Whether you’re looking for a new job, or interested in how the job market may affect your current position, here are some predictions from our expert recruiters for the job market in 2024.
1. Running costs will remain a challenge for organisations
While we’ll likely see inflation slow, it will remain relatively high compared to the last decade. Employers will pay close attention to salaries and staff utilisation rate. Wage growth will slow and the types of pay bumps we have seen over the last 2 years (when moving jobs) won't be there in 2024.
2. Recruitment will be strategic and purposeful
Over the last 18 months we have seen many businesses hire good talent opportunistically, with confidence that they will win the work to keep them busy. In 2024, we expect that recruitment will follow projects being won, rather than the other way around.
3. Pockets of opportunity
In 2023 we saw a number of businesses make redundancies. This will likely continue into 2024 as employers continue to readjust their team size to match the slowing project workload and keep a close eye on costs. However, many businesses are well positioned to thrive in 2024. We expect many will grow and great opportunities will exist within pockets of the market.
4. A turn in the Architecture and Design market
Practices are starting to move, and we may see a big upturn in opportunities. There’s a gap on mid-level candidates. It appears that everyone looking is either very Junior or very Senior. Anyone in the middle bracket may want to consider their position and whether they are ready for the next step in their career. Chat to a recruiter to better understand your position.
5. 2024 will be an improvement in Property
Firms are ramping things up and a number of new roles have become available already, meaning that 2024 should lead to more jobs and opportunities for job seekers and employers.
6. The Build to Rent sector is an area to watch
Not just next year either, but for the next decade as a number of developers are starting to progress with Build to Rent developments across the country. Particular hot spots being Melbourne, Adelaide, Gold Coast and Sydney and the recent news that fees will be slashed for foreign investors should spark more life into an already growing sector.
7. A very active Engineering candidate market
This is due to a downturn in work and things slowing down in tier 1 spaces. The middle tier has stayed busy and have a good workload coming in in 2024. Work should be busy come March and candidates may have options moving forward as well as businesses finding talent.
8. The Regional boom will continue
Off the back of a huge boom in 2023, there will still be increased projects in Regional Victoria in 2024, despite cancellation of Commonwealth games.
9. Business Support roles that directly assist with getting new business will be on the rise
These roles include business development, bids and marketing amongst others. Every year Q3 (January to March) sees a big upturn in resignations within Business Support roles, generally driven by resignations after the Christmas break, and 2024 is expected to be the same.
10. Local Government contract placements are changing
In the past few years, we’ve seen more remote working placements with local government, but in 2024 this may not be case. This is mirroring what other sectors reported on in our 2023 PACE Report. Councils are wanting to have staff back in the office for three to four days a week. The hourly rate for council contractors may also come down a little bit.
2024 is already shaping up to be an interesting year and we can’t wait to tackle it! Keep your eye out for our 2024 PACE Salary Guide & Market Report, due to be released in March, for more insights and predictions directly from Victorian businesses.
If you're looking for your next role, please reach out to our recruitment team or submit your resume and we can confidentially discuss your next career move.