The 2023-4 Job Trends You Definitely Need to Know About

The past few years have challenged both businesses and workers. As an employer, it’s important to be aware of the latest job trends that have taken the workforce by storm.

Here are seven important trends in the job market that everyone in the workforce should be aware of.

THERE’S A LOT OF JOB GROWTH IN SOME INDUSTRIES.

While employment rates are still low in some industries, job growth has been growing historically fast in many different sectors of the workforce. Jobs in the leisure, personal care, mining, hospitality, and education fields are opening up at unexpectedly high rates, and most other jobs are also growing at rates similar to pre-pandemic times. This is creating a large gap between the number of people employed and the number of jobs on the job market.

OTHER INDUSTRIES are still RECOVERing FROM THE PANDEMIC and inflation.

With the economic rollercoaster we've been through in the past few years, many industries are having a hard time bouncing back. Industries such as transportation, commercial banking, nursing, caregiving, and nonresidential construction are just some of the areas that are taking much longer to recover than others.

FOR SOME JOBS, REMOTE WORK IS HERE TO STAY.

While many companies have brought employees back to the office, others have not (or have adopted hybrid schedules). The pandemic showed many employers and employees agree that remote working can actually be beneficial in some cases. Some studies show that remote working can actually increase employee productivity and engagement while driving down overhead costs for employers. This job trend may be one of the largest shifts in American workforce history.

If you’re looking for new employees, advertising on your job listing that you allow for remote work opportunities may be a great way to find new talent.

TECH EMPLOYERS ARE GEOGRAPHICALLY EXPANDING THEIR CANDIDATE POOLS.

Before the pandemic era hit, many companies in the tech industry relied on employees who physically lived in Silicon Valley and other major tech cities. Due to the shift to remote work, tech employers have been able to expand their candidate pools or even relocate outside of traditional tech hubs.

LABOR SHORTAGES ARE STILL HIGH, AND SOME EMPLOYERS ARE REACTING.

The labor market has been experiencing a major strain. This job trend has been going on for a while, and it may continue. Employers with unfilled positions and the number of people voluntarily quitting their jobs recently reached historic highs.

Due to these labor shortages, many employers are starting to lower their expectations when it comes to their new hires. Some business owners are offering sign-on bonuses, raising starting salaries, and offering more extensive on-the-job training and learning.

WHILE WAGES HAVE GROWN, SO HAS INFLATION.

Large-scale inflation after 2020 affected many employers and employees. While inflation has calmed quite a bit, it's still a bit higher than ideal. Many employees are chasing higher-paying work just so they can continue to pay the bills.

Inflation is affecting some industries more than others. We may continue to see the impacts of recent economic trends for a while yet.

MUCH OF THE ECONOMY HAS MOVED AWAY FROM CENTRAL BUSINESS DISTRICTS.

The pandemic pushed remote work and stay-home orders on society for a very long time. Some people fled from city centers and moved to cheaper housing markets in the suburbs and exurbs. Many of these people will not move back, especially if they bought homes.

Industries such as real estate and local business have seen a major shift from dense central business areas to less dense suburban areas.

GET HELP FROM A STAFFING AGENCY TODAY

Job trends are important to keep up with if you want to attract the best talent on the job market. If you need help getting connected to the perfect employees, contact LG Resources. We use comprehensive screening processes to find the best candidates for each open position you have.