As we step into the promising yet challenging terrain of 2024, job seekers are faced with a dynamic job market. In this article, we’ll explore the current employment landscape, shedding light on both the unfavorable aspects and the positive trends that can impact your job search. Additionally, we will cover what you can do to prepare for the job-seeking journey this year.
With each year, there come unique challenges in the job market. It is advantageous for job seekers to be knowledgeable about the unfavorable aspects in order to make the most of their career journey. Next, we will cover what to be on the lookout for this year.
- Recession & Job Cuts:
Understanding the economic landscape is crucial for job seekers aiming to secure stable employment. There is a mixed consensus on what the new year will bring for the economy and, consequently, the job market itself.
According to The Conference Board, there is a potential for a “short and shallow” recession this year that raises concerns about job cuts. However, the labor market is continually on the rise, and only 13% of CEOs surveyed expect to reduce workers in the next 12 months. If there is a recession in 2024, it should be short-lived, and the job market is expected to bounce back by the end of the year.
Regardless, there is concern amongst jobseekers, with 8 in 10 respondents (78%) expecting a recession in the US in 2024 and 85% worried they’ll lose their jobs in 2024. It is important to note that these concerns are not completely unwarranted. Although the market is not bad, hiring demand is “moderate.” While there was an increase in jobs last year, they were still not up to par with previous years. The job market for 2024 will rely not only on worker demand but also on the rate of hiring and layoffs. In order to maintain a stable market, either job postings or employee retention will need to increase.
- Employee Engagement & Burnout:
Employee engagement continues to trend downward. Although we are past the era of “The Great Resignation,” this trend has been replaced with what has been coined “The Great Gloom.” In order to improve engagement, companies will need to redefine what engagement means to motivate workers and to attract job seekers. Companies offering competitive wages, flexible work arrangements, and career development programs are fairing the best, and companies that prioritize these areas are something that job seekers should keep in mind when seeking out their next career venture.
It’s no secret that balancing work and personal life is essential to maintaining job satisfaction, preventing burnout, and improving overall well-being. A recent survey conducted by MyPerfectResume concerningly revealed that nearly half of jobseekers predict more people will suffer from burnout, and the majority (65%) predict that the labor market will be more stressful than in previous years. In 2024, it is of utmost importance that job seekers find positions that provide a culture that encourages work-life balance.
Job market trends are not all doom and gloom; there are a variety of positive elements that job seekers have to look forward to this year, including the following trends.
- Gig Economy & Flexible Work Arrangements:
One area that is predicted to continue trending upwards is the gig economy. The rise of this trend offers an opportunity for those looking for flexible, on-demand work to make extra cash. According to multiple industry experts, 2024 is extremely promising for the gig economy, with Dan Ives, senior equity research analyst at Wedbush, referring to this year as “the golden age for the gig economy.”
The rise of the gig economy goes hand in hand with the demand for flexible work arrangements. Flexible work, whether it be hybrid or remote working models, is still in high demand for job seekers and is expected to continue in 2024. However, flexibility is trending toward hybrid instead of fully remote positions. Hybrid work has become so popular because this work arrangement “strikes a balance” between employers’ desire for return-to-office and employees’ desire to continue working from home.
- Salary Increases:
Despite economic challenges, certain industries are experiencing salary increases, and 75% of job seekers are convinced there will be pay raises next year. This expectation will create a demand for higher salaries and/or raises. According to SHRM, US employers plan to raise compensation budgets in 2024 by 3.5% for merit increases and 3.9% for total salary increases for nonunionized employees.
Organizations that fail to maintain competitive market wages risk losing top performers to competitors. Job seekers can benefit from researching and targeting sectors that offer competitive compensation.
- Increased Use of AI & Productivity:
Automation and artificial intelligence (AI) are reshaping industries, leading to increased efficiency and productivity. Repetitive and time-consuming tasks can now be automated, creating more time and resources for employees to do more work that makes a difference.
Generative AI is not set to replace workers in 2024 but rather to make their jobs more efficient and enjoyable. With that being said, it is important for job seekers to adapt by upskilling in areas related to emerging technologies and get comfortable with using AI tools in their day-to-day work. Generative AI won’t be going anywhere anytime soon!
What You Can Do
With an exciting new year ahead of us, you might be wondering what you should do to prepare for your job search in 2024. Below are five things to consider to boost your career amidst a dynamic and ever-changing job market.
- Research Industries: Stay Ahead of the Curve
It’s crucial to stay ahead of the curve by researching and understanding sectors that are more resilient to economic uncertainty. Identifying industries with sustained growth potential sets you up for success in the new year and can help provide some more stability and peace of mind.
- Upskill: Invest in Your Professional Growth
The pace of change in today’s job market demands continuous learning and adaptation. Investing in your professional growth by upskilling in areas relevant to your desired industry is always a good idea, but it is an especially important area to focus on in 2024.
You might consider exploring online courses, workshops, and certifications that enhance your skillset. By staying current with industry trends and acquiring new competencies, you not only boost your marketability but also position yourself as a valuable asset in a competitive job market.
- Network: Forge Meaningful Connections
Networking remains an excellent tool for job seekers seeking to forge meaningful connections within their chosen industry. This tactic could include attending industry events, conferences, and seminars to expand your network. It could also entail getting connected with industry professionals on LinkedIn or other social media platforms to start a relationship or conduct an informational interview. Building a robust professional network opens doors to opportunities and insights that may not be visible through traditional job search methods.
- Polish Your Professional Presence: Resonate on Paper and in Person
As you embark on your job search, ensure that your professional documents resonate with your achievements and potential. You should polish your resume to reflect your most recent accomplishments and optimize your LinkedIn profile to showcase your skills and experiences. Additionally, practicing your interview skills can help you to make a lasting impression during job interviews and stand out to potential employers.
- Reach out to a Staffing Agency: Tap into Expert Guidance
Staffing agencies are valuable allies in navigating the intricacies of the job market. You can leverage their expertise to gain insights into current job market trends and connect with opportunities aligned with your skills and career goals.
We hope this article has helped you step into a new year in your career with increased knowledge and confidence. Doherty Staffing Solutions has a team of employment experts who have industry knowledge and insights to help you navigate your career in 2024. If you want to supercharge your job search this year, connect with us today!