As we look towards the future, several key trends are set to shape the job market in 2024. These trends are driven by various factors, including changes in employment laws, the evolution of artificial intelligence (AI), and the changing demographics of the workforce. Here’s what you need to know:
1. Decrease in Pay Raises
Research shows that businesses’ number one concern in 2024 are costs this will have a significant impact on the job market in 2024. With many adjustments to employment laws making staffing more expensive, including increased minimum wage, more paid sick leave, carers leave etc, fewer companies are planning to give pay raises in 2024. This doesn’t mean that employee compensation will stagnate, though. It simply means that employers will focus more on other means of compensation where possible.
2. Employers will Focus on Other Benefits
In lieu of pay raises, companies will increasingly turn to other benefits to attract and retain talent. These benefits will include traditional ones like healthcare, pension, flexible working arrangements, more holiday days, and bonus schemes. Companies will also start offering more creative benefits such as free breakfasts, volunteer days, more flexible work life and initiatives for upskilling staff too.
If you are a company looking to hire or retain staff here are some creative ideas that you can use. Remember in Ireland work life balance is very important to staff so any benefits that promote positive work life balance will be welcomed.
3. Staff Shortages
Staff shortages are still impacting the job market in 2024. Actually, staff shortages are predicted to continue up to 2030. This means that in 2024, there will be a significant emphasis on staff retention and upskilling existing staff. Companies will also become more careful when choosing new employees, leading to a slower hiring process with more rounds of interviews. Candidates may even have the chance to meet the team during interviews.
Here are useful tips on how to attract talent during a candidate shortage.
4. Retirement of Baby Boomers
A significant portion of the workforce, the Baby Boomers, will be retiring. Baby Boomers were the generation born after the second World War. The youngest of them will be 60 this year. This demographic shift means that many senior positions will open up, providing advancement opportunities for younger workers.
For companies this may have a significant impact on your company’s organisational structure. If you haven’t already, it is important to put some staff planning into this. Are you going to recruit externally to fill the roles? If you are going to promote internally, could you put in place training and mentoring to bridge the talent gap?
5. AI Evolution
While many fear that AI could lead to job losses, it’s not expected to significantly impact the number of jobs available in 2024. However, learning how to harness AI could make you a valuable asset to a company.
If you’re not using AI to help you find a job, now is the time to start.
For companies you could put your job descriptions into Chat GPT and ask it to make the description more attractive to talent.
6. Changes in Remote Work
The work from home trend is also changing. Companies are increasingly seeking a balance, with employees splitting their time between working from home and being in the office.
7. Job Seekers are Interviewing Companies
The job market in 2024 is competitive for companies looking for staff and job seekers with continued staff shortages and an increasing focus on workplace wellbeing. Job seekers are becoming more discerning. They’re interviewing companies just as much as they’re being interviewed, seeking out employers who offer the benefits and working conditions they desire. It is important, as an employer, to be open to these questions and work to improve your hiring processes and your employer brand.
8. Virtual Interviews
Speaking of interviews, in 2024 online interviews are not going anywhere, they are the new norm! A word of caution for both sides, these are still interviews we have heard lots of horror stories of people showing up to online interviews in hoodies, driving to doctors appointments, in the outside area of their current employer. It seems people haven’t figured out the exact etiquette of online interviews. Here are some tips on how to succeed at online interviews.
Given these trends, it’s clear that the job market in 2024 will be quite different from what we’re used to. By staying informed and adapting to these changes, both companies and job seekers can find success in this evolving landscape.