Three in ten brands expect higher recruitment levels in the first three months of 2024, according to IPA Bellwether data shared exclusively with Marketing Week.
The data reveals a slight uptick in hiring intentions, with 29.7% of companies expecting hiring to increase in the next three months, up from 28.5% last quarter.
Should job-seeking CMOs be optimistic for 2024? This increased figure is double the percentage expecting a decline (14.8%).
And the percentage of firms foreseeing employment levels staying the same has also risen, from 54.7% last quarter to 55.5% this quarter.
A net balance of 14.8% expect to see growth in their teams, up from 11.6%, as hiring intent returns to positive growth following three consecutive quarters of decline in 2023.
While hiring intention has made “modest” gains this quarter, it tracks well above the average hiring intent of 10.6% since IPA Bellwether began tracking the metric in 2016.
How will 2024 shape up for junior and mid-level marketing recruitment? But recruitment is not out of the woods yet. Surveyed marketers cited challenges in enticing recruits due to competition for skilled staff, the cost of living crisis and wage pressures as causes for concern. However, some marketers reported that candidate availability is improving.
The data is in line with market expectations, with the first few months of the year stereotypically representing market movement and fresh starts for employees and businesses, according to recruiters.