Job Market 2024: A Roller‑Coaster in the Professional Services World
January’s numbers burst onto the scene with a 25% jump in new job openings for professional services when we compare it to December. On the bright side, the hiring market is throwing a small party with +25,000 new listings online, a 7% rise from January 2019.
But Hold on – The Year‑On‑Year Drop
Life isn’t all sunshine. The same month in 2023 recorded job growth that was 20% lower than in 2022. Inflation’s big roar, post‑pandemic fatigue, the financial sector’s wobbling, and ongoing global tensions turned the market into a lobster‑waving ride.
Data Sources: Vacancysoft & Robert Walters
- Vacancysoft’s analytics show a bright horizon amid the hiccups.
- Robert Walters confirms the field is still re‑opening.
Recovery – A Layer of Hope
Despite dips in some sectors, the story today shows that professional services are not all that bleak. “After the pandemic’s wild turbulence we’re slowly climbing back,” says James Chaplin, CEO of Vacancysoft. “2023 actually outpaced 2019 in total postings – that’s a promising sign,” he adds.
What’s Next? 2024 Predictions
Chaplin’s forecast whispers a modest gain for 2024, though it’s expected to taper off as the election wind sweeps through the country. It’s a gentle nudge, but a nudge in the right direction.
Bottom Line
While 2024 wants to move past 2023, the professional services sector is stirring slowly with renewed interest. Keep your coffee warm, people – the hiring ride is gearing up for more stops.
Accounting
Accounting’s Winter: When the Big Four Hit Pause on Jobs
Huge drop in job listings this January
Less than half the usual hiring. In 2023, the accounting world saw a 40.8 % plunge in January vacancy activity compared to the five‑year average from 2019‑2023. That’s a big feather‑thin compared to the bustling 2022 season.
Numbers that paint a grim picture
- Big Four (KPMG, EY, Deloitte, PwC) tossed out almost three-quarters (74.9 %) fewer vacancies than last year.
- Job‑posting heat has cooled to the level of ice‑packed tea this month.
Skills gap: The invisible contractor that drove the decline
While the world scrambled to recover from the pandemic, a hidden talent crunch emerged in 2022. Companies found themselves baring fireside walking without the skilled folks to keep the lights on. In response, many firms had to winnow through fresh opportunities, turning back part of the workload. That left job seekers out in the cold.
CEO loudspeakers: Chris Eldridge on the talent struggle
Chris Eldridge, CEO of Robert Walters UK, put it like this:
- “Back in 2022, the talent shortage forced accountancy firms to go head‑to‑head for the crème de la crème. We saw a flurry of recruiting sprees.”
- “Fast forward to 2023, the demand for services has fizzled out. Even the Big Four are cut‑ting back.”
- “Those figures don’t reflect the entire sector. They mainly show firms climbing the internal ladder and investing in training, instead of adding fresh hires.”
Bottom line
As the accounting fever cools, many firms are pivoting to train-from-within, and the job market is tightening. So if you’re keen on a seat at the boardroom table, now might be the perfect time to sharpen your skills and be positioned when the cold snaps soften again.
Tech
Tech Tumble 2023: Still Reeling, But There’s a Silver Lining
Last year’s tech hiring crisis was nothing short of a plot twist. A pandemic‑driven hiring frenzy led to a massive wave of layoffs, and venture capital dry‑up on the side of startups made it hard for new talent to find a lap. The industry is still pulling itself out of the quicksand, but the fire‑wall still manages to crack out a few openings.
Why the Down‑turn? (Quick‑Fire Summary)
- Over‑hiring during the pandemic predicted a boomerang exit when the world settled.
- Lay‑offs became the norm for many once‑glorious stacks.
- VC money sipped away, leaving fewer funds to back fresh projects.
The Skills Still in Demand (Financial Faves)
Even in the chill, a few skillsets are hot ice‑cream in the tech freezer:
- Information Security – the eternal guard against digital gremlins.
- Software Engineer – up +2% year‑over‑year, still the classic “detail‑oriented genius.”
- Data Scientist – soaring +6% YoY, experts can’t get enough of turning numbers into rockstars, especially in finance.
Chris’s Crystal Ball
“During the pandemic the tech industry gorged on exponential growth, and the fall afterward was almost written in the stars,” he says. “But the field is still recovering, and there are key areas expected to grow in 2024: Artificial Intelligence, automation, and the ever‑crucial information security & cyber‑security—areas with real promise.”
Bottom Line
Tech hiring may still have a pothole, but the bright spots in security, AI, and data keep the job market jostling on. Grab your harness; the descent is easing, and upward climbs await those who can decode the latest tech secrets.
Banking and financial services
Banking & Finance Hiring Still Holds Its Ground
Despite the swirling global economy, the banking and financial services sector seems to be riding a steady wave. Two things are keeping it afloat:
- Tech integration – From FinTech startups to cutting‑edge generative AI and automation, the industry is tightening customer experience.
- London’s appeal – The capital remains a magnet for international firms looking to tap a mature financial hub.
Paycheck Pulse from Robert Walters 2024
According to the latest salary survey, demand for operational roles continues to command top dollar. For instance:
- Investment Analysts at the AVP/Associate level are pulling in roughly £110k per year.
- Associate‑level Regulatory Reporting specialists are earning about £90k annually.
The numbers show the sector is no ditch‑water job; it’s still paying handsomely for key skill sets.
Is the Financial Field Immune to Cuts?
“The banking industry has stayed blue‑sky blue so far,” says our source. But it’s still catching a few punches. In particular, a surge in corporate taxes being owed to the government threatens to squeeze competitive edges.
Because of that, firms must be calculated in their hiring: a cautious approach now could keep the domains strong later. It’s a balancing act – enough talent to stay ahead, but not so many hires the budget can’t keep up.
Bottom line
Banking hiring remains robust thanks to fierce tech integration and the draw of London, yet it’s under pressure from rising payroll and tax obligations. Companies that stay nimble and mindful of their numbers will walk the tightrope better than those that don’t.
Legal
Legal Recruitment Reboot: From Star‑ved Palms to Sweet‑Spot Skills
After the pandemic, a sudden talent drought left firms over‑paying for fresh legal talent. The result? Entry‑level lawyers ended up with hefty salaries, as the market tried to pull in what little talent the industry could muster.
Now the Bottleneck Has Pulled Its Leg
With the pandemic dust settling, law firms are turning to new cost‑cutting strategies. In January, several City law firms sent out a memo: reduce your hours or take a voluntary pay cut—all to dodge the need for layoffs amid a slowdown.
Regulatory Law: The Hot Talent Avenue of 2024
Regulatory compliance is the red‑hot specialty for 2024: job postings in this area have jumped by +30 % over the past year.
AI & Cybersecurity: The New Legal Super‑Skills
- AI expertise has surged by an astounding +137 % among UK legal professionals in the last year—and the trend is only heading higher.
- Cybersecurity skill‑sets have risen by +47 % year‑over‑year, proving that protection is now as crucial as litigation.
Chris explains: “The legal market remains resilient, especially in regulatory specialisms, thanks to the flood of new bills and policies rolling in 2024.”
AI and Cybersecurity: New Arrows in the Legal Arsenal
Companies are now deploying AI applications across their operations, and the courts are busy untangling liability issues and intellectual property challenges that arise. These are the key skill areas that law firms are looking for in 2024.
Risk, compliance & financial crime
2024’s Compliance Crunch
What’s on the horizon for 2024? A tide of new rules, from beefed‑up crypto checks to tighter anti‑fraud mandates. Compliance and risk law boots are the hot commodity. The market’s turning into a whirlwind of hiring demands.
The Drivers Behind the Buzz
- GenAI – The AI wave is making regulators and criminals smarter.
- Financial crime regulation – Rules are tightening faster than a squirrel in a nut factory.
- Cryptocurrency – Digital coins keep leaving new loopholes behind.
- Digital fraud & cyber‑crime – Threats are going stealth‑mode, so defenses have to step up.
Chris’s Take
“The finance sector’s digitisation, paired with the GenAI/crypto surge, has turned risk compliance into the law firm’s equivalent of a hot new pop‑culture trend. That demand is set to keep climbing all year long,” Chris says.
Career Numbers in Quick‑Fire
2022 was a hiring jackpot. Last year was a tough gig – job openings slid 32.45% from pre‑pandemic 2019 levels. January 2024 trended down 15.6% versus 5‑year averages, but there’s a silver lining: many professional services are still pushing out those coveted role‑listings, and even the internal hiring wheels are grinding full steam.
What’s Next?
Even if the headline numbers look modest, companies are still roping in talent behind the scenes. The green shoots of growth are already prying at the doorstep – professional services are holding onto the resilient vacancies in the hottest specialisms.
Stay ahead on the pulse. Grab a coffee, dive into the details, and subscribe—your personal board‑room briefing is just a click away!
