As 2023 came to a close, New Breed released a State of HubSpot presentation that gives us a glimpse into what 2024 will bring for the hiring market. These are a few of the key points that will have major impact on hiring top talent:
- Companies are beginning to abandon the “grow at all costs” mindset and lean into a profitability focus
- At the end of last year only 7% of companies in the HubSpot ecosystem were predicting to hit their revenue goals
- HubSpot is embracing AI, which could mean more AI focused hires
- 80% of companies are considering switching to HubSpot that are using other similar platforms, meaning an increase in demand for HubSpot talent is coming
What does this mean for hiring top talent and how do I prepare?
Candidates are more likely to have competing offers
As the HubSpot ecosystem is shifting and companies are putting a larger focus on profitability to hit their revenue goals for 2024, locking down top talent is a huge part of that. That combined with the number of companies switching to HubSpot, the candidate market is becoming extremely competitive. With that in mind it is becoming more likely that candidates will have competing offers from other companies.
Companies may need to offer more money to their hires
Typically, we see candidates begin looking for a new job for more money, especially in our current economic state. That combined with the likelihood that a candidate will have a competing offer, companies need to be prepared to offer higher salaries for their roles than they did last year. This can come in different forms, from better benefits, to a highly enticing bonus plan, to the standard base salary.
Interview processes need to be quick and precise
Interview processes being too slow is one of the biggest reasons companies lose out on hiring a top tier candidate. To keep this from happening, we recommend to keep your interview process to a max of 2-3 interviews and have a hire/no hire decision on a candidate within 10 business days of their first interview.
HubSpot roles are becoming more focused
As HubSpot continues to mature and develop, more and more we are seeing that HubSpot roles are requiring specific niche skills. Companies will need to put more focus into career path planning and job titles that complement these paths.
2024 is gearing up for lots of changes for hiring within the HubSpot ecosystem, make sure you and your team are ready and have a competitive edge!