6 Job Market Trends to Be Aware of in 2024

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What should applicants be aware of as they apply for jobs in 2024? In this post, we’ll look at this year’s labor market trends, how they affect applicants and how job searchers can prepare for these changes.

6 Current Job Market Trends for 2024

Between high inflation rates and the high cost of living in 2023, it’s no surprise that employers seek ways to make the job market more manageable for their workforce. That includes accommodations such as:

  • Providing more flexible work arrangements.
  • Increasing salaries.
  • Being more upfront about pay.

By exploring recent trends in the job market, employees can have a more accurate idea of what to expect when applying for positions. Here are six emerging trends in the job market to note.

1. Influx of Remote and Hybrid Positions

Since the COVID-19 pandemic emerged in 2020, work-from-home arrangements have become more mainstream. They don’t appear to be declining anytime soon — for the time being, hybrid and remote openings seem to have a comfortable spot in the 2024 job market. 

Over 60% of employees would choose a position with flexible work opportunities over a higher-paying job with obstinate in-person requirements. Working parents and Gen-Z employees especially prefer flexible schedules. 

2. Steady Increase in Artificial Intelligence (AI)

AI and machine learning (ML) continue to grow more advanced. Therefore, it’s no shock that employers keep implementing these capabilities in the workplace. It’s not exclusive to software and technology companies, either. Organizations across multiple industries incorporate AI, from health care and education to manufacturing.

AI is projected to grow globally even more over the next few years, and companies are finding new ways to adopt these technologies in their business frameworks. Whether incorporating chatbots to answer customer inquiries or automating different warehouse processes, the possibilities are limitless. Recent research shows that companies automate different practices to enhance:

  • Productivity.
  • Decision-making.
  • Customer experience.

As we journey into 2024, we can expect AI to take center stage in the workplace. On that account, job seekers should familiarize themselves with AI and its numerous industry applications.

3. More Transparent Salaries

Being open and direct about salaries during the hiring process is another growing trend this year. About 63% of hiring managers report that outlining salary details in their job descriptions helps entice qualified candidates. About 60% also say this strategy offers an advantage over their competitors.

Additionally, nearly 60% of workers say they would remove themselves from the running if the hiring manager would not disclose a salary range upon request. With salary transparency providing a competitive edge — and more employees demanding it — we can likely start to see this job market trend increase in 2024.

4. Emphasis on Employee Retention

Worker retention will likely take precedence this year. The current market shows that job openings exceed available talent. Therefore, it’s important for employers to step up their game as much as possible, and HR recruiters should adopt innovative approaches to attract and retain top talent. 

In an effort to attract quality candidates — especially in an unpredictable economy — around 51% of employers plan to boost starting salaries in 2024. Additionally, 46% plan to offer new benefits and perks. Additionally, employers can gather and implement feedback from their staff to increase retention. Engagement surveys measure and gain feedback regarding employee morale, performance and engagement. Collecting feedback helps employers identify pain points and improvement areas so they can better meet their employees’ needs. In turn, they can cultivate a more dynamic culture and retain workers.

Businesses that conduct surveys show that they care about employee input and make employees feel heard and valued. 

51% of employers plan to boost starting salaries in 2024.

5. Advancements in Cybersecurity

Worldwide, over 72% of businesses experienced a ransomware attack in 2023. This was the highest figure reported in five years. And ransomware isn’t the only threat running rampant. Companies also need to be vigilant about:

  • Phishing attempts.
  • Spoofing.
  • Denial-of-service (DOS) attacks.
  • Spyware.
  • Deepfake technologies.

With cyber breaches growing more sophisticated, employers will likely implement more robust cybersecurity measures in 2024. These include:

  • Providing more comprehensive employee training in cybersecurity principles.
  • Implementing multifactor authentication.
  • Creating phishing simulations so employees can learn how to spot these attempts.

6. Shorter Wait Times for Job Candidates

Some candidates withdraw applications due to a frustrating interview process or lack of communication from the employer, recruiter or hiring manager. Poor communication or an extremely drawn-out interview process gives candidates an indication of what it might be like at a company. With companies competing for top talent, fast response times and efficient communication prove more essential than ever. That’s largely why wait times for candidates are decreasing. A study found that in the past few months, nearly 90% of candidates heard back from employers within a week of submitting their applications.

Tips to Navigate the Job Market in 2024

Now that we’ve covered some employment trends to watch for in 2024, what can job seekers do to maneuver the fluctuating job market? The tips below can help prepare candidates for this year’s job market.

1. Pinpoint Career Goals

Defining career goals is a fundamental first step in the job search. Searchers should consider:

  • What they hope to gain from a job.
  • The industry they wish to pursue.
  • Their skills and interests.

From there, they can then align these objectives with potential career paths. They should research different businesses and industries to determine which ones coincide with their goals.

2. Leverage the Power of Networking

Networking has been a valuable addition to the job search process for years, and it’s a continued asset in the 2024 job market. 

Various networking opportunities exist during the job search. Some examples include attending industry events and joining networking platforms. Job searchers can also reach out to family members, friends and colleagues for referrals. The more they network during their search, the more likely they’ll find openings that correlate with their long-term career objectives.

3. Use a High-Quality Job Search Platform

A career search service like Danaher can help candidates find job openings that align with their interests, skills and industry.

View Danaher’s Available Jobs Today

Are you looking to take the next steps in your career? At Danaher, you can find job and internship openings in a range of fields, such as:

  • Diagnostics
  • Life Sciences
  • Biotechnology

Having developed cutting-edge solutions in these industries, we want to help others hone their experience in these fields. When you join the Danaher team, you’ll help drive tangible solutions that impact thousands of lives for the better. You can also join our Talent Community to get information about job openings and other updates.

Receive ongoing support during your job search in a close-knit community. Sign up for our Talent Community or browse our job opportunities today!

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