Based on Hirewell’s numbers, anyway.
We have 3 indicators that hiring is picking up. And 1 that says we’re not quite there yet.
1. Pipeline
As much as I hate to get excited about business-that-might-happen-but-hasn’t-yet, the turnaround in January vs the 2nd half of 2023 is pretty remarkable.
+65% increase in potential net new client projects. (January 2024 compared to the average of H2 2023.)
That’s an enormous uptick. And the first 2 weeks of February have been at the exact same amount.
2. New Agreements
88% of our new agreements this year are retained. Companies don’t maybe need help. They definitely need help.
(Friendly reminder that contingent recruiting is the dumbest business model in the history of business models. I’m overdue on a contingent rant…)
3. Revenue
January was our biggest month in over 12 months. <insert rocket ship emoji here>
It’s not just forward looking metrics of potential hiring. It’s actually happening.
4. New Jobs Orders
The one that isn’t quite there yet: January net new job orders were exactly the same as the H2 2023 monthly average.
Taking these 4 data points together, what does it all mean?
👉Everyone is making plans. But not everyone is moving forward (yet.)
👉The companies that are? They’re serious about hiring. Offers are going out and roles are being filled.
It’s not a V-bottom bounce back. But I’ll take it.
Partner at Hirewell. #3 Ranked Sarcastic Commenter on LinkedIn.
