The Job Patterns and Forecasts for the Future

 

Source: (FasterCapital, 2024)

The work landscape has changed dramatically every year since the pandemic: from remote work to the Gen Z TikTok trends of "lazy girl jobs" and "quiet-quitting," to worldwide movements like "The Great Resignation" and "The Great Rebalancing," which have garnered widespread attention from media outlets and social media users. What is the forecast for 2024, and how will these projections affect our careers as the year draws to a close?

You should be aware of the following four major trends that are quickly taking root in businesses across the globe:

1.Generation Z is Evolving

By 2024, Gen Z, a generation that is expanding quickly, is expected to make up 23% of the workforce worldwide. More over half of them come from non-white backgrounds, making them the most ethnically diverse generation to date. This dynamic generation is full of ideas and creativity that will help shape the workplace and its culture of the future. They saw their Gen X parents struggle through the Great Recession while they were growing up, and they have personally experienced the effects of discrimination and the pandemic's aftermath.

Gen Z is naturally more tech-savvy than their older counterparts, due to coming of age at a time when social media platforms and smartphones were gaining rapid adoption, and appear to have a more open mind to the use of AI tools, social media, and other technologies to advance their careers and forge a name for themselves in business. Gen Z are not generally adverse to risk but tend to favor trends such as the gig economy, side hustles, and holding multiple jobs at a time, in an effort to evade poverty, financial instability, and the increased cost of living due to inflation.

In addition to welcoming this unexpected wave of Gen Z talent and training and developing them to be more effective with their soft skills gap in the workforce, their slightly older counterparts, the Millennials, and older generations, the Baby Boomers and Gen X, must also prepare for this sudden wave of Gen Z talent. Additionally, Gen Z can actively work to hone their soft skills by becoming more self-aware, going to training to advance their leadership skills, and looking to older generations for mentorship.

Source: (The San Diego Union-Tribune, 2021)

The impact of artificial intelligence (AI), and particularly generative AI, on the workplace is becoming almost hard to ignore. The "Work Reimagined Survey," published by EY recently, states that GenAI is "expected to have an outsized impact on the labor market, on career and learning pathways, and on the realities of work." "With AI and machine learning specialist job categories expected to balloon in the next five years, employees and employers are also already building expectations and investments around the technology," said the survey.

2. Artificial Intelligence

Gen AI appears to be affecting practically every industry, not just the technological one. It can replace human labor in some situations and improve workflows in others when human labor is not displaced. For instance, since January 2023, the number of job postings on LinkedIn alone that list ChatGPT as a desirable requirement has increased by 21 times. Additionally, the number of generative-AI keywords on LinkedIn members' profiles that include terms like "ChatGPT" or "prompt engineering" has increased by 75% on average each month. Therefore, in order to stay relevant to employers, it is imperative that you become familiar with a variety of GenAI technologies, comprehend how they operate, and upskill in its use and development while adding it to your work portfolio.

Professionals who have lost their jobs as a result of layoffs or who want to change careers should be aware that their chances are limited if they limit their search to remote employment only. Try to be as flexible as you can, taking into account how much in-office attendance you can commit to and how far you are ready to commute, in order to increase your chances of receiving a job offer in a reasonable amount of time.

The workplace is changing quickly, and if you maintain your head in the sand and ignore new developments, you will be unprepared for your job and will either stay the same or become outdated. Being "in the know" gives you the ability to make informed decisions about your job and face the new year with assurance. Get ready for the adventure ahead and fuel your career with the knowledge this article has to offer. 

References

3.The Most Recent Remote

To the dismay of many workers who have grown accustomed to and preferred the remote lifestyle of the pandemic, remote employment is also evolving. With the worldwide pendulum shifting towards hybrid models to adapt to the growing needs of businesses and the workforce, a full week of 100% remote work is becoming less usual. This is because hybrid models strike a balance between in-person team creation and autonomous working and communication. It is anticipated that 81% of workers will accept the mixed work style, with Gen Z being among its most ardent proponents.

In order to come to a mutually beneficial agreement on what work models will work best for them, how hybrid work will be implemented, and what exactly it will look like on a day-to-day basis—that is, one day a week, two days a week, or four days a week from the office—employers and employees alike must remain open and discuss any concerns they may have.

4. Adjacent Businesses

The popularity of side gigs is on the rise, especially among younger generations: 50% of millennials and 70% of Gen Z admit to owning a side business. Given inflation and rising living expenses (which vary by nation, of course), it makes sense. One is compelled to supplement the regular pay with excess revenue from small enterprises and odd jobs in order to make ends meet and have enough left over to occasionally take a vacation.

As a side business, influencer marketing has also grown dramatically. It is projected that the influencer market will be worth $21.1 billion in 2023, up 29% from the previous year. Working professionals have found this to be a lucrative side gig, especially the younger generation, however there are indications that the older generations are starting to catch on as well.

If your current position is fulfilling, you should think about starting a side business right away. Set aside a portion of your monthly salary and use it to finance an entrepreneurial endeavor that excites you. It's never too early to plan for the future of your work, therefore it's always a good idea to have a backup plan—an additional source of income in case of emergency, layoff, etc.

(Wells, 2023)

Wells, R. (2023, 10 23). Forbes. Retrieved from https://www.forbes.com/: https://www.forbes.com/sites/rachelwells/2023/10/23/the-future-of-work-key-emerging-workplace-trends-to-watch-for-2024/?sh=27833edf2eb3