This Is How The Job Market Will Probably Look Like In 2024

Predicting the job market with absolute certainty is challenging due to the dynamic nature of economic, technological, and societal factors. However, analysts use various methods such as economic indicators, industry trends, labor market data, global factors, etc.

With 2024 around the corner, employees (especially those in the hunt for a job or change in job) may find themselves wondering about the how and if the job market is expected to change in the next year. Career coach Emily Durham, Senior Recruiter and Talent Acquisition Expert based in Canada says that the job market in 2024 will see the following major trends:

Back to office

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Post the pandemic, many companies went hybrid only because they knew that if they did not, their employees were going to leave in search of remote work. This was in direct response to employees' expectations since at the time, it was a candidates' market.

But now, years after the pandemic, it is no longer a candidates' market and employers have the upper hand. As a result, we already see companies increasing the days of 'work from office' from 2 to 3 to now 4 days.

So 2024 onwards, expect to return back to office full time.

Your resume will take a back seat

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ChatGPT and other similar AI tools have made it easy for candidates to have well-written resumes. Having a good and well-written resume is thus no longer exceptional - it is expected and quite the standard.

To stand out from the crowd and get a job in 2024, you need to focus on networking and on things computers can't do for you.

Lay offs will continue

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The wave of job cuts which reached its peak in 2023 is still not over yet.

The intensification of job cuts - attributed to a range of factors, including the uncertain global economic landscape, inflation, ongoing supply chain challenges, and a deceleration in revenue growth - is going to continue even in 2024.

Gig economy

Gen Z is more likely than any other generation to have a side hustle i.e. a small ownership, in order to pay the bills rather than relying solely on corporate organisations who may lay you off any moment.

Durham predicts that companies are either going to encourage side hustle culture or go the total opposite way and make it tougher for you to be a small business owner.

These predictions thus mean that if you want a new job in 2024 or you want to get promoted, you need to focus on your professional relations. So, networking and focusing on your communication skills may provide you the edge over others.

2024 may be a challenging year, job-market wise. But knowing these challenges and preparing your strategy accordingly will definitely give you an upper hand.

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