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Job Market Update: April 2024 – May 2024.

2024, May 8th

Ontology Of Value 233-Job-Market-Update-April-2024-May-2024 Job Market Update: April 2024 - May 2024 All Posts Job Market Analysis and Predictions  job market
This text was fully written by humans.

SUMMARY / KEY TAKEAWAYS

  • The job market is the constant process of change, due to major shifts in the world economy and technological progression.
  • In this collection of recent, relevant news, we look at different new trends in jobs that show how companies, workers, and the economy all connect.

Introduction: News & Trends in the Job Market.

The job market is the constant process of change, due to major shifts in the world economy and technological progression. In this collection of recent, relevant news, we look at different new trends in jobs that show how companies, workers, and the economy all connect.

1. Tactics for Identifying and Conquering ‘Ghost’ Jobs.

During a job hunt, encountering phantom listings or long-dormant job openings, also known as “ghost” jobs, can pose significant challenges for job seekers. Such listings may either not exist or have been open for an extended period, leading applicants to question their availability. However, career experts suggest strategies to navigate these obstacles and increase the likelihood of securing genuine job opportunities.

Amidst the pandemic-driven surge in the job market, behaviors like ghosting among job seekers and employers have become more prevalent, complicating the hiring process. Factors contributing to the proliferation of ghost jobs include recruitment challenges and companies seeking to maintain a perception of growth by leaving outdated job postings online.

Despite the frustrations of online applications and prolonged hiring processes, building personal relationships emerges as a powerful tool for job seekers, facilitating referrals and uncovering hidden opportunities within their industry networks.

Career coach Mandi Woodruff-Santos emphasizes the importance of leveraging personal connections, such as friends, family, and former colleagues, to gain insights into potential job openings. Additionally, participating in professional environments like conferences and seminars can facilitate chance encounters that may lead to new opportunities.

Woodruff-Santos underscores the significance of building a strong reputation within one’s industry to attract job offers proactively. Ultimately, she suggests that the true essence of effective job searching lies in cultivating a network of relationships and opportunities, positioning individuals to be sought after by employers even before actively seeking employment.

Sources: https://www.cnbc.com/2024/03/22/how-to-spot-and-overcome-ghost-jobs.html

https://clarifycapital.com/job-seekers-beware-of-ghost-jobs-survey

https://www.linkedin.com/pulse/how-spot-bust-ghost-job-posts-4-easy-steps-resume-genius/

https://www.ziprecruiter-research.org/annual-employer-survey/the-top-10-talent-acquisition-challenges-of-2023

https://www.linkedin.com/in/aaron-case-writer/

https://www.linkedin.com/in/mandiwoodruff/

2. Exploring the Apprentice Enigma: Participation Rates and Compensation Trends.

Apprenticeships offer an alternative path to gaining qualifications without following the traditional school or university route. Typically, apprentices spend four days a week working and one day studying for a qualification, which can be obtained at work, college, university, or online.

The government and employers cover the costs of these qualifications, providing apprentices with on-the-job experience and a wage. Apprenticeships are diverse, catering to various industries, with popular sectors including business administration, construction, and health sciences.

However, dropout rates hover around 50%, raising concerns about low pay and the quality of training. Despite these challenges, apprenticeships remain an attractive option for those seeking hands-on experience and practical skills development.

Finding and applying for apprenticeships involves researching opportunities through official websites, employer portals, or platforms like UCAS. Interviews and assessments are part of the application process, with apprentices entitled to a minimum wage that increases based on age and experience.

While completion rates fall short of government targets, apprenticeships provide valuable pathways to employment and career advancement. Still, barriers such as low pay, limited availability, and complex application processes deter some potential candidates.

As the government seeks to increase apprenticeship opportunities, aspiring apprentices must carefully evaluate the suitability of each program, considering factors like career prospects, location, duration, and remuneration before making a decision.

Aside apprenticeship, you can get other high-paying jobs without a degree or formal education. Here are some careers that don’t require a license or Diploma: ontologyofvalue.com/high-paying-jobs-without-degree/

Sources: https://www.bbc.com/news/articles/c51xenx7pvqo

https://explore-education-statistics.service.gov.uk/find-statistics/apprenticeships-and-traineeships#dataBlock-f45d9986-c024-4a15-bbb3-5765134a63f0-tables

https://topapprenticeshipemployers.co.uk/files/Top100AE23.pdf

https://commonslibrary.parliament.uk/research-briefings/sn06113/

https://www.apprenticeships.gov.uk/apprentices/browse-apprenticeships

https://www.apprenticeships.scot/

https://careerswales.gov.wales/apprenticeship-search

3. Rebounding Strategies for Laid-off Professionals via LinkedIn, Therapy, and Community.

Tech industry layoffs, reaching about 34,000 in January, reflect a shift from the perceived stability of tech careers to a climate of uncertainty. While the job market overall remains robust, the tech sector has become a notable exception, experiencing substantial layoffs and downward pressure on wages.

The pandemic-induced surge in hiring has reversed, with companies now scaling back projects and investments, resulting in widespread job cuts. This upheaval has prompted many tech workers to reassess their career paths, leading to a surge in entrepreneurial ventures and career transitions.

Some former tech employees have embraced entrepreneurship, launching startups in non-tech sectors, while others have shifted to roles in marketing, project management, and sales in different industries. Amidst these changes, support networks like Xoogler provide resources and coaching to aid laid-off tech workers in navigating their job searches and transitions.

The aftermath of tech layoffs has left many workers grappling with uncertainty, prompting shifts in career trajectories and a reevaluation of priorities. For some, entrepreneurship offers a path forward, as seen with ventures like Canopy and Kace, founded by former tech employees. Others are exploring opportunities outside the tech sector, leveraging their skills and experience in roles such as software sales or project management.

Despite the challenges, tech workers are adapting to the changing landscape, with support networks and resources like LinkedIn facilitating career transitions and providing avenues for exploration. As the tech industry continues to evolve, former employees are forging new paths, driven by resilience, adaptability, and a determination to succeed beyond the confines of traditional tech roles.

Sources: https://www.nbcnews.com/business/economy/tech-workers-layoffs-job-cuts-careers-rcna141735

https://layoffs.fyi/

https://www.bls.gov/news.release/jolts.t05.htm

https://www.dice.com/technologists/ebooks/tech-salary-report/salary-trends.html

https://blog.google/inside-google/message-ceo/january-update/

https://www.linkedin.com/in/nolan-church/

https://www.linkedin.com/in/ayomi-samaraweera-71463b2b/

4. Navigating the Remote Work Revolution.

Remote work has had a profound impact on U.S. office occupancy, creating what real estate analysis firm Green Street describes as a “black hole” in demand, with vacancy rates reaching historic lows. The decline in demand is attributed not only to the shift towards remote work but also to heightened cost-consciousness among companies.

Cumulative net absorption of U.S. office space has decreased by 130 million square feet since the onset of the COVID-19 pandemic in 2020, surpassing previous records of disruption in the office market.

Despite ambitious assumptions, such as robust job growth and absorption rates matching those of 2019, a return to pre-pandemic occupancy levels is projected to take five years under the most optimistic scenario.

Green Street suggests that a more realistic recovery scenario, with modest office-using job growth and limited supply expansion, would result in U.S. occupancy rates remaining below 2019 levels for an extended period.

Unlike previous recoveries, which were typically “V-shaped,” characterized by sharp rebounds in demand, the current cycle is expected to be prolonged due to the enduring impact of remote work on office demand.

The firm underscores that it will require a substantial increase in new jobs to generate comparable levels of office demand seen in the past, highlighting remote work as a long-term headwind for the office sector.

Sources: https://www.reuters.com/markets/us/us-office-occupancy-faces-black-hole-remote-work-says-green-street-2024-03-22/

https://www.linkedin.com/in/herblash/

https://www.linkedin.com/company/green-street/

5. Crafting a Roadmap to Productivity by Exploring the Human Touch in Generative AI.

The rise of generative AI (gen AI) is expected to revolutionize the workplace, freeing employees from routine tasks and allowing them to focus on higher-level cognitive work. McKinsey’s research reveals that the pool of gen AI talent extends beyond technical roles, encompassing a wide range of nontechnical positions as well.

However, despite the potential benefits of gen AI, a significant percentage of employees who identify as heavy users and creators of gen AI are planning to leave their jobs in the next three to six months. Surprisingly, these workers prioritize flexibility and relational factors over compensation, emphasizing the importance of meaningful work and supportive leadership.

As gen AI usage increases, workers perceive a greater need for higher-level cognitive and social-emotional skills. Organizations have an opportunity to reshape jobs to be more human-centric, emphasizing tasks that leverage these skills while leveraging gen AI for routine tasks.

To retain gen AI talent and capitalize on productivity gains, companies must address employees’ desire for meaningful work, flexibility, and supportive work environments. By prioritizing human skills over simple output metrics, organizations can foster loyalty and higher performance among their workforce in the era of gen AI.

Sources: https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/the-human-side-of-generative-ai-creating-a-path-to-productivity

https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/human-centered-ai-the-power-of-putting-people-first

https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/what-every-ceo-should-know-about-generative-ai

6. Essential Insights from the Latest Jobs Report.

The US labor market showed signs of strength in February, adding 275,000 jobs, surpassing economists’ expectations. Despite the robust job growth, the unemployment rate increased to 3.9%, suggesting more people are entering the workforce.

While job gains were concentrated in sectors like health care, leisure, and hospitality, there were also notable increases in industries like construction, transportation, and retail, indicating a broader recovery. However, worker shortages persist in skilled trades, leading some businesses to rely more on subcontractors.

The Federal Reserve continues to monitor the labor market for signs of inflationary pressure. While wage growth slowed slightly in February, job creation remains strong, prompting the Fed to maintain its current monetary policy stance.

Treasury Secretary Janet Yellen emphasized that wage increases are outpacing inflation, indicating a healthy balance in the labor market. The upcoming release of key economic indicators, such as the Consumer Price Index and the Producer Price Index, will provide further insights into the trajectory of inflation and inform the Fed’s future policy decisions.

Stay ahead in your career and professional development. Read the three steps to finding your edge in the job market based on our model: ontologyofvalue.com/top-11-rules-for-effective-networking-on-linkedin/

Sources: https://edition.cnn.com/2024/03/08/economy/february-jobs-report-final/index.html

https://www.tsa.gov/travel/passenger-volumes

https://www.linkedin.com/in/robertlfrick/

https://www.linkedin.com/in/chrisrupkey/

https://www.linkedin.com/in/diane-swonk-005364b/

https://www.linkedin.com/in/lydiaboussour/

7. Empowering Tomorrow’s Leaders: Council Urges Young People to Join Workforce.

Peterborough City Council aims to address a notable lack of young people in its workforce, with only 3% of employees aged between 16 and 24. Most staff, approximately 80%, fall within the 35 to 64 age bracket.

Sarah Spendelow, the head of people and development, emphasized the importance of attracting younger talent to the council, acknowledging that recruitment efforts should be enhanced to appeal to this demographic.

While many roles at the council require experience and qualifications that young people may lack, efforts are underway to increase recruitment, especially in areas such as social work, through apprenticeships.

A report on the council’s workforce revealed a predominantly female workforce, with 74% being women, and 13% identifying as non-white ethnicity. Additionally, 6% reported a sexuality other than heterosexual, and 4% disclosed having a disability. The data, although self-reported, provides insights into the diversity within the council.

To further improve recruitment practices and diversity, the council has appointed a new manager and plans to conduct a review. However, it’s noted that the reported figures may slightly differ from the actual numbers.

Sources: https://www.bbc.com/news/articles/c29wenj6g80o

https://democracy.peterborough.gov.uk/ieListDocuments.aspx?CId=141&MId=5047&

https://www.bbc.com/lnp/ldrs

https://democracy.peterborough.gov.uk/documents/g5047/Public%20reports%20pack%2011th-Mar-2024%2009.30%20Employment%20Committee.pdf?T=10&

https://www.linkedin.com/in/sarah-spendelow/

8. Why It’s Time to Move Beyond the ‘Five-Year Plan’ Interview Question.

In a rapidly evolving job market driven by technological advancements, the traditional question of “Where do you see yourself in five years?” is becoming increasingly irrelevant.

Aneesh Raman, vice president and workforce expert at LinkedIn, emphasizes that the focus should shift from anticipating specific job titles to cultivating adaptable skills. With the pace of change accelerating, uncertainty looms over the future existence of certain job roles.

Raman advocates for a skills-first approach, encouraging individuals to prioritize skill development and articulate their expertise in a compelling narrative. Instead of fixating on job titles, Raman suggests concentrating on skill acquisition and its application to meaningful projects or causes.

Employers, he notes, are increasingly valuing skills over traditional credentials like college degrees. Learning becomes a cornerstone for success in this dynamic landscape, with a culture of continuous learning serving as a vital component of job satisfaction and professional growth.

As job seekers navigate the shifting terrain of employment, Raman underscores the importance of curiosity-driven learning and emphasizes that inquiries about an organization’s learning culture can offer invaluable insights into its adaptability and long-term viability in a rapidly changing marketplace.

The job market has revolved from job titles to skills. Learn a skill today and get a high paying job even without a formal education. Here are some jobs that require just skill knowledge: ontologyofvalue.com/high-paying-jobs-without-degree/
Sources: https://www.cnbc.com/2024/04/18/dont-worry-about-having-a-five-year-career-plan-linkedin-expert-says.html

https://www.cnbc.com/2024/04/01/linkedin-expert-most-important-question-to-ask-before-accepting-a-job.html

https://www.linkedin.com/business/talent/blog/talent-acquisition/fewer-jobs-require-degrees-impact-on-hiring

https://www.linkedin.com/pulse/want-happy-work-spend-time-learning-josh-bersin/

https://www.linkedin.com/in/aneeshraman/

9. NI Employers Face Recruitment and Retention Struggles.

Recruiting and retaining staff in Northern Ireland has become an ongoing challenge post-Covid-19, with employers across various sectors facing difficulties due to a shortage of available workers.

While skills shortages are a concern, the issue extends beyond specific qualifications, with a significant shortfall in available workers at all skill levels. Employers have been compelled to adjust entry requirements for roles, relaxing demands for certain qualifications to attract candidates amidst the tight labor market.

This scarcity of workers is compounded by demographic changes and shifts in migration patterns, particularly with EU migration flows diminishing post-Brexit, leading to recruitment becoming more costly and uncertain.

Ulster University economists have highlighted the need for policymakers to address economic inactivity, emphasizing the untapped potential of various demographic groups such as mothers, older workers, and individuals with health conditions or low qualifications.

While a range of policies targeting employers, employees, and the unemployed have been proposed, the current budget pressures facing Stormont present challenges for policymakers in making substantial commitments to tackle the recruitment issues facing Northern Ireland.
Sources: https://www.bbc.com/news/uk-northern-ireland-68859088

https://www.bbc.com/news/uk-northern-ireland-65722135

https://www.northernirelandchamber.com/wp-content/uploads/2024/04/QES-Report-Q1-2024-FINAL.pdf

https://www.ulster.ac.uk/epc/pdf/2024/spare-capacity-in-the-northern-ireland-labour-market/NI-spare-capacity_Hours-based_2024.pdf

https://www.linkedin.com/in/mark-magill-29662a14/

10. Six Expert Tips for Landing Your Dream Job.

The job market can feel overwhelming, especially with the economic challenges and shifts in workplace dynamics. However, there are strategies to navigate this uncertain terrain.

Experts advise expanding your job search radius beyond the traditional limits, leveraging the flexibility of hybrid and remote work arrangements.

Additionally, utilizing specific keywords in online searches can help algorithms identify relevant opportunities, while networking and proactive outreach can uncover hidden job openings.

Emphasizing skills over years of experience and showcasing them through platforms like LinkedIn can also enhance visibility to potential employers.

Furthermore, continuous learning through online courses or volunteering can bridge skill gaps and increase marketability.

Amidst the job hunt, celebrating small victories and setting personal milestones can maintain motivation and perspective, ensuring a resilient approach to finding employment.

Avoid the red flags in your recruiter’s eyes and scale your job interview today. Here are some types of red flags in the recruiter’s eyes to note adequately: ontologyofvalue.com/red-flags-in-recruiters-eyes/

Sources: https://www.bbc.com/news/business-64939070

https://www.ons.gov.uk/employmentandlabourmarket/peoplenotinwork/economicinactivity

https://www.linkedin.com/in/meharsindhubatra/

https://www.linkedin.com/in/mirandakyte/

https://www.linkedin.com/in/yvonnesmyth/

11. The Talent Tug-of-War: Small Businesses Crave Talent, While Workers Seek Greener Pastures.

Small and midsize businesses are eager to expand their workforces amid a strong labor demand, but they face challenges in attracting jobseekers who may prioritize higher pay at larger companies.

Despite the addition of 303,000 jobs in the U.S. economy last month, filling positions remains a competitive endeavor, particularly for smaller employers. While job openings are abundant, smaller companies, especially those with 20 to 49 employees, struggle to maintain their workforce, shedding 11,000 roles in March.

The ability to offer competitive pay is crucial, with average hourly earnings increasing by 4.1% from the previous year, outpacing inflation. However, the allure of higher wages may be drawing jobseekers to larger firms, where pay gains are potentially more substantial.

While not all small businesses are scaling back hiring, the trend suggests a shift in jobseeker preferences towards larger companies offering better compensation. ADP’s data indicates that private-sector workers changing jobs saw significant wage increases, with a 10% jump compared to the previous year.

Moreover, the steepest pay gains were observed among firms with 20 to 499 employees, indicating a push by small and midsize companies to attract talent amidst a competitive market.

Sources: https://www.nbcnews.com/business/economy/small-business-hiring-pay-adp-jolts-rcna146077

https://www.bls.gov/news.release/empsit.nr0.htm

https://www.cnbc.com/2024/04/03/private-payrolls-increased-by-184000-in-march-better-than-expected-adp-says.html

https://www.bls.gov/news.release/jolts.t07.htm

https://www.linkedin.com/in/nela-richardson-59813613/

https://www.linkedin.com/in/tuanminhnguyen92/

https://www.linkedin.com/in/markhamrick/

12. Hertz Global Faces Record Challenges as EV Rental Business Hits Rough Road.

Hertz Global shares plummeted by 24%, marking their most significant one-day percentage decline on record, following the company’s announcement of a wider-than-expected quarterly loss, underscoring its challenges in the EV rental business.

The company’s decision to streamline its operations in response to weak demand includes plans to sell an additional 10,000 EVs, bringing the total planned sales to 30,000 for the year.

Elevated repair costs further exacerbated the company’s fleet maintenance expenses, contributing to a $588 million hit in vehicle depreciation costs during the quarter, with a significant portion linked to EVs held for sale.

Hertz CEO Gil West attributed the quarter’s performance to fleet and direct operating costs, expressing a need for strategic adjustments in response to the current market conditions.

The disappointing financial results prompted a 24% decrease in Hertz shares, while peer company Avis Budget Group (CAR.O) also experienced a 7% decline. Both Hertz and Avis have witnessed approximately a 50% reduction in their market value over the course of the year, reflecting broader challenges within the rental car industry.

Despite efforts to navigate through the downturn, including divestitures and cost-cutting measures, Hertz’s financial performance underscores the ongoing struggles faced by companies in the sector, particularly amidst uncertainties surrounding EV adoption and shifting consumer preferences.

What is the best business development strategy? Read more on how to build a business or not: ontologyofvalue.com/how-not-to-build-a-business/

Sources: https://www.reuters.com/business/autos-transportation/hertz-global-eyes-worst-day-record-ev-rental-business-falters-2024-04-25/

https://www.reuters.com/markets/companies/HTZ.O

https://www.reuters.com/markets/companies/CAR.O

https://www.linkedin.com/in/gilwest/

13. Strategic Talent Management: Unveiling Essential Metrics for Maximizing Returns.

Maximizing return on talent is essential for companies, as employees represent both significant investments and valuable assets. In today’s dynamic business landscape, organizations must prioritize talent systems that enhance productivity and value creation. McKinsey research highlights the correlation between talent-centric strategies and higher total shareholder returns.

To achieve optimal returns, companies should focus on five key actions: developing skills-based strategic workforce planning, establishing a robust hiring engine, investing in learning and development programs, fostering a performance-oriented culture, and elevating HR’s operating model to serve as a true talent steward.

Effectively implementing these actions requires a comprehensive approach that integrates them across the talent landscape. For instance, skills-based hiring should align with tailored learning journeys and performance evaluations to facilitate skills development and productivity enhancement.

McKinsey’s analysis identifies three primary causes of productivity loss among employees: skill gaps, disengagement, and poor time management. Addressing these root causes is crucial to preventing costly attrition and vacancy rates.

By adopting a holistic talent strategy and leveraging data-driven insights, organizations can optimize their talent systems to generate higher returns over the long term.

Stay ahead in your career and professional development. Read the three steps to finding your edge in the job market based on our model: ontologyofvalue.com/top-11-rules-for-effective-networking-on-linkedin/

Sources: https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/increasing-your-return-on-talent-the-moves-and-metrics-that-matter

https://www.mckinsey.com/mgi/our-research/empty-spaces-and-hybrid-places

https://www.mckinsey.com/mgi/our-research/performance-through-people-transforming-human-capital-into-competitive-advantage

https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/linking-talent-to-value

14. From Quiet Quitting to Resenteeism: Decoding the New Workforce Challenge for Employers.

The transition from millennials to Gen Z in the workforce brings new challenges, with Gen Z workers being accused of lacking professionalism and labeled as the most difficult generation to work with.

The rise of “resenteeism,” a trend characterized by employees feeling trapped and resentful in dissatisfying roles, is a growing concern. This evolved version of “quiet quitting” reflects feelings of burnout, undervaluation, and unfulfillment among employees, particularly Gen Z workers who are the least enthusiastic about their roles.

Gen Z workers report the highest rates of coasting at work and express dissatisfaction with their entry-level responsibilities, feeling they lack meaningful work and autonomy. Despite this, they exhibit ambition and desire more engaging work, autonomy, and connection with colleagues.

To address these issues and prevent resenteeism from becoming widespread, business leaders should prioritize creating meaningful opportunities for employee connection, giving employees more ownership over their work, and fostering environments where everyone feels like a decision-maker.

Sources: https://www.cnbc.com/2024/04/23/bosses-have-a-problem-gen-z-quiet-quitting-is-out-resenteeism-is-in.html

https://www.cnbc.com/2023/09/14/language-at-work-is-becoming-more-casual-thanks-to-gen-z.html

https://www.cnbc.com/video/2023/07/11/are-gen-zs-the-most-challenging-generation-to-work-with-3-in-4-managers-think-so.html

https://www.surveymonkey.com/curiosity/cnbc-workforce-survey-april-2024/

https://www.surveymonkey.com/curiosity/cnbc-workplace-happiness-index-july-2019/

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Ontology Of Value AD-CAREER-ADVISORY-1024x1024 Job Market Update: April 2024 - May 2024 All Posts Job Market Analysis and Predictions  job market

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Ontology of Value (May 8th, 2024). Job Market Update: April 2024 – May 2024. Retrieved from: https://ontologyofvalue.com/job-market-update:-april-2024-may-2024/

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