As we step into the latter half of 2024, the job market continues to evolve, with some trends persisting and others shifting significantly. We’re in a period of technological change (hello, AI!) and economic turbulence (inflation anyone?), and we’re in an election year, which generally produces volatility in the economy and job market.
Here are the employment trends that are likely to stay constant in the second half of 2024, the changes you’re likely to see, and how you can navigate these changes to keep your career moving onward and upward in 2024 and beyond!
What’s Staying the Same:
- Slow and Chaotic Hiring Process
The hiring process remains cumbersome. Job seekers can expect lengthy wait times and sluggish decision-making. We’ve heard from candidates who waited several weeks before receiving a response and went through as many as 10 rounds of interviews! - Ongoing Layoffs in Tech
The tech industry continues to see widespread layoffs. Notable companies like Tesla, Amazon, Google, TikTok, Snap, and Microsoft have all made significant workforce reductions this year. Startups aren’t immune either, with many facing similar cuts or even shuttering operations.
These layoffs create a cascading effect in other companies as well. In 2024 alone, over 60,000 jobs were cut across 254 companies. Layoffs have become an inherent feature in the modern job market, as companies grow and contract, merge and acquire, ramp up, and divest. This creates volatility for employees, who can no longer expect to stay at one company for the long term.
What’s Changing:
- Shift to an Employer’s Market
The job market has transitioned from being candidate-driven to favoring employers. This shift allows employers to be more selective, as they now have a larger pool of candidates to choose from. - The Rise of AI
AI tools are popping up everywhere, and the job market is no exception. Employers use AI tools in their Applicant Tracking Systems (ATS) to analyze the keywords of incoming resumes and filter out poor-fit candidates. On the job seeker side, tools like ChatGPT, Teal, and JobScan help job seekers analyze job posts and customize resumes.
Implications for Job Seekers
Prepare for a Long Job Search
The current market resembles a marathon more than a sprint. Expect to submit numerous tailored applications over an extended period, potentially exceeding 90 days. It’s crucial to maintain both physical and mental well-being to stay motivated throughout the process. Keep your job search pipeline active by continuously sourcing new opportunities, submitting applications, and following up.
Stay Prepared Even If You’re Employed
Job security is increasingly uncertain. Statistically, many professionals will find themselves job hunting within the next two years. Keeping your network alive and maintaining a polished resume and optimized LinkedIn profile are essential steps in safeguarding your career.
You never know when you’ll be on the receiving end of a layoff, when a merger makes your current company no longer a good fit, or when you’ll find an amazing new job opportunity.
Leverage AI, but Don’t Rely On It
Smart job seekers optimize their resume keywords for ATS to make sure they’ll score well on AI filters. They align their resume content with the job description and make sure their resume reads well for human readers.
Smart professionals use AI tools to generate ideas and create rough drafts. But they use human discernment and insight to finesse and rewrite those drafts.
As automation and AI continue to reshape industries, job seekers must remain adaptable and proactive in their career strategies. As you adopt new and emerging technologies, keep clear on what they can and CAN’T do for you.
The Job Market in 2024 and Beyond
The job market responds to technological advancements, economic forces, and political changes. With major world events and a historic election cycle, 2024 is no exception.
In career development, the adage that “luck favors the prepared” holds true. A strong, up-to-date resume, an optimized LinkedIn profile, ongoing career development, and an active professional network all work in your favor, no matter what is happening with the job market or the world at large.
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