Tag: New Year Job Market Trends

Every year, we start off wanting to make changes and improve upon the work we were able to do the previous year. When it comes to the staffing industry, the best way to go about that is to assess last year’s job market and compare it to the trends predicted for the new year.

2023 was a year of great change, thanks in part to the ongoing job market boom. Jobs were aplenty, and unemployment remained low and steady. The added 216,000 jobs in December means 2024 is expected to be a highly successful year, putting fears of a recession even further from our minds.

Reviewing the 2023 Job Market

When 2023 started, there was frequent talk about a potential recession in the coming months. Economists were scared that increased inflation would cause a significant downturn in the labor market due to people spending less.

Fortunately, that fear never came to pass. Instead, the labor market saw some dips and peaks throughout the year but ultimately ended things on such a high note that the year is seen as one of the best in decades. People weren’t afraid to engage with the economy this year and thus, created a need for more positions in a variety of industries.

As of December, the industries with the highest gains were government, construction, and healthcare. The leisure and hospitality sector stayed steady all year, while other industries, such as transportation and warehousing, saw some decreases.

Meanwhile, wages increased about 4% across 2023, further proving the year’s overall successful growth trends. All of this is to say that things are looking positive for the coming year, with some strong trends already making themselves known.

Trends To Be On The Lookout For

• Technology-Based Trends – One of the biggest surges during 2023 came from AI Technology. More and more industries are utilizing technology and automation to assist with the job’s duties. One big way we saw companies expand their technology was through AI, to automate or to help seek out the correct candidate for a job.
  
  As we move into 2024, it’s important that you embrace this move toward the future and ensure your company leans into technology instead of away from it. Showing you have a positive relationship with these new trends will show potential candidates that your company is one they want to work for.
  
• Remote and Flexible Work Culture – Since the lockdown of early 2020, more and more companies have realized that their employees would rather have the option to decide where they perform their work – whether it be the office, home, or both. We’ve only seen an increase in this trend as the years move forward.
  
  With the dawn of the new year, most companies that can allow for flexible work schedules are leaning into it. And so should you. Giving your employees that option ensures you will keep them satisfied and motivated for longer. Not only that, but it can cut overhead costs for your company, so it can be a win-win for both sides.
  
  This is one trend you want to be sure you are on the front lines of.
  
• Focus on Skills and Upskilling – In 2023, it became harder to judge people solely on their work history and experience. Employers had to adjust their qualification process to ensure they picked the absolute best candidates out of a sea of qualified applicants.
  
  Job titles were no longer enough of a qualifier during 2023’s job market. There were more people looking for work so employers had to be more accommodating with the skilled positions they needed to fill. Offering candidates the opportunity to enhance their current skill sets led to more flexible hiring trends to get employers through the worst of it.
  
  Moving forward, this trend will only get more and more prevalent. Assessing candidates on a variety of skills instead of job titles and previous experience will become even more crucial as the job market evens out, and employers need to make themselves stand out. People want to work in a job that allows for career development and skill advancement.
  

Moving Forward and Staying Ahead

So, what does all this mean for you and your needs in 2024?

First and foremost, it gives you much-needed insight into what marked strides you can make to ensure your company continues to thrive this year.

Knowing how your industry faired in the job market for 2023 is vital to what decisions need to be made to keep your business ahead of the pack in 2024. If your industry saw some struggle throughout last year, this year, you need to push the envelope and discover tactics to keep your positions filled and your employees satisfied.

It’s essential that you look at the 2024 trends we’ve laid out above to get an idea of what you can expect in the coming year and see how you can expand your business. All of these trends involve easily attainable changes to your core company structure. None are huge, but they will make a decidedly positive impact.

If you need help navigating staffing while testing these trends, J & J is happy to help. We know the trends and outlooks better than anyone else and can help you pinpoint the best choices for your company.

Contact J & J Today to Get Started

Reach out to us if you have any questions or concerns about your hiring practices going into 2024. Let’s get back to work!