2024 Job Market Guide
Key Trends that Impact Hiring
Market Outlook
The 2024 Job Market Guide by CyberCoders is a comprehensive resource that provides insights into the ever-changing job market. This year's guide takes an in-depth look at the changing power dynamics in the workplace, the best cities for employment, the most in-demand jobs, the importance of candidate experience in winning top talent, and the fight for flexible work.
Whether you're looking for a new job or you're trying to attract top talent to your organization, our Job Market Guide is an essential resource that'll help you stay ahead of the curve.
Changing Power Dynamics in the Job Market
For the past few years, the job market has been favorable for job seekers, but things are changing, and employers are now in the driver's seat.
The Best Cities for Employment and the Most In-Demand Jobs
The best cities for employment vary depending on industry and interests, but some cities consistently rank high on lists of the best places to live and work.
Candidate Experience Remains Essential for Winning Top Talent
In today's competitive job market, it's more important than ever to create a positive candidate experience from the initial application to the final interview.
Changing Power Dynamics in the Job Market
For those who have been keeping a close eye on labor market trends over the past few years, it will come as no surprise that the job market has been considered a candidate-driven market. In the early months of the Covid-19 pandemic, mass layoffs and major shifts in the American workforce left employers desperate for talented workers to help them rebuild their businesses. As a result, candidates were able to take advantage of the situation and demand more from employers. Now, however, the tides are beginning to turn.
According to Aaron Frankel, VP of Recruiting for CyberCoders, "the power has been in the candidate's hand, but now, the pendulum has swung back to employers."
Let's take a closer look at what might be causing this shift, and how it's affecting the current world of hiring.
There are a few major factors that experts at CyberCoders agree are the major driving forces of this recent shift in the job market.
First, is the increased desire from employers for an on-site workforce. Employers have been trying to incentivize their workers to come back to the office, and our recruiters have been filling more in-person and hybrid roles than fully remote positions across all sectors. That being said, the vast majority of candidates report that their ideal work environment is either fully remote or hybrid, so employers who want candidates on-site should be prepared to pay 10-20% more in salaries.
On-Site, Hybrid, and Remote Statistics Per Industry
Accounting & Finance
Biotechnology
Construction
Healthcare
Manufacturing
Tech
Other
Another driving force that has recently played a role in the shift to an employer's market is a 12% increase in the number of applications over the past year. The increase in applications presents a different challenge; greater interest in positions can make it more difficult to pinpoint candidates with the right skills and experience. Additionally, a McKinsey report found that 87% percent of organizations "know they have a skills gap or will have one within the next few years." This means that employers need to be more strategic when hiring and consider how they can fill their skills gaps with the best talent available.
Furthermore, skilled talent may be more hesitant to switch jobs. Recruiting Director Allyson Cronan Shields reports, "The changing economic climate seems to make candidates a bit more skittish than they were in years past, so it's very important for employers to understand a candidate's reasons for considering them early in the process."
Despite the changes in the market power dynamics, most recruiting experts at CyberCoders agree that the key to attracting talented and qualified applicants remains unchanged. Companies still need to provide comprehensive benefits packages and adequate salaries, while making their hiring process as quick and painless as possible.
After finding the right candidate, it also remains imperative, says Matt Bailey, Recruiting Manager, that workplaces cultivate "an identity and culture even [when] remote."
VP of Recruiting Chuck Cooke also stresses the importance of not dragging out the hiring process, which other experts agree can lead to a loss of qualified candidates and increase in hiring costs.
So, if you're an employer looking to strike while the labor iron is hot, but you're not sure how to find the best candidates or streamline your hiring process, talk to one of our recruiters today. Learn more about our services and how we can help you take advantage of this employer's market before there's another labor shift.
The Best Cities for Employment and the Most In-Demand Jobs
The best cities for employment can vary depending on industry and interests. However, some cities consistently rank high on lists of the best places to live and work. These cities often have strong economies, low unemployment rates, and a variety of job opportunities.
For instance, according to the Bureau of Labor Statistics, northern California cities like San Francisco and San Jose are metropolitan areas that have the highest density of computer and mathematical occupations, as well as the highest-paying ones in the U.S. While New York City ranks first among metropolitan areas in employment for business and financial operations occupations.
There are also a variety of in-demand positions that are projected to grow faster than the average for all occupations. Project management professionals are among the most sought-after, with about 68,100 openings each year, on average, over the next decade.
Another example of this trend is the projected 25% increase in jobs for software developers, quality assurance analysts, and testers from 2022 to 2032. The Bureau of Labor Statistics projects that about 153,900 new jobs for these occupations will be created each year on average over the next decade as well.
According to our own data, these are the most sought-after job titles and the most popular job market locations.
Top 10 In-Demand Positions
- Project Manager
- Superintendent
- Tax Manager
- Tax Senior
- Audit Manager
- Audit Senior
- Estimator
- Software Engineer
- Mechanical Engineer
- Controls Engineer
Top Job Market Locations
- Fort Lauderdale
- Miami
- Pompano
- Atlanta
- Marietta
- Sandy Springs
- Chicago
- Joliet
- Naperville
- Boston
- Cambridge
- Quincy
- Fremont
- Long Beach
- Los Angeles
- Oakland
- San Francisco
- Santa Ana
- Arlington
- Austin
- Baytown
- Dallas-Fort Worth
- Houston
- Round Rock
- Sugar Land
- Long Island
- New York City
- Northern New Jersey
Candidate Experience Remains Essential for Winning Top Talent
What are candidates looking for in a company and during their job search process?
Transparency
Candidates want to know what to expect at every stage of the hiring process, and when they don't, it can cause resentment. This includes knowing what the selection criteria are, what kind of interviews they will be facing, and how long it will take for them to hear back about their application. Transparency can help to build trust and rapport between candidates and employers, and it can also help to ensure that everyone is on the same page throughout the process. Additionally, it's important for candidates to know how their work performances will be evaluated.
Fairness
This is a top concern for job seekers. They want to be treated equally and fairly throughout the hiring process, regardless of their gender, race, religion, or other personal characteristics. They also want to be sure their work performance will be evaluated fairly, regardless of where they are working from. In a recent poll conducted by CyberCoders on LinkedIn, respondents were split evenly on whether or not in-office employees have a competitive advantage over remote workers. This suggests that fairness is a key factor that job seekers consider when evaluating potential employers.
Personal
Our research above showed most companies conduct video interviews for their candidate process. However, some companies have opted for one-way video interviews in an attempt to streamline processes while offering more flexibility for the interviewer and candidate. But employers should also be wary that the lack of human connection can be off-putting for job seekers, while also losing the opportunity for both candidates and employers to build a relationship.
Responsive
A survey conducted by the Talent Board found that candidates who receive timely feedback are 52% more likely to engage with an employer again. This means that it is important for employers to provide candidates with feedback as soon as possible so that they can make informed decisions about their candidacy. Timely feedback can also help to build trust and rapport between the candidate and the employer. When candidates know where they stand in the hiring process, they are more likely to feel confident and positive about the opportunity. This can lead to better candidate experiences and ultimately, better hires.
Using technology to streamline the hiring process without losing the human touch is a way to improve efficiency and effectiveness.
Technology, including AI, can be utilized to screen candidates more efficiently, provide candidates with real-time feedback on applications, and schedule interviews. It can also be used to create a more personalized experience for candidates by providing information about the company and the position they are applying for.
However, it is critical that companies use technology in a way that does not make the hiring process feel impersonal. Candidates should have the opportunity to interact with real people during the hiring process and get a sense of the company culture and values.
Personalizing the candidate's experience by offering job personalization.
When employees feel like their jobs are tailored to their individual skills and interests, they are more likely to be engaged and motivated. This can lead to increased productivity, creativity, and job satisfaction. Additionally, constrictive job titles may hinder businesses more than people realize.
Many employees have skills that transcend their current job titles and might like to use additional abilities that fall outside their job or department description. If an employee has professional experience that spans across multiple roles at a business, they may not only be underutilized, but they may also feel dissatisfaction when they're capable of filling what amounts to a more specialized position.
Providing candidates with clear and concise information about both the job and the company, along with the salary transparency is a must.
It allows candidates to make informed decisions about whether or not they want to apply for the position, and it can help to reduce the number of people who drop out of the hiring process.
Additionally, salary transparency can help to attract more qualified candidates to a company. When candidates know what the salary range is for a position, they are more likely to apply for it. This can lead to a more competitive hiring pool, which can ultimately result in the hiring of the best possible candidate for the job.