As 2024 draws to a close, many of us are preparing for some well-deserved rest, relaxation, and indulgence in festive treats. Here at Block Recruit, we’ve taken a moment to reflect on the trends and challenges that shaped the job market this year. From salary trends to the rise of AI and the evolving preferences of candidates, here’s our roundup of 2024:

Salaries: A Steady Plateau

In contrast to the sharp salary increases seen in recent years, 2024 brought stability. Salaries across most roles remained consistent, with fewer significant hikes than previously observed. While this may indicate a settling job market, it could also reflect cautiousness among employers amidst broader economic shifts.

Market Consolidation: Fewer Choices, Bigger Players

This year, we’ve seen another wave of smaller independent firms being acquired by larger corporate entities. For candidates, this consolidation means fewer options and less diversity in potential employers. For clients, it means tougher competition to compete for top-tier talent.

Outsourcing, National Insurance, and Corporation Tax

2024 also saw a notable rise in outsourcing. Companies are increasingly turning to external providers, particularly for roles like administration and accounting. We have seen an increase opening of international offices to assist with talent shortages in the UK and the ever-increasing salary demands. With increases in national insurance and corporation tax looming over businesses, these trends are likely to accelerate. Companies may need to reassess their operational strategies to stay competitive. The Block Management sector has one of the smallest profit margins when compared to other industry sectors, and employers of all sizes are struggling to keep up with the financial demands of this.

Home Working: A Non-Negotiable for Many

Remote work continues to hold its ground as a top priority for job seekers. Approximately 90% of candidates now express a preference for roles offering some form of home working arrangement. Companies that can meet this expectation find themselves better positioned to attract and retain top talent. Flexibility isn’t just a perk anymore—it’s a necessity. If you are a fully office-based employer, you will find it difficult to remain competitive against others in the sector.

The 4-Day Working Week: A Growing Trend

In 2024, we noticed a slight shift toward the adoption of the 4-day working week, with a few managing agents taking the leap. This change is creating a buzz, with others inquiring about our white paper on the topic. The reduced workweek has been touted as a way to improve work-life balance, increase productivity, and boost employee satisfaction. It’s a trend gaining traction, and we anticipate more companies exploring its feasibility in the near future.

AI: Changing the Job Landscape

As AI continues to thunder ahead as one of the most transformative technological advancements of recent times, its impact on jobs in the sector is becoming increasingly apparent. From automating routine tasks to enhancing decision-making with predictive analytics, AI is reshaping roles across industries. While some fear job displacement, others see opportunities for roles to evolve and for new positions to emerge. It’s clear that AI will play a pivotal role in the job market, creating an exciting yet challenging few years ahead for employers and candidates alike.

What Do Candidates Want?

The modern workforce has clear expectations. Candidates are looking for:

• Homeworking: Opportunities to manage personal and professional responsibilities effectively.
• A manageable workload: Realistic expectations to prevent burnout.
• A supportive culture: Organisations that value their teams and foster a sense of trust and flexibility.

In short, the key to attracting talent in 2024 is not just about competitive salaries but also about creating an environment where employees feel valued, empowered, and trusted.

What Do Employers Want?

Employers, on the other hand, have their own set of priorities when seeking the right talent. These include:

• A stable CV: A demonstrated history of loyalty and commitment in previous roles.
• Aligned salary expectations: Compensation requirements that match a candidate’s experience and skill set.
• Hybrid working flexibility: A willingness to embrace a hybrid model with some days spent in the office to foster collaboration and team culture.

Understanding these expectations is critical for candidates aiming to make a strong impression in today’s job market.

Looking Ahead

As we move into 2025, businesses will need to navigate these trends carefully. Adapting to candidate demands, staying competitive amidst consolidation, and managing the economic landscape will be critical. The influence of AI, along with economic and cultural shifts, promises an evolving landscape for us all to navigate.