iCIMS Insights December Workforce Report: 2024 at a glance

December 16, 2024

 

Rhea Moss

5 min read

The year’s end is here, arriving alongside the traditional holiday slowdown, which is more dramatic than in years past. This month’s Workforce Report unpacks the December drop-off, plus:

• 2024 by the numbers.
• The power of the candidate experience.
• Grads’ changing expectations.
• The promise (and peril?) of AI.

Dawdling into December

Activity across all three iCIMS platform indicators dropped in November. While this kind of deceleration is normal for the holiday season, the hiring slowdown was more dramatic than usual. Hires decreased by 20% month over month and job openings fell 14%. Applications likewise dropped 10% from October, though they’re still up 8% from November 2023.

The only metrics that ticked upward this holiday season were quit rates and unemployment. According to the U.S. Bureau of Labor Statistics, quits rose for the first time in 17 months this October. And in November, unemployment rose from 41.% to 4.2%.

Over in the EMEA region, the job market experienced similar slowdowns. Job activity dipped 8% month over month. Mysteriously, however, application volume remained robust, up 36% compared to this time last year.

Considering the low unemployment rates and tight labor markets in both the E.U. and the U.K., the influx of applications may forecast a strong start to the new year. Less optimistically, of course, it could just mean more work for recruiters before the holidays.

The 2024 job market at a glance

Next, we’ll take a look at the highs and lows of the job market in 2024.

• Top application days: The application rates reached new heights at three points throughout the year — late July, early January and mid-September. The application rate bottomed out like clockwork on federal holidays.
• The magic of Tuesdays: According to iCIMS data, Tuesday is the most popular day of the week for job seekers to submit applications. It’s also the most popular day for employers to open jobs — and make job offers.
• A case of the Mondays: iCIMS data reveals that European employers avoid making job offers on Mondays. Like in the U.S., Tuesdays and Wednesdays see the bulk of both candidate and employer activity.
• Most wanted jobs: Hot jobs include occupations in computers and mathematics; business and finance; and transportation and material moving. It’s worth noting that blue collar opportunities are experiencing a resurgence in popularity as workers seek stability.
• Least popular jobs: Jobs that saw the lowest applications per opening rate include those in community and social services; healthcare support; healthcare practitioners and healthcare tech.

For more insights like these, download the December Workforce Report.

Looking back to look ahead: 2024 in trends

Let’s take a look at 2024 and the trends that shaped it. From the power of the candidate experience to the rise of artificial intelligence (AI), the trends of 2024 emphasized the changes coming to the world of recruiting.

A stellar experience is no longer just a nice-to-have

Candidate expectations are higher than ever, which means that recruiting teams can no longer function as relationship managers. Instead, they must view themselves as experience builders.

This shift is important in recruiters’ ability to capture candidate attention. It also impacts business outcomes. iCIMS 2024 Talent Experience Report revealed that when over half of job seekers encounter a negative application or interview experience with a potential employer, they are less likely to be a consumer of that brand.

This finding should motivate recruiters to provide a stellar candidate experience. A high-touch, fast-moving, on-brand hiring process will not only result in quality hires — it will also protect the company’s bottom line.

What grads really want

Flashy perks like nap pods and breakroom kegs may have wowed entry-level talent in the past. But these benefits no longer dominate the wish lists of recent grads.

Instead, graduates desire stability and opportunities for growth. They may appreciate an office decked out with scooters and slides, but what they’re really looking for is a workplace that offers them work-life balance and a chance to dig into the career they worked hard to attain.

In fact, according to iCIMS Class of 2024 report, 43% of respondents said they desire a long-term career path with a single employer.

Unfortunately for new grads, the competition for entry-level roles has quickly heated up. Applicants per opening for such jobs grew 13% between May 2023 and May 2024.

AI’s promise, and CHROs’ concerns

According to an iCIMS survey of CHROs in early 2024, 90% of HR leaders believe recruiters will morph into strategic talent advisors to the business. For this transformation to occur, however, talent teams will need more time in their day for strategic work.

Leveraging the right AI tools will make this shift possible. Proactive talent teams are already experiencing the benefits of AI. According to 500 TA pros, AI tools are saving them almost 2.5 hours a week on average and 64% would like even more AI in the TA process.

Despite these benefits, a third of TA pros fear AI will replace them or make their role obsolete, according to iCIMS 2024 Talent Experience Report. It’s not just internal AI use that has recruiters raising their eyebrows. Nearly 90% of recruiters say that candidates’ adoption of AI in the application and interview process has caused serious concerns.

Attitudes surrounding AI differ in the European region. European HR leaders are eager to adopt AI, according to iCIMS 2024 CHRO Report. In fact, 69% of U.K.-based CHROs plan to implement AI in their recruiting strategies.

This enthusiasm has caused concern among some HR leaders, however. AI integration is a top business concern for twenty-eight percent of French and 21% of U.K. CHROs.

When it comes to candidates, AI use is just as popular in Europe as it is in the U.S. Seventy-nine percent of U.K. grads and 85% of French grads have considered using AI in the application and interview process, according to iCIMS U.K. and French Class of 2024 Reports.

Ready to learn more valuable talent insights?

Download the full December Workforce Report.