constant since Q4 2023 and it has not been uncommon for contingent recruitment companies to match the salaries of executive search firms. Typically, contingent firms are offering salaries ranging from £25k – £30k to keep up with the market and avoid losing out on the best candidates.
A common misconception is that this time of year is not the best time for hiring as the talent pool is limited. In fact, a lot of companies are taking the opportunity to hire now before the rush of 2024 graduates, when competition for most desirable candidates increases significantly. We currently have a high number of 2022/23 graduates with corporate/sales experience who are looking to make a career change into recruitment.
In Demand Skill Sets
The most desirable skill sets and attributes have remained consistent, with drive, ambition, work ethic and written communication skills standing out as those most in demand.
In addition, some companies have been seeking a level of corporate or sales experience and there has also been a rise in requests for speakers of other languages, as firms plan to take on new markets. If a strong candidate can also speak another language, particularly German or French, they are likely to be off the market very quickly.
Looking Ahead to Q2
It is anticipated that hiring in Q2 will rise considerably, as companies aim to secure 2024 graduates straight from university. The Tech industry is likely to continue its rebound from last year, and Finance, Construction and Renewables will almost certainly remain strong and the most active hirers.
Alongside core skills, graduates with high achievements in areas such as sport and music as well as education will be very desirable, with those extra accomplishments helping to make them stand out. There will also continue to be a rise in employers looking for candidates with language skills or even some client-facing or phone experience, in order to be able to hit the ground running.
Salaries are predicted to remain the same or perhaps even increase slightly during Q2, following a small rise since Q4 last year. The reason for this is that companies will not want to risk their preferred candidate being snapped up by another firm.
For candidates, a potential key challenge will be their ability to be agile and in a position to act fast. Opportunities will come and go quickly, so it is important to make a move as soon as companies look to hire. Candidates will not have the luxury of completing all of the processes before picking and choosing between their favourites, as offers will no longer be available.
Similarly, employers will also need to be ready to move rapidly through their recruitment stages, as there will be stiff competition for the best talent. Failing to do so will mean that they run a high risk of missing out.
[/fusion_text][fusion_text animation_direction=”left” animation_speed=”0.3″ animation_delay=”0″ hide_on_mobile=”large-visibility” sticky_display=”normal,sticky”]Salaries – London
| Role | Experience | Basic | OTE |
|---|---|---|---|
| Recruiter | 0 Years | £23k – £30k | £30k – £50k |
| Recruiter | 1 Year | £25+k | £40k – £60k |
| Recruiter | 2 Years | £35+k | £40k – £70k |
| Recruiter | 3 Years | £50+k | £50k – £150k |
| Recruiter | 4 Years | £50+k | £50k – £150k |
| Recruiter | 5 Years | £50+k | £50k – £150k |
| Recruiter | 6 Years | £50+k | £50k – £150k |
| Recruiter | 7 Years | £50+k | £50k – £150k |
| Recruiter | 8 Years | £50+k | £50k – £150k |
| Recruiter | 9 Years | £50+k | £50k – £150k |
| Recruiter | 10 Years | £50+k | £50k – £150k |
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