The Wave Q3 2024 Recruitment Trends Report shows a notable rise in candidate activity despite a slight dip in job postings. This pattern indicates a shift in the market, where candidates are increasingly seeking roles while opportunities may be becoming more selective. With applications rising significantly, this quarter presents challenges and opportunities for recruiters to manage the heightened competition among job seekers.
Quarter Snapshot
- Jobs posted: Decreased by -1% in comparison to Q2 2024.
- Applications: Increased by 22% from the previous quarter.
- Average applications per job: Increased to 24, up by 5.
- Most active industry (jobs posted): Education at 21%.
- Most active industry (applications received): Manufacturing with 18%.
- Wednesday: Most jobs posted (22%), while Monday saw the most applications (18%).
- Job Boards: CV-Library with most jobs posted at 15%, while Totaljobs received the highest % of applications at 39%.
Jobs and Applications by Month
Throughout Q3 2024, job applications surged, particularly in August and September, with increases of 58.8% and 48.1%, respectively, compared to 2023’s averages. However, job postings have seen declines, especially in August (-22.1%) and September (-8.6%), continuing a trend of reduced postings seen earlier in the year. Despite this, July saw minimal changes, with only a -1.1% drop in postings.
Jobs and Applications by Quarter
On a quarterly basis, Q3 2024 shows a significant rise in applications (+45.5%) despite a -10.6% decrease in jobs posted compared to the 2023 average. This growing disparity between job opportunities and applications underscores a market with a high number of job seekers competing for fewer roles, a critical trend for recruiters navigating this tight candidate pool.
Jobs and Applications by Industry
The most active industries in Q3 2024 were Education, responsible for 21% of all jobs posted, followed by IT & Internet (14%) and Health & Nursing (11%). In contrast, Manufacturing received the highest percentage of applications at 18%, followed by Health & Nursing (16%).
This contrast between job postings and applications highlights the competition in these sectors, with industries like Education and IT & Internet seeing significant job listings but lower levels of corresponding applications.
Average Application per Job by Industry
In terms of average applications per job, Management Consultancy led with an impressive 294 applications per role, followed by Retail & Wholesale (105) and Media, New Media & Creative (92). On the other end, Not-for-Profit & Charities, Construction, and Education saw fewer applications, with averages of 10, 10, and 9 respectively.
This stark contrast between the highest and lowest industries indicates varying levels of competition across sectors, with specific fields experiencing a flood of candidates while others struggle to attract applicants.
Jobs and Applications by Channel
Job boards continue to dominate as the primary channel for recruitment in Q3 2024, responsible for 85% of all jobs posted and 89% of applications, with an average of 20 applications per job. Websites followed, accounting for 14% of jobs posted but receiving only 10% of applications, averaging 4 applications per job. Social media remains a minor channel, representing only 1% of job postings and applications, attracting an average of 3 applications per job.
Average Application per Job Board
When examining the average application rates per job board, LinkedIn outperformed with 58 applications per job, followed by SECSintheCity (53) and JobServe (48) among niche job boards. Meanwhile, Totaljobs remained a strong performer with 26 applications per job, though platforms like Reed.co.uk (14) and CV-Library (12) saw fewer applications.
This analysis highlights the effectiveness of niche boards like SECSintheCity in attracting more applications per job, alongside the continued strength of general job boards like LinkedIn.
