Job candidates…does it seem like finding a new job in 2024 is more difficult than usual? This trend began to emerge on the eve of the New Year. In December 2023, nearly 70% of people surveyed said their current job search was more challenging than their last one.  

If this is your perception or experience, it’s not your imagination, and the struggle is certainly not about your marketability. You’re still golden! Just know that this gradual shift in the job market right now is real – but more importantly, the slowdown is not unexpected.  

We’d like to explain why job seekers are struggling to find work and offer solid advice to stay at the top of your game in pursuing opportunities this year. Simply put, it does take more effort to land a new job in 2024.  

If you’re experiencing job search challenges, start here: Know the facts. Stay positive. Keep networking. And make a connection with a good talent recruiter. In other words, buckle up and work it, and you’ll be in a much better position to land a job you really want.  

Here’s what is changing in 2024 – and why  

In a nutshell, the post-pandemic hiring surge is over. You’ll recall how employers were very aggressive in rebuilding their staffs after significant downsizing during the pandemic. The global demand for talent across all industries created a long-lived candidate’s market in which job seekers could selectively choose the jobs and employers they wanted. Opportunities were so plentiful over the past few years that many people moved from new jobs to more attractive ones in short periods of time.  

But this hiring surge was bound to level out and that time has arrived. The proverbial pendulum is slowly swinging the other direction.  

• The U.S. Labor Department’s June 2024 jobs report showed employers added 206,000 roles, down from 218,000 in May. 

• Unemployment has ticked up to 4.1%, inching above 4% for the first time since November 2021; however, it remains historically low.  

As shared in July by Jeanne Whalen, economics reporter for The Wall Street Journal, “The red-hot hiring and rock-bottom unemployment that helped millions of workers find new gigs, boost their wages, and reinvent their careers are giving way to more prosaic [ordinary] times. While the market is still healthy by many measures, signs of difficulty are creeping in.”  

Claudia Sahm, chief economist at investment firm New Century Advisors echoes Whalen in saying that, “The labor market cooled back to a strong place. This is a good labor market. But it’s not clear if the cooling is done.”   

As a result of the shift so far, unemployment rates are not only edging up, but notably, quit rates among workers are dropping, signaling that the Great Resignation may also be over, giving way to what’s referred to as the Big Stay. At least for now.  

We dug into our own data to validate the hiring shift  

At Goodwin Recruiting, a Forbes Best Recruitment Company, we have more than 300 recruiting partners and a substantial nationwide talent pool. We looked at our own internal talent placement and job market data and can affirm what has been happening in the hiring market at large thus far in 2024:  

• In the second half of 2023, we sent out an average of nearly six job candidates (5.9) to employers for each open position to achieve a job placement.  

• In the first half of 2024, the number of candidates we sent out for each open position grew to nearly eight (7.6) to achieve that same placement.  

• That’s a 28.8% increase in the effort required of both our job candidates and recruiters.  

Good news: This is not occurring across all industries – and other bright spots  

Even though the 2024 job market may be creating distressing conditions for a lot of job seekers, many sectors of the U.S. economy are experiencing growth opportunities. Whalen noted that the mid-July economic update from the Federal Reserve’s regional banks reported that while most regions described signs of labor-market cooling, employers in the manufacturing, engineering, accounting, and other industries are still struggling to find skilled workers. Job openings also abound in healthcare and education, and in growing fields like digital technologies and green jobs.   

She also cited how layoff rates remain low, with many businesses holding on to employees they struggled to find during the labor shortage, and that it’s the hiring rate that has come down to a level a bit below pre-Covid times.   

In other encouraging news, workers’ pay continues to rise in the United States with average hourly earnings up 3.9% in June 2024 from the year before – higher than before the pandemic and still outpacing inflation, which was 3.3% as of May. This year, employers are focusing more on employee retention by offering competitive salaries, benefits, and transparent salary information.  

What can you do to navigate a changing hiring market?  

Sharpen your approach to your job search: Phil Rosenberg, president of reCareered and a leading career coach, offers three things job seekers can do to improve their job searches and results in 2024:  

1. Do more of what’s important to hiring managers: Hiring managers look for people who understand their priority problems (rarely included in a job description) and have solved similar ones – people with a strong track record of improving team/company performance, and who they can trust. 
2. Do less of what hiring managers don’t care about: Hiring managers don’t care how many resumes you’ve sent out or how many jobs you’ve applied for. If you’re trying to speed up your job search by applying to a higher number of jobs, you’re doing more of what’s not working, hoping to get lucky. 
3. Recognize that portraying yourself as qualified is too low of a goal: Hiring managers expect to see 50-100 qualified candidates competing for 10 interview spots in 2024. To mitigate the risk of rejections, use your resume and interview time to show you’re far better than just qualified. 

Work with a trusted recruiter to help you land your next role faster: If you would like to make the above three tips work to your greatest advantage, connect with a talent recruiter to fuel your search. Here’s why:  

1. Recruiters have a wide reach and strong connections with leading employers: Here at Goodwin Recruiting, we have thousands of clients and a network of candidates we’ve built over our 25+ years in business. We have the network, connections, and exclusive job opportunities you’re looking for to accelerate your job search and success in landing the most fitting and rewarding position.  
2. Recruiters zoom in on top jobs tailored to your skills and experience: One of the most difficult parts of job hunting is that it’s time-consuming and complex – particularly for people who are currently employed. Time is a premium. A great recruiter saves immeasurable time and eases your journey by ensuring your resume is top-notch, matching you with viable opportunities, scheduling in-person and video job interviews, assisting in compensation negotiations, and supporting you in the hiring process.  
3. Recruiters give it to you straight: We are honest and transparent about what qualifications are needed for open positions and offer insights into the industries, cultures, and work environments of prospective employers. Further, we’re professional career coaches, providing advice and help in preparing for interviews and many other valuable tips to give you a greater competitive advantage.  
4. Recruiters protect your confidentiality: This is especially important to our candidates who are currently employed, but it applies to every candidate. For example, we never submit a resume to a hiring company without the job candidate’s prior consent. 
5. Recruiters truly want you to succeed – today and throughout your career: Your success is our success, and nothing makes us happier than helping a candidate land an amazing job. We provide guidance on career development, help you identify and market your strengths and goals, and save you time in advancing your career.  

Take heart: Opportunities abound and we’re here for you  

Even though U.S. hiring has fallen below pre-pandemic levels, the hiring market is still very healthy and robust. Let us help you navigate the job market and get you on your way to the next step in your career.  

Search available jobs through Goodwin Recruiting. 

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Make a connection today with a leading talent recruiter. 

We look forward to supporting you in 2024 and beyond!