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We’ve received numerous requests from both candidates and hiring managers within the Perceptor Network for insights and trends in the market. This year’s recruitment landscape has been unpredictable, and it looks set to remain complex through the summer months ahead.

Market Overview: Opportunities and Challenges

The recruitment market continues to experience a cyclical downturn, creating a challenging environment for job seekers while offering better prospects for employers. Recent data from Seek indicates a significant decline in job listings – down 11% in September 2024 compared to September 2023, which was itself down 18% from the previous year. As these figures reflect the ongoing post-COVID correction following a period of unprecedented hiring, or COVID bubble it’s important not to panic. The story of 2024 has been the normalisation of the recruitment market withing the context of a shallow economic downturn.

For job hunters, these conditions can be frustrating, but for companies looking to hire, there is an expanded pool of candidates to choose from which is a good news story. Across the major sectors, the technology industry appears to be the weakest, while FMCG shows relative stability. All functions or job disciplines are feeling the effects of this downturn, including accounting and technology recruitment, which are experiencing similar challenges to those in marketing, digital, and sales.

In-Demand Skills

While it’s hard to generalise across all sectors, some key themes in skills demand have emerged:

  • C-Suite Leaders: Companies are seeking executives who can navigate change, manage ambiguity, drive growth, and excel at stakeholder management. The expectations for these roles have risen significantly over the past five years, and the rewards are substantial for those who meet them.
  • Marketing: The recurring theme in marketing roles is the need for efficiency and optimisation. Organisations are eager to maximise their martech investments, which have been a focus for the past five years. This trend is most pronounced in services sectors who have invested the most in martech, data and digital capability. In FMCG, hiring is predominantly seen in mid-sized companies aiming for innovation and product development.
  • Digital & Data: Demand in this area centres around improving efficiencies and ensuring investments yield results, moving away from the capability-building focus of recent years.
  • Sales: Companies are generally not looking to fill strategic account manager roles (they are focussed on retention of their teams) but are focusing on new business development and “hunter” positions. While this is limited across sectors, opportunities do exist.

Stand Out from the Crowd

If your organisation is debating whether to hire, we strongly encourage you to push ahead! Waiting for better economic conditions will put you in competition with numerous companies all trying to hire at once. From our 25 years of experience at Perceptor, we’ve observed that hiring freezes often lead to simultaneous recruitment surges, resulting in a scramble for candidates with similar “hot skills,” reminiscent of the digital/ecommerce boom during COVID.

Currently, the quality of candidates in the market is the best we’ve seen since 2020. Considering it typically takes six to twelve months for new hires to truly add value, now is the time for savvy companies to make their move.

2025 Forecast

Predicting market trends is always tricky, but we see two potential scenarios for 2025 based on interest rate movements:

  • Scenario 1: If the RBA cuts rates in February, consumer and corporate sentiment will improve. Companies may begin hiring again, shifting focus from cost-cutting to revenue growth. This could lead to increased investment in marketing, sales, and digital roles, slowly rebuilding throughout the year.
  • Scenario 2: If the RBA maintains rates due to persistent inflation, consumer spending may decline further, prompting both cost-cutting and selective hiring at senior levels as CEO’s can no longer wait for the RBA to stimulate growth for them. This would lead to continued market instability, echoing the challenges of 2024.

New Service Launch: Perceptor Career Hub

At Perceptor, we are committed to being long-term partners as your career evolves. We’re excited to introduce the Perceptor Career Hub, featuring partnerships with industry-leading experts in:

  • Executive Coaching
  • CV Writing/Personal Branding
  • Marketing Training/Skills Development
  • Interview Coaching
  • International Mentorship Program
  • Employment Legal Advice & Support
  • Leadership Coaching (Online)

 

DO YOU NEED HELP?

If you need help recruiting or for your own next career move please contact me on mark@perceptor.com.au

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