3 key takeaways
- The job market in 2024 will have some wins and losses for job seekers.
- AI may shift the job landscape but offer new job opportunities.
- Teal’s AI Resume Builder helps you easily revise your resume for every job.
To stay relevant in your career, you need to understand future job trends, and how they affect your job.
The labor market in 2023 was a mixed bag. On paper, unemployment was relatively low at 3.7% in December 2023, according to data from the Bureau of Labor Statistics (BLS). That’s slightly higher than the year before at 3.5%. The numbers tell one story, but if you look at the pervasiveness of layoffs on LinkedIn across media and tech jobs, it’s clear at minimum we’re in a “vibecession” where widespread pessimism persists regardless of reality. The numbers don’t detail the struggle many job seekers face and the significant impact of unemployment on mental health.
Wherever you’re at in your career, here are some key job market trends to look out for in 2024:
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The future job market in 2024: an overview
According to Morningstar, economic growth is projected to slow down and increase the unemployment rate to 4.2% in 2024. So the labor market in 2024 may face some subtle changes in unemployment, but may also see a significant shift in certain areas.
Namely, remote work versus return to office, the rise of artificial intelligence (AI), and higher demand for green jobs fighting climate change. Job seekers not only need to be aware of these shifts but also adapt to take advantage of the best employment opportunities.
Using Teal, you can level up your resume when applying for various job roles. Using Matching Mode, you can compare your resume with the job description to show you meet the right skills and expectations required in today’s labor market.
You’ll get a score with advice on how to improve your resume to make sure you highlight skills required in the job description. Do this with all the job openings you’re applying to with Teal’s Resume Syncing feature, so everything is perfectly tailored for each role.
6 predicted future job market trends
Work is being redefined in a post-pandemic world and comes with a lot of questions. Will you need to return to work full-time? How long does it take to find a job? Will AI take your job? How do you narrow down the career paths you should focus on? Looking at key trends to predict the future of jobs may provide some answers.
As technology continues to evolve, the needs of both employers and employees are shifting. To stay ahead of the curve, here are six future job market trends to watch out for in 2024:
1. More competition for remote work
The battle against remote work is still raging. While remote work was more widely adopted out of necessity during the pandemic, many employers have since ordered employees to return to the office.
Some have offered flexible work arrangements, such as a hybrid work environment where employees come into the office a few days per week and work at home the rest of the time.
But one of the persistent job trends of the future is more competition for remote work. These coveted positions are in high demand but with limited availability.
Remote jobs in the U.S. lowered by 9% between January 2022 and December 2023, according to the 2024 Global State of Remote and Hybrid Work report by LinkedIn. The report found that only 10% of job listings were remote yet received 46% of all job applications as of December 2023.
So if you’re looking for remote-only positions, expect higher competition. To help boost your chances, learn in-demand skills (hard and soft skills) and craft your resume to match the needs of remote job descriptions.
2. Rise of AI and automation
There’s a lot of concern around the rise of artificial intelligence (AI) and automation displacing workers and human labor. ChatGPT and other generative AI tools have been both widely lauded and feared. Regardless of your stance, these tools have significant implications for the labor market.
Automation job trends
This isn’t new. While some positions will be phased out by automation, other positions will take their place. For example, factory work was replaced with robotics, creating new jobs in engineering. Cars replaced horse-drawn carriages and launched the auto industry.
Automation may take over roles with repetitive tasks like data entry and entry level positions. But new job roles will be created for people with specialized future skills, such as critical thinking, data-driven decision making and advanced understanding of new technologies like artificial intelligence.
Rising automation job roles
AI job trends
The demand for AI and machine learning specialists is projected to increase by 40%—or one million jobs—according to the Future of Jobs Report 2023 by the World Economic Forum. So despite widespread concerns, AI may bring job creation for skilled workers with expertise in data science and data analysis instead of job displacement.
Rising AI job roles
- AI engineers (NLP and prompt design)
- Natural language processing (NLP) engineer
Embracing artificial intelligence by learning future skills like ChatGPT, machine learning, and reviewing how no-code automation tools may impact your field can help you stand out in the labor market in 2024 and beyond. Technological advancements will continue to change at a rapid pace, so being ahead of the curve can have a significant impact on your career.
3. Increasing demand for green jobs
Preserving the environment and combating climate change are pivotal issues right now, and the market for green initiatives is growing rapidly. Various industries are working to become more environmentally friendly, such as the auto industry.
You know the industry is growing because there are tax credits available for consumers who buy new clean vehicles.
Renewable energy is focused on using the power of solar and wind for sustainable agriculture, waste management and more—leading to new job creation. The clean energy industry is in demand. Biden’s Inflation Reduction Act helps consumers with energy costs while creating jobs in clean energy. But there is a lack of workers who have the specialized skills needed for these positions, according to Quartz. If you have an interest in sustainability, clean energy, and helping the environment and are willing to learn, there is an increase in demand for green jobs.
In 2022, clean energy jobs rose in all states leading to a 3.9% increase and an addition of 114,000 jobs, according to the Department of Energy (DOE). This made up more than 40% of total employment in energy jobs. Additionally, sustainability roles represented three of the top fastest-growing job postings on LinkedIn in recent years.
Green jobs are hot (and can hopefully help the planet avoid getting hotter). If you’re passionate about sustainability, best time to apply for jobs that align with your values could be now.
4. Tech volatility causes more job movement
Tech giants like Google and Amazon have ushered in the new year with mass layoffs. If you’re in tech, you may be worried about about your job stability
The job market in 2024 could include an increase in tech layoffs, but it’s not all bad news. Given the trend toward AI and automation, other positions like AI prompt engineers will help rise to the occasion. Tech employees may also find other sectors may need their skills and abilities. According to Kyle Samuels, founder and CEO of Creative Talent Endeavors:
“This year we're expecting to see a rise in technical roles at traditionally non-technical companies. With the rapid onset of AI, non-technical businesses like the food industry, and non-technical departments, are all looking for ways to inject AI into their operations.” More and more we are seeing these businesses come to us looking for people with AI experience or to run a new AI department. As layoffs at large tech companies continue, we'd expect to see many of those laid-off employees land in senior-level roles at non-technical companies."
5. DEI cutbacks (and consequences)
Diversity, Equity, and Inclusion also known as DEI is facing cutbacks that don’t seem poised to change in 2024. Many of the programs implemented in 2020 are gone or going.
Slashes to DEI programs can affect company culture and also employees and job seekers. Advocates of DEI programs may look for other job opportunities elsewhere. According to Daniela Herrera, founding partner and advisor of Advocacy and Awareness at Allies in Recruiting:
“While some companies will continue to defund and cut their DEI efforts and commitments, job seekers will continue to prioritize companies with Inclusive Hiring practices, psychologically safe work environments, and equitable processes and systems.”
6. Focus on employee wellness
Pandemics. Protests. Wars. Violence. You’re probably aware of how difficult the past few years have been. All of these events have taken a collective toll on our mental health and physical health.
And you know what’s hard to do if you’re dealing with mental health struggles or physical ailments? Work and be a productive employee.
So one of the key trends you can expect to see is a focus on employee wellness. Employers and Human Resources departments who want to attract the best employees will invest in this area as part of their talent management strategy. A report by Mercer found that 64% of organizations surveyed plan to enhance their health and well-being offerings. Employees will also seek out more companies that prioritize wellness and work-life balance.
According to Travis Lindemoen, founder at Enjoy Mondays, a job matching platform:
“The focus on employee well-being will intensify. Companies will prioritize initiatives that promote mental health, work-life balance, and overall well-being to attract and retain talent.”
Based on these six key trends, you can get an idea of where the future of work is headed. Make sure you have the skills required to stay relevant in today’s job market.
For those dealing with unemployment, the gig economy and freelancing can offer some job opportunities in the meantime. There are many different career paths to take and if you have extra time, you might get clarity about what you really want.
Related: Learn more about AI, the rising gig economy, and seven other 2024 workplace trends.
Preparing for the future job market: tips and strategies
If you’re worried about the job market in 2024 and emerging technologies like AI, there are several things you can do to better position yourself.
Fill in any skills gaps
Look at your current skill set and take an inventory. Then think of where you want to go with your career. What skills might you be missing? What things can be improved upon? Commit to lifelong learning and upskilling.
For example, you can take an online class through Coursera or LinkedIn Learning or learn how to code through Code Academy. You can also check out books from the library, and attend workshops providing training, or college classes to bridge skills gaps and learn new skills.
Keep networking
You’ve probably heard it before, but it’s popular because it’s true. “Your network is your net worth.” Not exactly, but it’s important to land a job. Figuring out how to job search is an art and the right person can help you in your job search by making the right introduction.
Think of it as a way to practice your social skills, cultivate your emotional intelligence, and even open up job opportunities. You might feel like it’s cringey to ask or put yourself out there, but if you approach it with humility and commit to learning something from everyone and return the favor where you can, it becomes a lot easier, and effective. You can focus on in-person events and digital marketing using social media channels like LinkedIn.
Tailor your resume for every job application
Revising your resume for every job application can seem like a lot of work. You’re not sure which skills to highlight or the right words to put and it can be time-consuming. But using the magic of Teal’s AI Resume Builder, you can match your resume to each job description.
You’ll get a “Match Score” showing you how aligned your resume is with the job description, so you know if you’re heading in the right direction.
There’s hope for the job market in 2024
Looking at the future of work can be intimidating, but also helps you stay relevant. Knowing where things are heading can give you a competitive advantage and insight into what companies expect. As new technologies emerge and adapt, let yourself adapt too. Keep learning, meeting new people, refining your skills, and using job search resources. These steps can help you in the job market in 2024 and any careers of the future.
Keep your resume fresh and unique for every job. That’s easy with Teal’s Resume Builder and Match Mode function, which helps with a lot of the heavy lifting. Sign up for Teal for free to get started.
