Q3 Hiring Market Update
9th Oct 2024
In our Q3 2024 Recruitment Update, we bring you expert insights across In-house Marketing, Agency Marketing, and AdTech.
Q3 In-House Marketing Update
Q3 saw shifts in hiring activity. Instead of growth hiring, businesses often focused on retention and backfilling roles. We also saw a recurrence of redundancy rounds, with some companies implementing the cost-saving measures that numerous tech businesses rolled out last year.
Candidate Challenges
Across the board there is a high degree of candidate activity, but one common problem for hiring managers has been the quality of applicants. The rise of AI has increased the number of irrelevant applications, overwhelming talent teams and creating a false sense of ease in filling roles. Don’t get it wrong, there are some great individuals on the market. But time to hire and candidate experience is being impacted.
What's Working?
Expertise in screening and vetting candidates continues to play a key role in streamlining the hiring process. Internal Talent teams have faced cuts and underinvestment and are now handling increased workloads which can slow the recruitment process. We recently supported The Body Coach App in managing over 1,000 CVs, enabling their team to book interviews within a week for a critical role. Together, we successfully turned around a challenging hire, demonstrating how external support can complement internal capabilities during busy periods.
Looking Ahead
As we enter Q4, workforce planning for 2025 is becoming a priority for many businesses. Certain sectors are beginning to focus on growth again, companies are raising capital, and we are seeing early signals of a positive shift in the market. Growth with caution, not at all costs!
Q3 Agency Marketing Update
Hiring has surged recently, with many agencies actively recruiting despite Q4 typically being quieter for network recruitment. This uptick is particularly evident in paid social and programmatic roles, marking a shift from the PPC-favouring market earlier in the year. In addition, the junior talent pool remains buoyant.
Shifts in Demand
Remote and D2C roles continue to be in high demand. We’re also seeing fewer traditional performance marketing roles, with more emphasis on creative-focused positions. As AI continues to exert its influence, marketers are seeking to diversify their skill sets and stand out in new ways.
Preparing for Black Friday
September is always a busy time as agencies ramp up for Black Friday. However, many network agencies have exhausted their budgets by now, creating an opportunity to stand out for those still looking to bolster their teams. With plenty of strong candidates available, now is the time to act if you want to secure top talent for Black Friday, or to kickstart your 2025 workforce planning.
Q3 AdTech Update
For AdTech employers, the market is still slow at the senior end. When senior roles are open, employers can take their pick from a wide range of eager candidates, creating a prime opportunity for companies to secure experienced professionals. However, companies should still look to be competitive with their offering to avoid the risk of losing these hires if salaries begin to climb again when the senior market shifts.
Focus on Junior Roles
We’re seeing a change in salary trends, with pay for junior and mid-level roles increasing, while senior-level salaries have dipped. Many businesses are leaning towards hiring at the junior and mid-level, likely aiming to nurture talent internally.
Sector Growth
Despite a competitive job market, new roles are regularly being advertised, especially in emerging sectors like Retail Media. This sector is gaining popularity and attracting professionals eager to make their mark in a fast-growing industry. With growth and trust in the market, Q4 is shaping up to be an ideal time to hire.
If you’re currently hiring or looking for a role in any of the above areas, don’t hesitate to get in touch with us.