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Many senior leaders like you often ask me how the market looks, so this year, I've decided to write down how I see the market every quarter. I'll look to cover the junior to senior roles. Whatever I'm seeing, I'll share.
We have seen a 20% increase in new roles signed off this year compared to Q4 2023. What can this be down to?
Increased confidence across the sector may be the singular most significant factor in an increase. Growth is back for 2024, and NPD is at the top of everyone's strategic agenda.
The first sign of this is the buoyant interim market. Numerous contractors secured long-term contracts across both NPD & Technical to provide customer stability or innovation projects.
With candidates being presented with many choices, manufacturers have to adapt. We're seeing this across process development roles. Manufacturers are now turning to the factory floor and looking to develop any "standout" QA's that could take the step out.
The last factor holding back manufacturers' hiring plans would be increased candidate expectations. Over the last few years, we've seen a growing trend of candidates expecting to be promoted too quick. Whether that's from Technologist to Manager or Manager to Director. There is a reluctance to put the time in to craft their skills. Historically, it was unusual for a candidate to be 'open' to a new role around 12-18 months, but it's now the norm. The potential upshot of this is businesses having to hire short-term contractors to make up for the gap in skills of an individual who has been promoted too quickly.
Typically, Q2 is a strong month for hiring, with the new financial year ultimately meaning new budgets and a chance to increase headcount.
