2024 Q4 Job Market Report
As we approach the end of 2024, industries are actively planning their talent strategies for the coming year. With rapid advancements in technology and shifting market demands, employment trends vary widely across sectors. This report delves into the latest talent needs and trends within key industries—semiconductors, software, retail, biotech & healthcare, and finance—offering insights to help both companies and job seekers navigate future opportunities.
Retail Industry Job Market Trends
Utilizing Consumer Insights and Data to Develop New Business Models
Despite conservative consumer behavior in 2024, retailers and e-commerce operators can leverage customer data to enrich their CRM databases and gain valuable insights (e.g., shopping habits, frequency, and spending). These insights can help create new business models to attract more consumers.
Adecco recommends that companies adopt communication strategies from the consumer’s perspective to effectively monetize data and traffic, thereby strengthening the brand-consumer connection.
High Demand for Data and Traffic Monetization Talent
In an era where data and traffic are paramount, there is increasing demand for roles focused on data analytics, CRM, and traffic monetization. As Q4 is traditionally a busy season for retail, many companies are seeking candidates with experience in both physical and e-commerce operations and expertise in CRM and data analysis.
Advice for Job Seekers
For those aiming to enter the retail industry in Q4, Adecco suggests developing multitasking skills and bolstering OMO (Online Merge Offline) digital marketing capabilities. Proficiency in CRM and data monetization strategies will enhance candidates' competitiveness in the job market.
Life Science/Healthcare Industry Job Market Trends
Strong Growth Momentum Expected in 2025; Increased Recruitment Needs in Q4
Adecco forecasts strong growth momentum for certain biopharmaceutical and healthcare companies in 2025, with some companies proactively recruiting in Q4 2024 to meet their workforce needs for the upcoming year.
High Demand for Marketing, Sales, and Emerging Medical Field Talent
With major new drugs expected to enter the Taiwanese market in 2025, there is a high demand for talent in marketing, sales, and medical affairs, particularly among multinational pharmaceutical companies. Additionally, the emergence of fields like cell therapy and new regulations for medical devices have created demand for individuals with cross-functional experience, such as those with both sales and marketing expertise.
Valuing Digital Skills and Cross-Functional Experience
With the rapid adoption of digital technology post-pandemic, healthcare companies place a premium on candidates proficient in digital tools. Experience across different fields is also an asset. As AI and smart healthcare continue to advance, companies prefer candidates with experience in system implementation and AI applications, as well as those with strong learning and adaptability skills.
Financial Industry Job Market Trends
Digital Transformation in Finance Prioritizes Digital and Risk Management Skills
Apart from filling positions due to attrition, the financial industry is expected to keep Q4 hiring moderate while planning for next year’s recruitment needs. As digital banking, electronic transactions, and online services become more prevalent, demand for professionals skilled in data integration, analysis, and risk management continues to grow.
The rise of Bank 4.0, which provides services via smartphones, has heightened demand for talent capable of using fintech to meet consumer needs, strengthen customer relationships, and deliver convenient services. Additionally, companies need professionals skilled in using technology for regulatory compliance, risk assessment, and understanding consumer behavior.
Increased Demand for Risk Control, Compliance, and Cybersecurity Roles
The financial industry places high importance on risk control, compliance, and cybersecurity, particularly as digital transformation has increased reliance on cloud solutions and virtual assets (e.g., cryptocurrency). Demand for these roles has grown due to enhanced regulatory and security needs.
FinTech Transforms Decision-Making and Consumer Interactions
The rise of FinTech has significantly influenced the industry’s decision-making processes and interactions with consumers. Technologies such as AI, machine learning, and big data are reshaping operations, allowing for automated services and instant customer interactions. FinTech's popularity has increased the need for cybersecurity roles while reducing customer loyalty. Companies are now using AI and machine learning to detect unusual behaviors and enhance data security, preventing unauthorized access to cloud systems.
Software Industry Job Market Trends
Competitive Salary and Career Development as Key Talent Attractors
With a high number of skilled candidates actively job hunting in Q4 2024, companies are advised to offer attractive compensation packages and evaluate the competitiveness of their products and services. Providing robust career development opportunities is crucial for attracting and retaining top talent.
Advice for Job Seekers
Given the intense competition with highly qualified candidates, job seekers should enhance their resumes to capture employers' attention. During interviews, showcasing communication, problem-solving, adaptability, and teamwork skills is essential. Job seekers should also continuously develop their technical and soft skills to maintain a competitive edge.
ML and Data Roles in High Demand Amid AI Growth
Adecco has observed a significant increase in demand for machine learning (ML) and data-related talent in the software industry. However, these roles have higher entry requirements. For ML positions, companies emphasize data analysis skills, while data-related roles such as Data Engineer, Data Knowledge, and Data Scientist require candidates to clearly outline their strengths and ensure alignment with job requirements.
Articulating Company Culture and Core Values Helps Attract and Retain Top Talent
Adecco has found that cultural misalignment is often a primary reason for unsuccessful hires. Companies are encouraged to clearly convey their culture and core values during the hiring process, which can help attract candidates who are not only highly skilled but also aligned with the company's vision.
Semiconductor Industry Job Market Trends
The Rise of Emerging AI Technology Drives Demand for R&D Talent
Global resources are increasingly invested in AI-related fields, especially in software and hardware development, leading to a surge in demand for R&D engineering talent. However, as the profitability outlook for AI remains uncertain, the need for Sales or Project Management (PM) roles is lower compared to R&D positions.
Demand for IC Design Engineers Rebounds, While Sales and PM Roles Await Recovery
Adecco's observations indicate that the semiconductor market has grown by about 10% in 2024 compared to the previous year. However, due to the wide gap between AI and non-AI markets, the job market exhibits a polarized effect. With companies actively investing in semiconductor R&D, the demand and compensation for IC design engineers are both on an upward trend. In contrast, demand for Sales and PM roles has remained steady, with fewer openings and lower salary increases compared to the pandemic era.
Two AI-Driven Trends in IC Design Roles
- Development Tools: The integration of generative AI models into IC design tools, such as EDA (Electronic Design Automation) tools, is shortening design timelines, prompting companies to seek candidates with AI-related skills for IC design teams.
- Products: Generative AI (GenAI) has created a surge in semiconductor demand, with companies focusing on developing ASIC, RISC, and GPU architectures and actively recruiting skilled professionals in these areas.
Leveraging DEI to Discover Talent
Many companies struggle to find suitable semiconductor talent due to the inability to offer competitive compensation packages. Adecco recommends that companies adopt a Diversity, Equity, and Inclusion (DEI) approach, widening their talent search beyond age, gender, and nationality to uncover high-quality candidates.
Advice for Job Seekers
Adecco suggests that job seekers engage with multiple companies to gain insights into salary expectations and assess their skill levels, or seek advice from headhunters. This multi-faceted approach helps job seekers identify their competitive strengths and make well-informed career decisions.
Related News
2024 Q4 Job Market Report
As we approach the end of 2024, industries are actively planning their talent strategies for the coming year. With rapid advancements in technology and shifting market demands, employment trends vary widely across sectors. This report delves into the latest talent needs and trends within key industries-semiconductors, software, retail, biotech & healthcare, and finance-offering insights to…
2024 Q2 Job Market Report
Global Macroeconomic Assessment and Outlook The OECD Economic Outlook report, released in May, signals a positive turn in global economic prospects, with an ongoing economic recovery gaining momentum. Nevertheless, the pace of worldwide economic expansion remains modest. According to the May forecast, the OECD anticipates global GDP growth for 2024 to remain stable at 3.1%,…
The-War-for-Talents
《The War for Talents》 As the world enters a new post-pandemic normal, it is also facing energy, environmental and economic challenges, making the global labor market, which has long been affected by sub-replacement fertility, even more grim. In July 2022, the Adecco Group Taiwan conducted the Talent Shortage Survey on 328 human resource executives and…
2022 Taiwan Salary Guide
《2022 Taiwan Salary Guide & Job Market Insights》 The Adecco Group Taiwan investigated the labor and salary market conditions for ten major industries in Taiwan and released the “2022 Taiwan Salary Guide & Job Market Insights” report. The report provides insight into the emerging opportunities and market challenges that various industries in Taiwan. In addition,…