10 Important Job Trends You Should Know in 2024

The COVID-19 pandemic has brought forth a job crisis no country was prepared to face. Current job trends show that governments and employers are scrambling to respond to the shifts in the labor market and finding ways to transition operations and services online. The well-established 9-5 working world has been upended as work-from-home became the new normal.

Meanwhile, freelancers suddenly lost clients and found themselves without income when the pandemic broke. This was totally the opposite for gig workers who faced tougher competition since the demand for their services rose. Among human resources, women and young people were the hardest hit by pandemic-induced layoffs and business closures as they are the ones who usually worked in some of the hardest-hit industries like tourism and food service. And while many industries were badly hit, there are industries that will thrive during this pandemic and experience increased demand for new hires.

These are just some of the developments unfolding in the job market in the time of the global health crisis. Companies are looking into honing their mobile accessibility and social media initiatives to increase employee hiring and retention, as well as leveraging HR software tools to process real-time applicant data and further improve their talent sourcing. Tech developments also impact both the job seeker and company, for instance, LMS-enabled employee development initiatives are becoming a come-on for applicants who want to further their careers. Where do you stand when it comes to the current job landscape? What can we expect after COVID-19?

Many developments are shaping the job market for 2021. One of them is emerging technologies. More companies need employees who can adequately handle complex artificial intelligence (AI) and machine learning (ML) systems, for example. Thus, pushing the demand for talent who possess these specific skills.

In terms of reaching out to job seekers, social media and mobile platforms have become a valuable instrument for talent acquisition since such platforms help promote not only a job advertisement but a company’s branding while simultaneously engaging potential employees. One survey shows that 25% of job seekers use social media not only to connect with family and friends but to also find career opportunities (The Muse).

And of course, workers from every generation—from baby boomers to Gen Z’s—are facing unique challenges in their careers due to COVID-19. Unemployment for people aged 16-24 shot up to 25.3% in May 2020, while millennials had to face another global economic slump that’s even worse than their supposedly “once-in-a-lifetime” recession back in 2008.

With these things in mind, let’s take a look at the specific areas shaping the job market and how these affect the modern jobseeker. 

1. Job Demographic

Studies have noted that members from the Gen Z demographics are rapidly joining the workforce, with the oldest members of the generation being 23 years-old. As of 2020, they make up a quarter of the global workforce (Statista, 2020). However, experts note that employees falling under the Gen Z age range are expected to comprise up to 40% of the global workforce by the end of 2021 (Connecteam, 2020). This generation, like their predecessor, is digital native, likely familiar with AI, VR, blockchain, and other IT trends that are impacting, not just the workplace, but life in general. 

This means that companies need to improve their business models that cater to cultivating their employees’ talents and career growth since studies have shown that Gen Z is considered to be one of the most tech-savvy generations to date. They are also susceptible to challenge traditional structures and policies and value feedback and being valued. 

Given these developments, companies are looking to improve their hiring systems so that they can properly manage their workforce in terms of aligning their short and long-term career plans to the company.

2. Salary Situation

Due to the economic fallout and uncertainties from COVID-19, companies are hesitant to commit to higher salary budgets. As a result, 2021 will see a global freeze on salary increases. Experts estimate the global nominal salary increase to be at 3%, which is lower than the 4% rate in 2019 (ECA International, 2020). In a survey on global salary trends, 38% of businesses said that they have implemented a salary freeze, compared to only 2% in 2019.

However, there are still sectors that will continue to create jobs and offer higher compensation to their workers. These include businesses in the healthcare/pharmacy sector, cleaning services, delivery services, grocery stores, online gaming, remote learning, and collaboration technology. It also helps that the SME sector is thriving worldwide in the age of internet-connected supply-and-demand chain, according to small business research findings, further boosting employment and compensation.

In the realm of IT, the growth in salaries also reflects certain attitudes of tech workers when it comes to compensation and equity. Their report indicated that one in three tech workers expects a raise within eight months of starting at a new company following positive performance reviews (Hired, 2019). 

3. Hiring and Employment Trends

Apart from talent improvement initiatives, research sees companies use social media and brand management as part of their hiring strategies. Social recruiting and recruitment marketing strategies are becoming an increasingly important part when it comes to talent acquisition since research indicated that more than 75% of job seekers research about a company’s reputation and employer brand before applying (Business 2 Community, 2018). In addition, more research reports show that job seekers want to learn more information about job opportunities that employers are offering. These include data on salary (67%), benefits (63%), as well as the state of internal communication (58%) (Glassdoor, 2020).  

As such, companies are leveraging positive interaction with potential employees on social media even more to increase the rate of successful recruitment as well as their corporate branding. This includes incorporating CRM solutions into their online channels that can also cater to job seekers’ queries. HR can then analyze the information job seekers provide and further improve their hiring systems.

Likewise, online collaboration studies have shown employees to be attracted to a culture of social network-based collaboration in the workplace.

4. Tech Driving Diversity in the Workplace

Initiatives to promote diversity in the workplace are spearheaded by the IT industry. Recently, Google stated that it has seen a slight increase in female hires across the company from 31.3% in 2017 to 33.2% in 2018  (Forbes, 2019). There was also a slight increase in the number of female tech hires at the company—from 24.6% last 2017, women tech expert hires have increased to 25.7% in 2018. However, Google’s diversity declined in the organizational leadership hires –  29.4% of the leadership was female in 2017 but that amount decreased to 25.9% in 2018.

Further studies from Boston Consulting Group indicate that diversity within companies has 19% higher revenues due to innovation (BCG, 2020). This finding is significant for tech companies, start-ups, and industries where innovation is the key to growth. It shows that diversity is not just a metric to strive for; it is actually an integral part of a successful revenue-generating business.

5. Immigration and Employment

The Coronavirus pandemic forced countries to impose lockdown and travel restrictions, which affected immigration services and proceedings. On the side of immigration and employment, studies from Wharton suggest that in order for the US economy to grow, they need to increase legal immigration since immigrants can increase GDP per capita and they also play an important role in increasing capital investments. Their study indicates that increasing legal immigration would make the United States population as a whole to be younger, more educated, and have more working-age people who are contributing to economic growth and productivity (Wharton, 2019).

As of 2019, 28.4 million people, representing 17.4% of America’s employed workforce, were made up of foreign-born people, including immigrants, according to the U.S. Department of Labor (BLS, 2020).

Pew Research Center added that there has been a rise in the number of college-educated immigrants in the US. The 2018 study indicated that Mexico (11.2 million), China (2.9 million), and India (2.6 million) are the top birthplaces of immigrants in the country. This development bodes well for the economy since immigrants are generally more educated than the US population average, which means that immigrants can earn more and can help stimulate the economy.

Wharton’s studies also state that immigrants have a higher than average propensity towards entrepreneurship that results in the creation of new products and new companies. They also attract companies from their home countries that make capital investments to serve the needs of immigrant markets or that learn about investment opportunities from the immigrant community.

Most Popular HR Software

1. BambooHR. A cloud-based human resource (HR) software designed to help businesses manage employees and streamline work management. Read these BambooHR reviews to find out more about its features like performance management, HRIS, and more.
2. Zoho People. A scalable human resource management solution designed for small and medium enterprises. Zoho People reviews reveal that the product’s strengths lie in its workforce management tools such as real-time collaboration and built-in LMS.
3. Gusto HR. A comprehensive HR software that enables businesses to streamline all workforce-related tasks, from onboarding to performance management. GustoHR reviews show that the solution is known for its ease-of-use and advanced payroll administration.
4. SmartRecruiters. As the name suggests, this is innovative recruiting software designed to help businesses attract, vet, and hire top talent. Read SmartRecruiters reviews to learn what else this HR tool has to offer for your company.
5. monday.com. Arguably one of the best collaboration platforms built with teams, big and small, in mind. monday.com reviews show that it can be used for HR efforts, especially in terms of team collaboration, employee scheduling, and task delegation.

6. Job Seekers and Technology

Today’s job seekers often lean towards applying to companies that have a credible online presence. If they can do a quick company background check on a company they’ve shortlisted on their website or social media, they are more likely to follow through on sending their applications and look forward to a potential job interview.

In today’s gadget-friendly economy, many companies are optimizing their websites for mobile viewing. Undercover Recruiter added that 89% of job seekers think mobile devices play a critical role in the job-hunting process. According to their recruiting survey, 54% read employees’ reviews, 52% look up salary information and 59% say it is important to save a job from their mobile device and later apply to the job on a desktop (Undercover Recruiter).

As such, companies are integrating chatbots in their websites that can cater to both customers and potential employees—they make sure to guide would-be employees and answer their queries regarding job openings within the company and provide the necessary channels to ensure their experience is a smooth one. Furthermore, a company’s social media presence has also become another space where job seekers can look into when it comes to job opportunities since nowadays companies post vacancies especially for positions that need urgent hiring on their social media channels.

7. Work from Home

In 2020, COVID-19 forced the world to work remotely. However, it is important to note that many workers look forward to continuing this setup post-pandemic. 75% of workers say that being able to work from home would make them happier, while 50% said that they will not go back to a job that does not offer WFH setup after COVID-19 (Owl Labs, 2020). Among their reasons include the fear of contracting the virus and being able to cut down on commute time.

Moreover, almost 70% of full-time US employees are working from home amidst the pandemic. 80% of workers, on the other hand, expect that they will continue working from home at least three times a week when the health crisis is over. Among respondents, 81% believed that their employers will support remote work after the pandemic.

That said, companies that offer remote work are looking for more advanced digital output—general tech skills such as web design and social media management are among the fastest-growing in-demand skills. Forbes also stated that companies expect both in-office and remote employees to be more comfortable with all sorts of digital tools, even for entry-level positions, and be able to have a workstation conducive to a WFH setup (Forbes, 2020).

As such, micro-learning and self-paced learning programs are set to get more traction as another management tool for companies due to the realization that there are incremental benefits of nurturing and re-engaging existing teams.

8. Gig Economy

Alongside remote work, the gig economy is also here to stay, especially with the increased demand for services such as pick up and delivery, home improvement, and transport services during the pandemic. Gallup’s study mentioned that about 36% of US workers are now involved in the gig economy and that US freelancers contributed $1.2 trillion to the American economy in 2020, even in the midst of a pandemic (CNBC, 2020). Also, workers participating in the gig economy in the US are expected to grow to more than half by 2023 (MBO Partners, 2019).

Meanwhile, according to UpWork’s annual Freelance Forward Survey, there are 59 million freelancers in the US (CNBC, 2020). The age range for people that freelance is between 18-34 years old and 42% of them are engaged in independent work.  If the gig economy keeps growing at its current rate, more than 50% of the US workforce will participate in it by 2027.

9. Freelance and Gig Economy Technology

When it comes to technology, freelancers and those in the gig economy rely on freelance platforms and apps to make sure they can monitor possible job opportunities. Here are the top 5 freelance platforms available in the market:

1. Fiverr – Fiverr is a freelance platform that enables remote and gig workers and consultants to have direct contact with employers for potential projects and campaigns. Freelancers commend Fiverr because of its transparency – freelancers’ profiles and portfolios can be accessed by employers along with their reviews to further help them in deciding whether to hire that freelancer’s services or not. Furthermore, Fiverr charges low fees to freelancers which greatly helps them look for potential jobs and gigs.
2. Upwork – Formerly known as Elance-oDesk, Upwork is a cloud-based global freelance platform used by employers and freelancers. Employers utilize Upwork’s robust analytics to provide a shortlist of available candidates for the job they posted. Meanwhile, freelancers can also zero in on job openings that are right up their alley, skills-wise. Upwork can also be accessed on mobile devices, which enables freelancers more flexibility when trying to look for work.
3. Freelancer.com – Freelancer.com is a freelancing and crowdsourcing platform used by gig workers and online consultants worldwide. Employers can select from a pool of global talented freelancers who can work on social media marketing, data entry, and website design projects. Gig workers using Freelancer.com are sure to have their payments in order, thanks to the milestones settings the platform provides. This way, both employer and consultant are aware of the project’s progress and that card and electronic payments are securely handled.
4. Envato Studio – For creatives, designers, and developers who are looking for gigs, Envato Studio is just the right platform for them. Envato Studio specializes in general and website design jobs as well as general design and development projects posted by credible employers and entrepreneurs. The talent pool in Envato Studio consists of experts in their respective fields and was chosen by the algorithm of Envato Studio, ensuring their work is of the highest quality. Envato Studio also has an in-platform messaging tool that clients and talents can use to discuss the intricacies of their projects smoothly and securely.
5. PeoplePerHour – Finally, PeoplePerHour is a freelance market platform that gives employers and entrepreneurs to hire capable and talented professionals for their projects and campaigns. PeoplePerHour’s talent pool consists of professionals from around the globe, which means that employers can choose to employ the services of individuals from different regions and countries. The platform has an intuitive dashboard that enables users to properly manage their tasks to ensure deliverables are monitored and completed on time as well as payments are sent without any hitches.

Studies predict that the gig economy scene is showing no signs of slowing down. This means that in the coming years, more freelancing platforms are set to emerge in the gig economy market.

10. AI and Employment

AI Specialist is the top emerging job in 2020 (LinkedIn, 2019). Companies will continue to integrate AI and ML as technology further evolves into making business processes more convenient, and this means that more jobs in AI will be available to job seekers in the coming years. Indeed noted that there was a 29% increase in AI-related job postings between May 2018 to May 2019 (Indeed, 2019). In addition, experts also predict that the AI job market will increase at a growth rate of 31.6% until 2023 (Analytics Insight, 2020).

As cloud computing software becomes more mainstream, AI job titles also see expansion in the market. Datamation pointed out that from “statisticians” and “mathematicians,” newer job titles such as data scientists and predictive analysts are becoming more of the norm (Datamation, 2019). Some of the more popular AI-related job titles today include AI developers, AI engineers, algorithm developers, AWS machine learning engineers, Lead data engineers, Lead data scientists, machine learning scientists, ML data developers, senior data scientists, and senior ML engineers.

How are employee mental health and well-being addressed in the evolving workplace?

As remote work and job instability reshape the workforce, employee mental health has become a critical issue. Employers are increasingly recognizing the importance of mental wellness to maintain productivity and job satisfaction.

• Work-Life Balance Support: Companies are encouraging flexible schedules and setting boundaries around work hours to prevent burnout, especially with remote work blending home and professional life.
• Access to Counseling and Support Programs: More organizations are offering Employee Assistance Programs (EAPs), virtual counseling services, and wellness apps to help staff access mental health resources from home.
• Mental Health Days and Paid Leave: Many companies are adding mental health days to their leave policies, acknowledging the need for time off to recharge and reduce stress.
• Regular Check-ins and Open Communication: Managers are trained to foster open dialogues about mental well-being and to conduct regular check-ins, reducing the stigma around mental health in the workplace.

Focusing on mental health not only supports employees’ personal lives but also enhances job performance, loyalty, and overall company culture.

Opportunities Ahead for Job Seekers

COVID-19 is still wreaking havoc on economies worldwide. The most hard-hit sectors might need more than five years to recover from the economic slump if they recover at all (McKinsey, 2020). Both employers and employees have embraced remote work and have swiftly implemented collaboration technologies and turned to the cloud for practically any aspect of work or service that can be done online.

However, as we learned from the trends mentioned, not all are able to transition their work online. Young workers, particularly Gen Z, face a very uncertain job market post-COVID-19. What we can see as a possible option to stay relevant in the job market is to invest in skills needed for the industries that are thriving during the pandemic, which are seen to also succeed after.

Meanwhile, the gig economy and freelancing are looking to still be prevalent, with companies investing in creating and fine-tuning more intuitive freelancing platforms to assist both employers and professionals to utilize. Those looking for a part-time job turn to popular platforms like UpWork and Fiverr or alternative freelance marketplaces.

Key Insights

• Job Demographics:
  • Gen Z will comprise 40% of the global workforce by 2021.
  • Companies need to be more tech-oriented since Gen Zs are digital natives.
  • Gen Zers will impact the workplace in many ways.
• Salary Situation:
  • 2021 will see a salary freeze across all regions.
  • Some industries, like healthcare and remote learning, will continue to hire and offer higher compensation.
  • Higher salary expectations are pressuring companies to boost salaries across the board.
• Hiring and Employment Trends:
  • More companies will use social media to assess candidates.
  • Brands will have to improve their reputation to attract top talent.
  • Companies will leverage technologies like CRM to reach out to candidates.
• Tech Driving Diversity in the Workplace:
  • Companies are promoting diversity in the workplace.
  • There has been a slight increase in female hires.
  • Diversity drives higher revenues due to innovation.
• Immigration and Employment:
  • Data suggests that the US needs legal immigration for economic growth.
  • Immigration would make the US population younger, more educated, and add more working-age people to the economy.
  • Mexicans top the country of origin for US immigrants.
• Job Seekers and Technology:
  • Job seekers lean towards companies with a credible online presence.
  • Companies are optimizing their websites for mobile viewing.
  • Chatbots are being used to cater to both customers and potential employees.
• Work from Home:
  • 75% of workers say that being able to work from home would make them happier.
  • 50% said they will not go back to a job that does not offer WFH setup after COVID-19.
  • Companies expect employees to have a conducive workstation at home.
• Gig Economy:
  • The gig economy is here to stay, with increased demand for services like delivery and transport.
  • 36% of US workers are involved in the gig economy.
  • US freelancers contributed $1.2 trillion to the US economy in 2020.
• Freelance and Gig Economy Technology:
  • Freelancers and gig workers rely on platforms like Fiverr, Upwork, and PeoplePerHour.
  • More freelancing platforms are expected to emerge.
• AI and Employment:
  • AI Specialist is the top emerging job in 2020.
  • There is a growing demand for AI-related job titles such as AI developers and engineers.
  • The AI job market is expected to grow at a rate of 31.6% until 2023.

FAQ

1. What are the current job trends due to the COVID-19 pandemic? The COVID-19 pandemic has led to an increase in remote work and the gig economy. There’s a growing demand for tech-savvy employees, especially in AI and machine learning fields. Companies are also leveraging social media and mobile platforms for talent acquisition.
2. How has the pandemic affected salary situations globally? Due to economic uncertainties, 2021 is expected to see a global salary freeze. However, sectors like healthcare, delivery services, and remote learning will continue to offer higher compensation.
3. What impact has the pandemic had on hiring and employment trends? Companies are increasingly using social media and CRM technologies to improve their hiring processes. There’s a stronger focus on employer branding and providing clear information about salaries and benefits.
4. How is technology driving diversity in the workplace? Tech companies, like Google, are leading diversity initiatives, resulting in increased female hires. Diverse workplaces have shown to have higher revenues due to innovation.
5. What role does immigration play in employment trends in the US? Immigration is crucial for the US economy, contributing to a younger, more educated workforce. Legal immigration boosts GDP per capita and fosters economic growth.
6. How important is a company’s online presence for job seekers? A credible online presence is vital as job seekers often perform background checks on potential employers. Mobile-optimized websites and chatbots enhance the candidate experience.
7. What are the future trends for remote work post-pandemic? Many workers prefer to continue working from home post-pandemic. Companies are expected to support remote work and invest in digital tools and skills training for remote employees.
8. How has the gig economy evolved during the pandemic? The gig economy has thrived, with increased demand for delivery and transport services. Freelance platforms like Fiverr and Upwork have become essential for gig workers.
9. What technologies are supporting the freelance and gig economy? Freelancers rely on platforms like Fiverr, Upwork, and PeoplePerHour to find job opportunities. These platforms offer tools for managing tasks, payments, and client interactions.
10. What is the outlook for AI-related jobs? The demand for AI specialists and related job titles is growing rapidly. The AI job market is projected to expand significantly, with new roles like AI developers and data scientists becoming more prevalent.

References:

1. Analytics Insight (2020). Analytics Insight Predicts 10,06,945 Job Openings in Artificial Intelligence in 2021. Retrieved from Analytics Insight
2. Asare, J.G. (2019). Google’s 2019 Diversity Report Reveals More Progress Must Be Made. Retrieved from Forbes
3. Berger, G. (2020). The Jobs of Tomorrow: LinkedIn’s 2020 Emerging Jobs Report. Retrieved from LinkedIn
4. BLS (2020). Foreign-Born Workers: Labor Force Characteristics – 2019. Retrieved from BLS
5. Flear, D. (2020). Salary Trends 2020/2021: How has Covid-19 impacted on local salary awards?. Retrieved from ECA International
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7. Indeed (2019). Here Are the Top 10 AI Jobs, Salaries and Cities. Retrieved from Indeed
8. Ioannou, L. (2020). A snapshot of the $1.2 trillion freelance economy in the U.S. in the age of Covid-19. Retrieved from CNBC
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10. MBO Partners (2019). The State of Independence in America. Retrieved from MBO Partners
11. Owl Labs (2020). State of Remote Work 2020. Retrieved from Owl Labs
12. Patel, M. (2019). Hired Releases Fourth Annual State of Salaries Report. Retrieved from Hired
13. Regan, R. (2020). Everything You Need To Know About Generation Z In The Workplace in 2021. Retrieved from Connecteam
14. Torres, B. (n.d.). Job Seekers: Social Media is Even More Important Than You Thought. Retrieved from The Muse
15. Undercover Recruiter (n.d.). 5 Global Stats Shaping Recruiting Trends. Retrieved from Undercover Recruiter
16. Valet, V. (2020). Working From Home During The Coronavirus Pandemic: What You Need To Know. Retrieved from Forbes
17. Wharton (2019). Could Increased Immigration Improve the U.S. Economy?. Retrieved from Wharton

By James Anthony

A senior FinancesOnline writer on SaaS and B2B topics, James Anthony passion is keeping abreast of the industry’s cutting-edge practices (other than writing personal blog posts on why Firefly needs to be renewed). He has written extensively on these two subjects, being a firm believer in SaaS to PaaS migration and how this inevitable transition would impact economies of scale. With reviews and analyses spanning a breadth of topics from software to learning models, James is one of FinancesOnline’s most creative resources on and off the office.