The media and marketing recruitment markets are facing ongoing challenges, with a decline in both vacancies and applications observed in the first quarter of 2024.
Research conducted by the Association of Professional Staffing Companies (APSCo) sheds light on the current state of hiring within these sectors.
Data from Veritone Hire (formerly Broadbean), the world’s largest network of job boards, reveals a significant decrease in both vacancies and applications within the media and marketing sectors during the first quarter of 2024. This decline reflects the persistent challenges that employers are grappling with amid an uncertain economic landscape.
Continued Decline in Permanent Roles
Vacancies in the media and marketing sectors have been on a downward trajectory over the past year, with the trend persisting into 2024. The data indicates a 49% decrease in new permanent roles for media and a 23% decrease for marketing in the first quarter of this year. This decline underscores the ongoing hesitancy among firms to expand their workforce amidst economic uncertainty.
In addition to the decline in job vacancies, professionals within the media and marketing industries are displaying a growing reluctance to pursue new opportunities. Application numbers have seen a sharp decline, with a 53% drop in media and a 70% drop in marketing since the beginning of the year. March also recorded the lowest number of applications in the past 12 months for both sectors, reflecting a cautious approach among job seekers.
Insights from APSCo
Ann Swain, Global CEO of APSCo, acknowledges the challenges faced by the media and marketing markets, noting fluctuations in activity over the past year. Despite a promising start to 2024, the recent decline in vacancies and applications raises concerns among employers, recruiters, and job seekers alike. Swain hopes that this downturn is temporary and not indicative of a broader trend in these skill-short industries.
As the media and marketing sectors navigate economic uncertainty, the latest data highlights ongoing challenges in recruitment and hiring. With vacancies declining and professionals displaying reluctance to change roles, stakeholders in these industries are closely monitoring market dynamics in the hope of a swift recovery.
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