Editor’s Note: This story originally appeared on MyPerfectResume.com.
What awaits employees and the labor market in 2024?
MyPerfectResume surveyed nearly 1,900 US workers and asked them to share their predictions and trends for 2024.
The study provided important insights into job opening trends, job burnout, and the long-term future of work.
In addition, if you have concerns about a potential recession or layoffs due to artificial intelligence, rest assured that we have information to share.
Without further ado, here’s what our 2024 Workplace Trends survey revealed!
Recession and job cuts
Many of MyPerfectResume’s findings clearly indicate the negative feelings that exist from job seekers. Their concerns are related to various aspects of the labor market.
Starting with respondents’ general predictions, 8 out of 10 respondents (78%) expect a recession in the US in 2024, and 85% are worried that they will lose jobs in 2024.
This expectation is a cautious view of many people, highlighting their concerns about the stability and health of the global economy.
However, it is important to note that economic forecasts are influenced by a number of factors. While the concerns of those tested are valid, they also provide an opportunity for mental strength and adaptability.
Job competition and returning to the office
Of those surveyed, 69% believe job competition will increase by 2024. What does it mean for employees? Staying engaged in professional development, continuously growing, and diversifying their skills to stay competitive.
Bad news for job seekers here: 61% expect hiring processes to be long.
Our respondents were also asked about their thoughts on work models, especially remote work. Almost half (45%) predict a decrease in remote job openings.
Staying with the topic of work models, almost 9 out of 10 people (87%) believe that more companies will introduce return to office (RTO) policies.
Consider this a positive trend. The resurgence of office work is not confined to the cubicle but paves the way for a powerful combination of in-office collaboration and home-based productivity.
AI and new technologies
In addition to returning to offices, people fear AI and new technologies.
Eight out of 10 respondents (78%) fear losing their jobs due to the rise of AI.
Are these concerns justified? At this point, most technologies require people to work effectively, so expect close collaboration.
We recommend checking out the best AI developers if you’re planning to update your resume in the new year and are interested in seeing how AI can benefit your job search.
Be aware of your mind
Of the respondents, 62% expect the labor market to be more stressful than in previous years.
Additionally, 40% predict that more people will experience job burnout by 2024. In addition, 35% say that the number of people who are stressed by work will remain the same, while 25% hope that fewer workers will experience burnout.
These statistics point to the challenges and demands that workers expect to face, highlighting the increasing awareness of health challenges.
In an evolving and demanding work environment, these findings underscore the critical need for people to be more aware of their physical and mental health, ultimately promoting a sustainable and balanced approach to work and life.
At the same time, these statistics encourage employers to implement strategies that promote employee well-being and prevent burnout.
Expanding the gig economy, rising wages and demand for workers
There is also good to come. 67% think the gig economy will continue to grow in 2024.
This trend suggests that more workers are embracing alternative work arrangements, seeking more flexibility, and exploring the possibilities of the gig economy. It also shows the growing acceptance of non-traditional employment structures.
And it’s not just the gig economy that will flourish – 72% think there will be a huge demand for professionals by 2024.
This promises that organizations will increasingly value the expertise and niche skills included in your resume, in line with the growing complexity of various industries and the evolving needs of the global economy.
Employees please do not forget the importance of continuing education and professional development.
Money talks
The financial situation of the workers also promises to not get worse.
Sixty-nine percent of respondents agree or strongly agree that most people will quit by 2024 if they don’t view their paychecks as rewards. At the same time, 68% say employers must pay more to retain workers in 2024.
These ideas lead to several conclusions. First, it is clear that salary considerations remain an important factor in job satisfaction and retention. Employers who fail to offer competitive salaries may risk losing valuable talent to competitors who are willing to pay more.
Second, the data highlights the potential for increased bargaining power among workers in 2024. As more workers seek higher wages, job seekers and current employees may feel emboldened to ask for better compensation packages.
A pay raise? Here they come. In fact, 75% of respondents are certain that there will be a pay rise.
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