The Job Market in 2024
After a wild post-pandemic ride that has seen big swings in wages, resignations, and unemployment, many job seekers are feeling a bit uneasy.
And understandably so—it’s hard to make a good career move when you don’t know if your job will be taken over by AI, or if the industry you’re working in will be tanking next year.
While we at Raise can’t predict the future, we’ve done a bit of research that can help you navigate an unpredictable 2024 and enjoy the ride!
The Big Picture
Two of the biggest things that will affect the job market in 2024 are unemployment and interest rates. In Canada, unemployment was at 5.7% in October, which is very low compared to historical averages. That’s good news—there are still plenty of jobs out there on the market!
Interest rates are at 5%. That matters, because it affects how much businesses will pay on their loans, and could discourage investment.
In other words, the longer interest rates stay higher, the less money business will have to expand and hire more people. If the opposite happens, and businesses need to save money to stay competitive, you could see unemployment rates go up.
So when you’re looking for your next job, keep an eye on those indicators—it’ll give you an idea of where the job market is, and where it could be going in the near future (Hint: you can find great data and analysis on job market trends over at Indeed).
Nothing is certain (except uncertainty)
We’ve never seen a job market quite like this one; that makes it really hard to say what will happen next.
Part of the problem is that different industries are responding differently to the pressures of inflation and interest rates—some industries are flourishing while others are…well, not.
You may have already heard that start-up tech is taking a hit, but did you know that small businesses are also going under at an alarming rate? According to the CBC, small business insolvencies rose by 40% in 2023.
But don’t worry! It’s not all doom and gloom. In Canada there are plenty of industries that are flourishing—Healthcare, Energy and Agriculture all have positive outlooks thanks to steady population growth.
Even in difficult times, there is opportunity somewhere…
The Lipstick Effect
A while ago, people noticed something strange in luxury retail. In times of economic downturn, brand name cosmetics saw consistently higher sales.
But why would people buy more luxury goods when there is less money going around?
As it turns out, even though people had less money, they still wanted to “treat” themselves once in a while. And rather than buy an expensive coat, or jewelry, people bought luxury goods at a lower price point.
The same could be said for the job market—whenever there is a downturn, some industries will go up and others will go down. So regardless of where the economy is in 2024, the industry you’re in could be either growing like crazy or shrinking.
That makes it a good time to do some research and try to position yourself with a company or industry that is in definite growth mode.
The Three “E”s (Efficiency, Efficiency, Efficiency)
One thing is certain for the coming year—many businesses will be trying to do more with less.
Using AI technology, promoting from within, and finding process efficiencies will be on the top of business to do lists in 2024. But there is no replacement for skilled workers, which can be a serious advantage to jobseekers.
Candidates with complimentary skill sets that can fill more than one function could be very desirable. Highly skilled workers who are job ready will be very employable, particularly in the world of contract work.
Still not sure what to do?
Consider taking a look at contract opportunities with Raise—we’re always hiring qualified candidates for clients with immediate needs. And that can give you confidence that your skills will stay in demand.
Check out what we’ve got available at raise.jobs and enbridge.raise.jobs
