The global economy has been in a state of flux since 2020, which has had a profound effect on the job market. This article covers some of the employment trends for 2023 and the future.
2020 was an eventful year. The COVID-19 pandemic took the world by storm, shutting down several businesses and necessitating the need for newer business models. The post-pandemic economic slowdown resulted in massive layoffs, especially in the tech sector. These employment trends have been interesting, to say the least, and they’re indicative of the job market in 2023, 2024, and beyond.
In this blog post, we’ll take a look at:
Key employment trends for the year 2023
How these employment trends will continue in 2024 and beyond
Throughout 2023, employers continued to face a number of challenges. These included quiet quitting, economic slowdown, competitive talent landscape, and the ongoing debate on going 100% remote or implementing a hybrid working model.
Here’s a look at five employment trends that made headlines in 2023 and how they’ll impact the future job market:
At this point, we’ve all heard of quiet quitting. It’s where employees refuse to go above and beyond to meet job expectations, and they prefer to do the bare minimum amount of work instead. When employees engage in quiet quitting, the organization is still able to retain people, but it loses out on productivity, motivation, and key skills.
In 2023, several organizations introduced quiet hiring. This allowed them to combat quiet quitting by rerouting existing employees to areas of the organization that needed resources. Employers often reward this type of lateral move by offering better compensation, one-time bonuses, additional paid time off, and other benefits.
For 2024, this employment trend is likely to continue. Organizations will prefer internal hiring over external hiring and provide specific upskilling opportunities to encourage existing employees to take on complex projects. This means that you’ll have the opportunity to explore more career options within your organization instead of looking elsewhere.
Before the pandemic, employee stress and burnout was a cause of concern, but it was not given enough attention. Post-2020, employee stress grew to an all-time high. According to a State of the Global Workplace 2023 Report, nearly 60 percent of employees reported high stress levels at their jobs.
The pandemic and post-pandemic recovery aren’t the only two things exacerbating workplace stress. The economic uncertainty, global political turbulence, and social issues over the past few years are resulting in decreased productivity, quiet quitting, no-notice quitting, and workplace anxiety.
In 2024, organizations will likely invest more in providing emotional support to employees. This could include proactive tests, more paid time off, a four-day work week, allotted wellness time, no-meeting Fridays, and other measures to help employees manage stress. Employers may also consider hiring counselors to coach and train managers to handle workplace conflicts and difficult conversations.
If there’s one thing that’s certain, at least for now, remote and hybrid working arrangements will be staying. In 2024, the debate on remote working could get heated, and it doesn’t show any signs of slowing down.
Since the work-from-home (WFH) arrangement benefitted non-essential staff members the most, 2024 could be the year when remote and WFH options are extended to frontline staff members, including the manufacturing and healthcare sectors. If you’re working in any of these sectors and you’re looking for a more flexible working arrangement, you may want to consider negotiating WFH.
The introduction of ChatGPT has raised a lot of questions on whether AI will replace human beings and how it will impact the overall recruiting process on a global level. In 2024, most of the arguments on AI might involve AI-bias, i.e., how will organizations that leverage AI tools for the purpose of recruiting ensure transparency in the process?
It’s reasonable to say that organizations that rely on AI for recruiting new talent could face increased scrutiny from various governmental agencies and ethical watchdogs. They could potentially be required to submit and publicize their AI audit data and provide a proof of transparency when using AI tools.
Another aspect of debate in 2024 could be whether AI will replace human beings. This holds especially true for non-essential job roles that can easily be automated. At this point, it’s hard to say whether that will ever happen given the limitations posed by AI and the increasing scrutiny of all tech companies. But for next year, you can expect this argument to continue.
Perhaps the biggest employment trend is that the world is now moving toward hiring Gen Zers. Born in the late 1990s to early 2000s, most of Generation Z have now graduated from college and are ready to enter the workforce.
While the new generation is much more tech-savvy than their predecessors, research indicates that more than 50 percent of Gen Zers believe they lack the skills to succeed at work despite their education.
In 2024, erosion of soft skills, such as communication, leadership, and conflict negotiation, could be a big cause of concern for employers globally. While this seems bleak, there is a silver lining. If you work on developing certain intangible skills, you can stand out among other job applicants and have a better chance of landing your dream job.
With the ever-changing economic landscape, there will be several new types of jobs worth considering. If you’re looking for your next big career move but don’t know where to begin, check out our job search services and discover a variety of options based on your skills and interests.
The global economy is in a state of uncertainty, with the pandemic, political instability, and the erosion of soft skills being one of the biggest concerns for employers everywhere.
While the overall employment trends seem to indicate more uncertainty in the years to come, there is an opportunity for job seekers who are willing to invest in professional development.
One of the best ways to stay ahead of the curve is to consider investing in tangible skills and developing a growth-oriented mindset.
Asad's writing expertise lies in the fields of HR and marketing—putting him in the unique position of understanding the job-search process: both from the side of the applicant, and the side of the hiring managers. With this valuable blend of perspectives, he’s able to help his clients position themselves as top candidates for their desired roles.