Labor Market Trends

Do you know what labor market trends are? They are patterns of development in the job market that will impact forms of hiring, salaries, benefits, and job characteristics.

For example, during the coronavirus pandemic, which mainly occurred during the years 2019 to 2021, the labor market needed to adapt to keep its workers safe.

Because of that, a trend at the time was to change the work modalities to remote, in other words, home office, or to hybrid models, which have continued to this day.

Keep in mind that labor market trends can evolve over time and can vary significantly depending on geographic and economic conditions.

Staying informed about current labor market trends and seeking relevant education and training can help individuals and businesses adapt to the changing landscape.

Upcoming labor market trends

Let’s see some of the upcoming labor market trends to look forward in 2024:

1 – Flexible work

Since 2019, many companies have transitioned to remote or hybrid work modalities, and even as social distancing measures have been relaxed, a significant number of them have chosen to continue with these work arrangements.

As a result, these changes in work modalities have become enduring labor market trends, shaping the future of work for both employees and employers.

And with the technology in constant evolution we have more tools to work from home than ever, so it’s a perspective that probably won’t change in the next year. And if it does change, it’s possible that companies will choose the hybrid model of work.

2 – Digital hiring

The online hiring is a labor market trend that we can already see in progress, the RH’s are starting to use digital technology in the recruitment process.

To this matter they have been using online recruitment platforms with artificial intelligence, that will save time during filters of the best candidates.

This approach to hiring has become increasingly prevalent in recent years due to the widespread use of the internet and digital tools.

3 – Focus on health and well being

A lot of workers are going through burnouts, learning how to live and work and not just work all the time.

Burnout, stress, obesity, anxiety, are all factors that have been worrying companies about their workers.

With this scenario, the heads of the companies are trying to implement some kinds of incentives for health and well being, encouraging people to look for therapists, exercising and a good diet.

4 – The gig economy

Also we can see a movement of people working on freelance contracts instead of a full time or formal job. It’s happening because it’s a more flexible way of work and with technology this will become easier and easier.

5 – Much more diversity and inclusion

This is already a trend, but it’ll continue to be for the time being, it doesn’t have an expiration date and we hope it continues this way.

Employers are recognizing more and more the positive impact that diversity and inclusion has in the workplace.

These five labor market trends are just some expectations for the next year, but it’s good to always look for trends and try to understand how the market is flowing right now.