Job Market Crisis?

2024 Was the Toughest Year for Job Seekers and Recruiters in Decades – with Geoff Slade

As a career coach, I’ve spent years guiding corporate professionals through the ups and downs of job searching, but 2024 is proving to be one of the most challenging years I’ve ever witnessed. During a recent conversation with Geoff Slade, a recruitment veteran with over five decades of experience, it became clear that this is not just another cyclical dip in the market. This year feels unprecedented in both its difficulty and unpredictability.

What we’re seeing is a job market that’s simultaneously contracting in certain sectors while shifting toward new priorities in others. Job ads are down 13% overall, with the ICT sector seeing a shocking 23% decline. Banking, traditionally a stalwart in corporate hiring, is also feeling the pinch. So where does this leave the corporate professionals I work with—those in their 40s, 50s, and 60s, who have always been able to rely on their expertise and experience to secure their next role? Unfortunately, many of them are finding that the old rules no longer apply.

The Shift in Employer Priorities: Profitability Over Talent

One of the most striking points Geoff made was the shift in employer priorities. While attracting and retaining talent used to be at the forefront of corporate concerns, profitability has now taken center stage. Hiring decisions are being delayed, and companies are scrutinizing every expense, including recruitment. This makes the job search even more competitive and stressful for experienced professionals, who are often used to a more direct hiring process.

For senior professionals, the impact is particularly hard-hitting. They’re used to walking into roles through networks and executive searches, often bypassing the standard application process that junior professionals face. But now, even those in C-suite and director-level positions are finding themselves competing in a shrinking pool of opportunities, and, in some cases, having to go through the same dehumanizing, AI-driven recruitment processes that entry-level candidates experience.

The AI Paradox: Streamlining or Dehumanizing?

A major theme that stood out in my discussion with Geoff was the increasing reliance on AI in the hiring process. While AI tools have made recruitment more efficient for employers, they have also stripped away much of the personal touch that candidates—especially senior ones—are used to. Take, for instance, the situation Geoff shared about two candidates applying for a $400,000-a-year role, only to submit identical applications because both used the same AI tool to generate their responses. This “vanilla-ization” of applications means that candidates are losing their unique edge, something that is critically important in a crowded market.

For professionals in their prime, this trend is both disheartening and dangerous. Many of my clients are shocked when they realize that their application will likely be scanned by an algorithm before it ever reaches a human being. Even more troubling, they often don’t know how to navigate this new world. They’re highly skilled at their jobs, but applying for a job—especially in today’s automated systems—feels foreign and unnatural.

The Return of Office Mandates: A Strain on Flexibility

One of the more contentious developments in 2024 has been the push by many companies to bring employees back into the office. After years of remote and hybrid work models becoming the norm, especially post-pandemic, companies are starting to enforce stricter in-office mandates. Geoff noted that while senior professionals might still be able to negotiate flexibility, junior employees are being asked to return to the office for at least three to four days a week.

This shift comes at a time when work-life balance has become a key consideration for job seekers. In fact, some companies may be risking their retention rates by pushing for full-time office returns. For example, Amazon recently announced that it would require employees to be back in the office full-time by 2025, a move that could alienate high performers, women, and millennials—three groups that are typically more resistant to rigid office mandates.

The tension between corporate demands and personal preferences is a recurring theme in my conversations with clients. Many senior professionals, especially those with families, have come to appreciate the benefits of remote work and are reluctant to give it up. Yet, as Geoff rightly pointed out, flexibility is increasingly tied to performance. If you’re exceeding expectations, companies may be willing to bend the rules for you. But if you’re underperforming or just meeting expectations, the negotiating table is much less forgiving.

Rigorous Assessments: A New Barrier for Senior Candidates

Another disturbing trend I’ve seen among my clients is the rise of comprehensive assessments for senior roles. In the past, professionals with decades of experience under their belt could expect interviews to focus on their strategic vision, leadership qualities, and track record. Now, they are being asked to complete psychological evaluations, math and verbal reasoning tests, and other assessments that feel more suited to entry-level candidates.

Geoff and I both agreed that these assessments, while intended to ensure companies hire the best candidates, often feel excessive—especially when senior professionals are subjected to them. For many, it’s not just about the time investment, though that is substantial. It’s also about the unfamiliarity of the process. Imagine being a C-level executive who hasn’t taken a timed math test in 20 years, suddenly finding themselves trying to prove their basic numeracy skills for a job they’ve spent decades excelling at.

These assessments may be a way for companies to ensure they don’t make costly hiring mistakes, but they’re also a reminder of how the recruitment landscape has changed. Experience alone is no longer enough. Professionals need to prepare for every aspect of the hiring process, from psychometric tests to personality assessments, if they hope to make it to the final interview.

What Does 2025 Hold?

Despite the challenges of 2024, there is a silver lining. Geoff mentioned that, in the last six weeks, we’ve seen some positive signs of the market starting to free up. While sectors like ICT and banking are still struggling, industries such as healthcare, community services, and trades continue to experience growth.

But the key takeaway for job seekers, especially experienced professionals, is that success in this market requires adaptability. It’s no longer enough to rely on past achievements or traditional recruitment pathways. You need to be proactive—whether that means updating your approach to AI-driven applications, learning to negotiate for flexibility, or preparing for assessments you haven’t seen since you were in school.

The good news is that, with the right strategy, opportunities are still out there. Companies will always need talented, experienced professionals, especially as they navigate their own challenges in this evolving market. The professionals who thrive in 2025 and beyond will be those who embrace the new realities of the job search process, without losing sight of what makes them unique.

The future of work is uncertain, but one thing is clear: staying competitive in this market requires more than just experience. It requires a willingness to adapt, learn, and stand out in a way that resonates with both algorithms and human decision-makers.

 

Click here to watch Episode 267 – 2024 Was the Toughest Year for Job Seekers and Recruiters in Decades.

This article was first published on the The Job Hunting Podcast Blog.