The post-pandemic era has seen a turbulent work landscape. It started as the “Great Resignation” where people across the world resigned in huge numbers which led to a hiring spree and then shortly after, mass layoffs. Adding AI into the mix has further churned the already disturbed waters.
With 2023 coming to an end and 2024 just around the corner, certain patterns in the job market appear. Let’s explore these patterns to get a better understanding of what new trends await us in 2024.
1. GenAI will open doors to new job opportunities
Though present in the industry for a long time, GenAI or Generative AI made a loud bang with ChatGPT. Tech giants all over the world rushed to create their own LLMs and the other companies tried to adopt the technology as fast as they possibly could. And the race is far from over. In fact, it has just begun.
Generative AI tools are evolving rapidly, enhancing efficiency across various tasks. This has sparked a fear of AI replacing human beings. While it is yet to be determined whether AI can replicate the complexity of the human brain, one thing is certain. People with the ability to leverage AI will outpace those not familiar with the technology.
According to the Future of Jobs report by WEF, the Indian job market is predicted to undergo a 22% churn by 2027. The report also says 69 million new jobs are expected to be created with roles like Data Scientist, AI/ML engineer, and Full-Stack Developer gaining prominence. The report identifies big data analytics, climate change and environmental management technologies, and encryption and cybersecurity as the primary drivers of job growth. Data science remains a high-demand skill, with data detectives bridging the gap to help companies unravel the mysteries in big data. However, it also predicts that 83 million jobs will come to an end too.
2. Sustainability will be crucial trend in the future of work
All growth comes at a price and currently, our environment is taking the maximum hit from human progression. Adapting to sustainable practices is crucial, necessitating a re-evaluation of where and how we work. The Future of Jobs Report 2023 identifies climate change and environmental management technologies as one of the primary drivers of job growth.
People and projects that specialize in reducing wastage, promoting recycling, and re-use are the need of the hour.
3. The future of work: Job and skill upgrades are indispensable
The ever-evolving job market demands continuous upskilling. Six in 10 workers will require training before 2027, yet only half of them currently have access to adequate training opportunities. Analytical thinking and creative thinking are identified as the top priorities for skills training from 2023-2027, accounting for 10% and 8% of upskilling initiatives, respectively. The transition from Zoom-intensive remote work to 3D realms of virtual space is expected to necessitate XR immersion counselors and collaboration leads to facilitate efficient workforce training and apprenticeships.
More and more employers are valuing diverse opportunities and encouraging employees to expand their skill sets. Businesses will mandate ongoing training, especially in emerging technologies like AI and Data and cybersecurity. A plethora of online learning opportunities will allow proactive individuals to stay updated and relevant in a dynamic job market.
4. Automation of onboarding and offboarding process
The recent mass layoffs have seen major disruptions that have resulted in added costs. According to Arthur Lozinzki, CEO of OOmnitza, “One-third of the companies lose 10% of their technology assets and 42% experience unauthorized access to applications and cloud resources when offboarding workers. And 50% lose at least 10% of their annual expenditures on underused, unmanaged or unaccounted-for SaaS/ cloud resources.” These expenses are also known as hidden layoff tax. Automation of onboarding and offboarding will help prevent companies from incurring these losses.
While today almost all sectors are impacted by AI, there are some sectors where AI plays a very limited role. Even though automation is reshaping the workforce, the WEF reports that less than 5% of occupation can be automated entirely. However, in about 60% of occupations, at least one–thirds of activities could be leading to substantial workplace transformation.
In the future, jobs that are based majorly on human interaction like HR and health care, will continue to see a rise in opportunities.
5. Entrepreneurship among Gen-Z
The future of work will have Gen-Z playing a vital role. Comprising nearly one-fourth of the workforce, Gen–Z is poised to bring forth a wave of fresh ideas . Equipped with a strong entrepreneurial spirit, Gen-Z prefers following their hearts and being their own bosses. In a survey, a remarkable 32% of Gen-Z individuals polled identified themselves as current business owners or side hustlers and 21% expressed their intention to venture into entrepreneurship within the next 12 months.
Gen Z is also aware about the impact of artificial intelligence and believe in striking a balance between financial security and pursuing passions in an AI-driven future.
The job market will also witness some interesting changes including:
- Emphasis on Work/Life balance and adoption of Hybrid work environments
- A shift in population demographics as barriers related to diversity will be broken as companies become more inclusive.
Though 2024 might continue to see major layoffs, it will also witness a rise in AI roles such as AI Curators, Ethicists, Policy Makers, Legal Advisers, Trainers and Auditors.
As we approach 2024, staying informed about emerging trends and being adaptable is critical. Gen-Z’s entry, the rise of GenAI, evolving remote work models, and the prevalence of side hustles shape the dynamic job market. Navigating this landscape requires a proactive approach, continuous learning, and a recognition of the human element in the age of technological advancement.
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