After four long years of tumultuous market trends, it would seem the US job market is finally starting to return to something resembling its pre-pandemic stability. Looking back on some of the predictions made last year regarding the possibility of a recession, it’s safe to now say experts were right when suggesting the economy was in for a ‘soft landing’.
While the inflation rate still hovers around 3.4%, which is higher than the central bank’s target of 2%, economists are very pleased with how the US recovered after the disastrous inflation and unemployment peaks of the last few years. According to Brett House, economics professor at Columbia Business School, “We already have a soft landing. The Fed has threaded the needle of the economy very artfully.”
Not only did the gross domestic product grow at a faster rate than expected, but the job market remained steady into the end of last year, which seems to have led to more reasonable consumer spending. With this positive outlook in mind, let’s take a closer look at some of the specific trends and predictions we see on the horizon for the coming year.
Unemployment, Current Workforces, and Job Hoppers
Since the pandemic started, the global economy has suffered through more than its fair share of upheaval. Between the Great Resignation in 2021, which prompted thousands of workers to walk out on their jobs, to companies offering unprecedented wages, to job hoppers switching positions every few months, things have been, in a word, chaotic.
Thankfully, it seems the situation is finally starting to balance out, with companies looking to strengthen their existing workforces and workers staying in their current positions instead of hopping from job to job.
Additionally, the unemployment rate remained unchanged from November to December, at 3.7%, and job gains were quite a bit higher than projected for the last month of the year, which is great news.
What Employers Are Looking At Going Into 2024
Based on post-pandemic changes that both did and did not prove successful in past years, these are the top three workplace goals we think employers are going to prioritize in 2024:
- A continued push for in-office work — As of last fall, research found that 90% of companies surveyed had plans to fully return to in-person work by 2024. Whether or not all these companies will be successful in bringing their employees back remains to be seen, but for many business owners, having an in-office workforce is top of the list.
- Company Loyalty — While there has been a marked decrease in the number of raises and bonuses given out, employers are very keen on holding onto their current workers and strengthening their existing workforce. In order to disincentivize ‘job hopping’ employers should start offering more flexible schedules and other non-traditional.
- Investments in New and Upgraded Technology — The number of businesses that either use AI or are exploring the possibility of using AI has been steadily increasing over the last few years, and the trend doesn’t appear to be slowing down any time soon.
What’s Important to Employees Going into 2024
With a new year comes new workplace accommodations and employee non-negotiables. Here are the top three workplace essentials we think employees will be looking for in 2024:
- Flexible Schedule and WFH options — As we noted above, many companies are eager to get their employees back in the office, but the feeling isn’t mutual. Having a flexible schedule and the option to work from home at least part time remains one of the most popular workplace benefits for American job seekers.
- Non-Traditional Benefits to Address Modern Concerns — While health insurance and vacation time are always going to be desired benefits, going into 2024, we predict that many job seekers will be looking for more support, especially if they are going to be required to work in-person. Some of these benefits may include housing subsidies, caregiver reimbursements, and help with student loan repayments.
- Four-Day Workweek — What once seemed like a water-cooler pipedream is now a regularly-discussed solution to employee burnout. The four day work week has become such a popular idea, in fact, that 45 firms in Germany have opted to take part in a six-month pilot program to see how the companies fare with workers only coming in four days out of the week.
Setting Yourself Up for Success in 2024
Whether you’re an employer looking to grow and strengthen your existing workforce, or a worker looking to find a job that exceeds your career expectations, CyberCoders can help. Our expert recruiters have been keeping tabs on these market trends along with
many others, and are ready to help you find your true match.
