Candidates Are Finding it More Difficult to Find Jobs That Meet Their Expectations.
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Job Offers and Job Market Confidence Decreasing
The 3Q24 survey revealed that fewer candidates are receiving multiple job offers; the median number of offers candidates received in 3Q24 was one, down from three in 1Q23. In addition to receiving fewer offers, fewer candidates are backing out. Thirty-three percent of candidates backed out after accepting their offer in 3Q24, compared to 49% of candidates who accepted a job offer and backed out in
For candidates who did accept a new position, only 29% thought they could find a better job if they kept looking, down from 43% last year. The percentage of candidates who said it is easy to find a job with their preferred employee experience dropped from 48% in
Higher Pay and Career Growth Prioritized
'Fewer candidates backing out after accepting a job means candidates are losing faith in the job market and can't be as selective as they were previously,' said
When deciding to accept an offer, candidates most often cited higher pay in their decision (52%), followed by more opportunities for career growth (49%), and better work-life balance (48%). Total rewards - PTO/sick leave, health benefits and parental leave - was cited less as a deciding factor in evaluating job offers.
Despite candidates prioritizing compensation, overall pay increases for new employees plateaued in 2Q24 and 3Q24 after steadily rising for the last year. Fewer candidates reported receiving a signing bonus with 23% of candidates receiving a bonus in Q3 of this year compared to 37% during the same period last year.
Candidates making lateral moves received a 15% pay increase, down from 21% in the beginning of 2024, while those who took a higher-level position received a 29% increase in pay.
Pay Transparency Expectations Grow
Pay transparency continues to be a top driver for candidates applying to new roles, with 72% of candidates reporting they are more likely to apply for a job if the job description includes the role's salary - up 64% in 1Q23.
'Pay transparency legislation has greatly expanded candidates' access to pay information,' said Kohn. 'With compensation as a top decision driver, organizations should be clear about what they are willing to offer new hires and how offers are determined.'
Gartner clients can read more in the report Voice of the Candidate Survey Analysis (3Q24): Competition, Talent Attractors and Pay Expectations
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