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Our latest analysis of the senior UK HR market showed that Q4 2024 saw a reduction in activity compared to Q4 2023 and Q3 2024. Internal moves slowed year-on-year, while external moves fell against both previous periods.
The list of uncertainties – the unfortunate chorus of 2024 – containing domestic and international elections, Labour’s policy vacuum and employer NICs rise, interest rates, wars and geopolitical instability, supply chain issues, trade wars, energy prices, a general lack of economic growth combined with the threat of US tariffs have undoubtedly proved effective at restricting confidence and the willingness of organisations to invest in their HR teams. The drop was not sharp but rather a continuation of the trend of subdued activity.
Over the past 12 months I have often likened the market to a plastic bag in a storm, seemingly moving with little predictability (except downwards) or reason. These numbers somewhat reflect that feeling. It hasn’t moved much from a broad perspective, but it has shifted, and the experience is different based on your specialism and sector background. There are winners and losers varying through periods. For examples, Talent Acquisition dropped by 50% in total market share between Q4 2023 v Q4 2024, meanwhile, the Generalist market recovered somewhat. Org Design enjoyed good periods in both years during Q4 but was weak in Q3 2024. Even the sturdy areas of Reward and HR Operations have fluctuated, albeit to lesser degrees than other functions. That said, this all needs to be seen through a lens of reduced hiring – no vertical was buoyant against typical market levels, some were just less painful than others at different times.
Overall, Q4 2024 was followed a similar pattern to the rest of 2025 – underwhelming. The optimism for the start of 2025 may have been misplaced in January but most will note that February has seen a change for the better. The permanent market is showing signs of restocking and while interim lags, it too is getting stronger with Change and Transformation activity starting to improve. Q1 2025 could yet make for better reading.
Chris Williams is Director of Interim at Strategic Dimensions. If you have any questions on the market trends, or are interested in support with interim recruitment for your team, contact .