Main reason hiring will improve in 2024

I hate predictions but here we are

Main reason I’m hopeful hiring will increase in 2024:

👉Interim staffing was unchanged between 2022 and 2023.

I know, I know. “James wtf does that even mean? And why do you think hiring will uptick?”

Interim solutions are 1/3 of our service offerings. That includes everything that isn’t a full time hire: contract recruiters, fractional execs, freelancer design or marketers, contract tech talent, temporary finance & accounting talent, payrolling services, etc.

I’m not afraid to admit that our overall business was down in 2023. Around 25%.

But interim solutions were *unchanged.* Zero drop off in a down market.

Why is that important?

Historically, dips in the hiring market look like this:

1. Cut contractors 👉 2. Layoff FTEs 👉 3. Hire contractors 👉 4. Hire FTEs

We did steps 1-3 all happen within an 18 month period. If history repeats itself again, FTE hiring is next.

For the record, I don’t think we’re having another decade long hiring bull run until VC’s get more free money to burn via 0% interest rates. But the signs for some sort of 2024 improvement are there.

(Friendly reminder that no one can predict the future, least of all recruiters.)

Full episode of Hirewell Data Insights: Hiring Trends Q1 2024 here.

James Hornick

Partner at Hirewell. #3 Ranked Sarcastic Commenter on LinkedIn.