2023 Q4 Job Market Report: Competition for Jobs Intensifies

If it feels like there has never been a tougher time to look for work, you’re not alone—and you’re likely not wrong.

Competition for Jobs Intensifies

If it feels like there has never been a tougher time to look for work, you’re not alone—and you’re likely not wrong.

According to BioSpace data, the application rate per job increased more than 7% in Q4 (October-December, 2023) compared to Q3 (July-September, 2023). Applications increased by 4% while average job postings decreased by 3%.

Though hiring typically slows at the end of the year, 2023 saw a marked change from 2022 trends. While the number of live jobs in Q4 2023 declined by 23% compared to 2022, the number of applications jumped 52%, causing the application rate per job to increase by 96%.

In a BioSpace survey, 78% of biopharma professionals are going to be looking for a new job in 2024, while an additional 18% will consider the right opportunity.

If you’re holding out for a remote role...

Companies are showing clear preferences for hiring local, on-site candidates over remote applicants. In a recent survey of employers, 57% said they would prefer local hires, up from 38% in 2022—though they would still consider remote candidates for certain roles. Additionally, 27% said they are focused on local applicants, up from 15%.

Source: BioSpace, January-December 2023, biotech jobs live on site vs job applications

Source: BioSpace, January-December 2023, pharma jobs live on site vs job applications

Source: BioSpace, January-December 2023, research & development jobs live on site vs job applications

Source: BioSpace, January-December 2023, clinical jobs live on site vs job applications

Source: BioSpace, January-December 2023, manufacturing & production jobs live on site vs job applications

Source: BioSpace, January-December 2023, sales jobs live on site vs job applications

Chantal Dresner is the vice president of marketing at BioSpace. She analyzes and reports on industry trends including jobs and hiring, diversity, equity and inclusion, and compensation benchmarking. You can reach her at chantal.dresner@biospace.com. Follow her on LinkedIn.
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