🚀 Summarising the job market in 2024

🐢 2024 is definitely challenging and slow in the recruitment market 

Sharing some of my insights:

1. I saw there was an increase of hiring for junior to middle level positions (Ranging HK$25k - 50k) as companies prioritise cost cutting

2. A big drop in senior manager/VP to MD or C-Levels roles (HK$70k or above unless it’s a replacement for retirement or relocation)

3. More and more clients reached out to me to benchmark their current employees to see if they can be replaced with cheaper options

4. Many of the replacement roles are 10-20% cheaper than the original hire. (Meaning the original candidate who resigned might cost HK$50k monthly - the client wanted to replace at a further discount to HK$40k - 45k) 

5. The salary increments this year for making a move were quite low - 10-15%.

6. Retention games have been more difficult as companies could not increase salary to retain. Hence more workload to existing team members when their colleagues resign. Head-counts are hard to get. 

7. Q1-Q3 has been slow but things are starting to pick up in Q4 as we see more clarity in the market 

🌟 What have you observed in your industry?

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