Navigating 2024's job market: Insightful predictions by Joel Cheesman and Chad Sowash  

In the prediction 2024 podcast on “The Chad and Cheese Show,” Joel Cheesman and Chad Sowash entered their predictions for the 2024 job and recruitment market, providing a mix of insightful guesses and practical perspectives.

Nonso Onowu on January 17, 2024 Average reading time: 4 min
Share this article:
Navigating 2024's job market: Insightful predictions by Joel Cheesman and Chad Sowash  

Joint Projections by Chad and Cheese for Talent Acquisition and IPO Landscape in 2024

Chad highlighted European startups CV Wallet and Poetry as poised for acquisition and disrupting existing hiring practices. CV Wallet, backed by veteran investor Richard Collins, aims to streamline credentials verification to channel resources towards qualified candidates. On the other hand, Poetry – founded by industry experts Adam Gordon and Mike Hughes – seeks to unify fragmented hiring platforms for enhanced collaboration and user experience. Both leverage smart technology to modernize recruitment.

However, Joel advises tempered expectations on major 2024 IPOs amidst lean funding cycles and unpredictable markets including uncertainties around the 2024 presidential elections in the US, Mexico, Taiwan, India etc. While HR tech players like iCIMS, Greenhouse and Smart Recruiters seem primed for public debuts, global economic uncertainties could prompt delays. Per Cheeseman, an IPO rebound may rely on bold moves by influential giants like Stripe first restoring investor confidence. Absent such catalysts, 2024 may see few impactful headlines of this kind.

In essence, Chad spots potential in European innovation to transform hiring, while Cheeseman stresses stabilizing unpredictable conditions before an IPO surge. But measured optimism allows room for surprises in 2025.

Joel’s forecasts for 2024:

No new Unicorns

Joel’s second prediction for 2024 paints a picture of scarcity, foreseeing no new unicorns emerging in the upcoming year. This outlook stems from the current market’s heightened volatility and high interest rates, prompting the speaker to express skepticism about investors’ hesitancy to allocate substantial funds to the workspace.

The uncertainties surrounding remote work and the global economy add weight to the belief that achieving a billion-dollar valuation for a new unicorn in 2024 is highly unlikely. While acknowledging the potential for his prediction to be incorrect, Joel underscores the prevailing cautious sentiment among investors. He said, “I think there’s a lot of investors that feel burned by putting in so much money into the workspace. Remote work is still kind of up in the air. I think that investors will be gun shy to invest in our space.”

Saying goodbye to a unicorn

In Joels final prediction for 2024, he dismisses the likelihood of major acquisitions, anticipating more modest deals akin to Poetry or CV wallet.

High-performing companies like Deel  and Paradox, having no intention of being acquired, will focus on acquisitions themselves

He asserts that high-performing companies like Deel  and Paradox, having no intention of being acquired, will focus on acquisitions themselves, possibly becoming notable news stories.

Joel predicts a surge in early-stage startup acquisitions due to the rapidly accelerating tech landscape, providing opportunities to acquire promising technologies or struggling ventures. He anticipates an increase in funding for AI-driven startups but rules out the emergence of new unicorns. Instead, he foresees the demise of an existing unicorn, highlighting instances like Beamery and Oyster, which have faced layoffs despite earlier substantial funding.

Unicorns, with inflated valuations, may face closures or become acquisition targets

He speculates that such unicorns, with inflated valuations, may face closures or become acquisition targets, marking a significant shift in the startup landscape. His prediction is met with agreement, citing concerns about overblown valuations and the potential for CEOs to face repercussions before witnessing the downfall of unicorns.

Chad’s projections for 2024:  

The Demise of Twitter’s Hiring platform

Chad’s second prediction for 2024 is all about Twitter’s hiring platform, now called X., drawing comparisons with the challenges encountered by industry giants Google and Facebook in the job-related services arena. 

The narrative highlights the historical context, citing Facebook’s past difficulties that led to the shutdown of its jobs product and Google’s challenges with discontinuing its jobs API and Google Hire ATS.

This historical perspective sets the tone for the prognosis of Twitter’s hiring platform, emphasizing the formidable obstacles it confronts. Despite Elon Musk’s efforts to rejuvenate the social media company, Chad humorously points out that, even after being renamed X-Hiring platform, it still clings to the Twitter URL.

The analysis not only highlights the complexities involved in sustaining such initiatives but also points to potential repercussions for LinkedIn.

Amidst X struggles, LinkedIn emerges as a strong contender, positioned to attract businesses and users migrating away from Twitter

Amidst X struggles, LinkedIn emerges as a strong contender, positioned to attract businesses and users migrating away from Twitter, thereby enhancing its own revenue. In essence, the 2024 forecast suggests that, taking cues from the experiences of Google and Facebook, Twitter’s hiring platform may struggle to navigate the challenges, potentially creating an opportunity for competitors like LinkedIn to assert dominance in the market.

Emergence of a dominant AI player

Chad’s third prediction for 2024 anticipates the rise of a dominant AI player in the HR and talent acquisition (TA) field. In the midst of competition from general platforms like ChatGPT, Claude and Googles Gemini which is the long awaited response to ChatGPT, furthermore, Chad anticipates a specialized HR and TA player will utilize OpenAI’s model.

Distinguishing itself from other platforms, this AI player will provide genuine, data-driven solutions and offer limited free access to its platform for the public. Chad foresees this strategic move propelling the brand ahead of larger competitors in 2024.

He also suggests that embracing AI could position certain players to become unicorns, underlining the significance of AI in the tech landscape. Chad and his co-host agree that AI will be a prominent theme in the HR and TA industry throughout the year, despite potential concerns about an AI bubble.

Read more:

 

Share this article:

Premium partners View all partners

Intelligence Group
Ravecruitment
Recruitment Tech
Timetohire
Werf&

Read the newsletter about total talent acquisition.