Editor’s note: This story originally appeared in MyPerfectResume.com.
What will happen to workers and the labor market in 2024?
MyPerfectResume surveyed nearly 1,900 U.S. workers and asked them to share their predictions and trends for 2024.
The research provides valuable insights into job vacancy trends, burnout and the future of remote work.
Additionally, if you’re concerned that artificial intelligence could cause a recession or job losses, rest assured, we have some insights to share.
Without further ado, here’s what our 2024 Workplace Trends Survey revealed!
Recession and layoffs
MyPerfectResume’s broad survey results clearly reflect the negative sentiment prevalent among job seekers. Their concerns span all aspects of the labor market.
Starting with respondents’ overall forecasts, eight in ten (78%) expect the U.S. to enter a recession in 2024, and 85% fear they will lose their job in 2024.
These expectations are a cautious outlook held by many, underscoring their concerns about the country’s economic stability and overall health.
However, it is important to recognize that economic forecasts are influenced by a variety of factors. While respondents’ concerns are valid, they also present an opportunity mental strength and adaptability.
Job competition and the return to the office
Among those surveyed, 69% believe competition for jobs will intensify in 2024. Proactively engages in professional development to continuously enhance and diversify capabilities to remain competitive.
It’s not optimistic news for job seekers here: 61% expect the recruitment process to be longer.
Our respondents were also asked about their views on working models, especially remote working. Nearly half (45%) expect remote job openings to decrease.
Surrounding the topic of working patterns, nearly nine in 10 people (87%) believe more companies will introduce return-to-office (RTO) policies.
Consider this a positive trend. The resurgence of office work doesn’t confine you to a cubicle, but paves the way for a powerful blend of office collaboration and home productivity.
Artificial intelligence and new technologies
It’s not just returning to the office that people are afraid of, but also artificial intelligence and new technology.
Eight in 10 respondents (78%) are concerned about losing their jobs due to advances in artificial intelligence.
Are these concerns justified? At this point, most technologies require humans to function effectively and therefore require close collaboration.
We recommend you check out the best Artificial Intelligence Resume Builder If you plan to update your resume in the new year and are interested in learning how artificial intelligence can benefit your job search.
take care of your mind
62% of respondents expect the labor market to be more stressed than in previous years.
Additionally, 40% expect more people to suffer from job burnout by 2024. Burnout.
These statistics show the challenges and demands workers can expect to face, highlighting the growing awareness of wellbeing challenges.
In an ever-changing and demanding work environment, these findings highlight the urgent need for individuals to pay more attention to their physical and mental health, ultimately leading to a more sustainable and balanced work and lifestyle.
At the same time, these statistics urge employers to implement strategies that promote employee wellness and prevent burnout.
The expanding gig economy, rising wages and demand for workers
There are some good things to come. 67% believe the gig economy will continue to expand in 2024.
This trend shows that more workers are embracing alternative work arrangements, seeking greater flexibility, and exploring opportunities in the gig economy. It also means people are increasingly accepting of non-traditional employment structures.
It’s not just the gig economy that’s booming – 72% believe demand for experts will be higher in 2024.
This heralds an increasing emphasis by organizations on expertise and niche markets Skill Include in your resume that is consistent with the increasing complexity of industries and the changing needs of the global economy.
Workers, please don’t forget the importance of continuing education and professional development.
money speaks
The employees’ financial situation is also expected not to be too bad.
69% of respondents agreed or strongly agreed that more people would quit their jobs in 2024 if they felt their paychecks were unrewarding. Meanwhile, 68% said employers will have to pay more to retain employees by 2024.
These insights lead to several conclusions. First, it’s clear that the salary factor remains a key factor in job satisfaction and retention. Employers who fail to offer competitive salaries risk losing valuable talent to competitors willing to pay higher salaries.
Second, the data highlights the potential for employee bargaining power in 2024.
Salary increase? Here they come. In fact, 75% of respondents believe there will be a pay increase.
