Editor’s Note: This story originally appeared on MyPerfectResume.com.
What’s in store for workers and the labor market for 2024?
MyPerfectResume surveyed nearly 1,900 U.S.-based workers and asked them to share their forecasts and trends for 2024.
The study provided valuable insights into job opening trends, job burnout, and the future of remote work.
Moreover, if you harbor concerns about a potential recession or job displacement due to artificial intelligence, rest assured we’ve got insights to share.
Without further ado, here’s what our 2024 Workplace Trends Survey revealed!
Recession and job cuts
MyPerfectResume’s extensive findings unequivocally mirror the prevailing negative sentiment emanating from job seekers. Their concerns relate to various aspects of the labor market.
Starting with respondents’ general predictions, 8 in 10 respondents (78%) expect a recession in the U.S. in 2024, and 85% are worried they’ll lose their jobs in 2024.
These expectations are the cautious outlook held by many individuals, highlighting their concerns regarding the stability and overall health of the country’s economy.
However, it’s essential to recognize that economic forecasts are influenced by a multitude of factors. While the concerns of those surveyed are valid, they also present an opportunity for mental strength and adaptability.
Job competition and a return to the office
Of those surveyed, 69% believe that job competition will increase in 2024. What does it mean for workers? Staying proactive in professional development, continuously upscaling, and diversifying their abilities to remain competitive.
Hardly optimistic news for job seekers here: 61% expect recruitment processes to be longer.
Our respondents were also asked about their thoughts on work models, especially remote work. Nearly half (45%) predict a reduction in remote job openings.
Staying with the subject of work models, almost 9 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 the cubicle but paves the way for a powerful blend of in-office collaboration and home-based productivity.
AI and new technologies
More than returning to offices, people fear AI and new technologies.
Eight in 10 respondents (78%) fear losing their jobs due to the growth of AI.
Are these concerns justified? At this point, most technologies need humans to operate effectively, so expect close cooperation.
We recommend checking out the best AI resume builders if you plan to update your resume in the new year and are interested in seeing how AI can benefit your job search.
Mind your mind
Of respondents, 62% expect the labor market will be more stressful than in previous years.
Additionally, 40% predict more people will suffer job burnout in 2024. Besides that, 35% say that the number of people suffering job burnout will stay relatively the same, while 25% hope that fewer workers will suffer job burnout.
These statistics indicate the challenges and demands that workers expect to face, highlighting the growing awareness of the well-being challenges.
In an evolving and demanding work environment, these findings underscore the critical need for individuals to be more mindful of their physical and mental health, ultimately fostering a more sustainable and balanced approach to work and life.
At the same time, these stats urge employers to implement strategies that promote employee wellness and prevent burnout.
Expanding gig economy, salary increases and demand for workers
There’s also something good to come. 67% think the gig economy will continue to expand in 2024.
This trend suggests that more workers are embracing alternative work arrangements, seeking more flexibility, and exploring the gig economy’s opportunities. It also signifies a growing acceptance of non-traditional employment structures.
And it’s not only the gig economy that will thrive — 72% think there will be a higher demand for specialists in 2024.
This promises that organizations will increasingly value expertise and niche skills included on your resume, which aligns with the growing complexity of various industries and the evolving needs of the global economy.
Workers, please don’t forget the importance of ongoing education and professional development.
Money speaks
The financial situation of employees also promises to be not too bad.
Sixty-nine percent of respondents agree or strongly agree that more people will quit in 2024 if they don’t consider their salaries rewarding. At the same time, 68% say employers must pay more to retain workers in 2024.
These insights lead to several conclusions. First, it’s evident that salary considerations remain a critical factor in job satisfaction and retention. Employers who fail to offer competitive salaries may risk losing valuable talent to competitors willing to pay more.
Second, the data highlights the potential for increased negotiation power among workers in 2024. As more employees seek higher salaries, job candidates and current employees may feel emboldened to request better compensation packages.
Pay increases? Here they come. In fact, 75% of respondents are convinced there will be pay raises.
