From millennial leadership to the need for upskilling, 2024 will see several powerful shifts in how we work. But finding meaningful employment will require a combination of technical competence, personal connections and targeted search strategies.
Hiring slowed last month but remains above pre-pandemic levels. Employers added jobs in education, healthcare and trade, transportation and utilities. Despite this, hiring has slowed overall this year with average monthly job gains falling below their pre-pandemic peak. This could signal that the labor supply is reaching its limit.
Skills-first hiring is a powerful trend that has transformed how companies evaluate talent. Instead of focusing on formal education, more than 4 in 5 employers now prioritize demonstrated abilities over academic credentials. This trend has been especially pronounced in the tech sector, where nearly half of new tech jobs do not require a four-year degree.
The majority of jobs posted in the US this year have been in healthcare, government and leisure & hospitality industries. If these sectors begin to run out of steam, it could dampen the rest of the economy.
A smooth landing for the job market will depend on a pickup in both hiring and payroll gains, which remain near post-pandemic lows. Ideally, these indicators will stabilize or improve by the end of this year. In the meantime, jobseekers should focus on building in-demand skills and exploring opportunities in these industries.