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What To Expect For The US Job Market In 2024
The job market outlook for 2024 is expected to be positive, stable and resilient. There is a strong potential for job market expansion, increased hiring, and growth opportunities for job seekers. The overall environment is anticipated to be favorable for professionals and job seekers, with the potential for increased job openings and career advancement.
Stable Job Market: Economists and investment analysts expect that the United States will likely avoid a recession in 2024, and the job market is projected to remain strong. Mark Zandi, chief economist of Moody’s Analytics, predicts that the labor market for 2024 will remain stable and job growth will be resilient but could be somewhat slow saying, “I think 2024 should be an OK year for workers — still plenty of jobs and low unemployment and while wage growth will moderate, it should remain strong enough to outpace inflation.”
Resilient Job Growth: While job growth is expected to slow in the first half of 2024, labor market expansion is anticipated to keep growing. Morning Star, a widely read financial publication, predicts “In our latest Economic Outlook, we detail that we expect productivity growth to rebound, albeit slightly, between now and 2027,” and “We forecast that labor force participation will recover ahead of pre pandemic rates as widespread job availability pulls in formerly discouraged workers.”
Increased Hiring and Investment: The positive stock market and economic outlook, along with decreased inflation, the potential for the Federal Reserve to avoid further interest rate hikes, Wall Street contending that there will actually be interest rate cuts, could lead to increased business confidence and investment, will potentially result in job market expansion.
According to Forbes, a combination of cooling inflation, the potential for the Federal Reserve to avoid further interest rate hikes and the optimistic outlook for the stock market and the economy for the remainder of 2023 into 2024 could have positive implications for job seekers.
A positive stock market and economic outlook can lead to increased business confidence and investment, potentially resulting in job market expansion. Employers may be more inclined to hire and invest in talent as economic conditions improve.
As the economy and stock market improve, growth can create opportunities for job seekers, as companies may seek to expand their workforce and invest in innovation to meet growing demand and capitalize on market opportunities. This could lead to a more favorable environment for job seekers, with increased job openings and potential for career advancement.
A strong economy and job market can lead to increased wage growth and improved benefits for employees. As companies compete for talent in a growing economy, they offer more competitive compensation packages and benefits to attract and retain skilled workers.
Let’s Go Live With Jack Kelly
Americans are becoming increasingly unhappy at work. BambooHR’s recent report benchmarking employee happiness revealed that job satisfaction has declined at a rate 10 times faster than in the previous three years. Separately, Gallup’s State of the Global Workplace 2023 Report found that most of the world's employees are quiet quitting, exhibiting record-high stress levels, and more than half of employees are actively or passively job-seeking.
The convergence of financial turbulence, outdated management expectations and a lack of flexibility at work all contribute to declining employee satisfaction. The pandemic gave way to a reimagining of new possibilities for workers. As companies wrestle to adapt, it spotlights larger fundamental issues that have been present all along.
The Role Of The Personality Hire Who Brings The Workplace ‘Vibes’
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Citigroup Employees, On Edge Over Layoffs, Told They Can Work Remotely Until The New Year
Citigroup told most of its employees that they can work remotely the final two weeks of December. Workers can log in remotely from anywhere in their country of employment from Monday to Dec. 29, a Friday, making this week the last in-person experience this year for many staffers, according to people with knowledge of the situation.
The Blind Ambition Podcast
Like many recruiters, Donna Helphrey didn't have her heart set on helping others find their dream job. Instead, she grew into the profession and became a current executive at a multibillion-dollar "unicorn" startup. We look back at her start as a recruiter, from working at a staffing agency to hiring 1,800 people worldwide in a single year at Groupon.
As we explore Donna's career, we dig into how to stand out as a job candidate at a foreign-based company and what it's like as a recruiter and hiring manager responsible for international roles. We tackle the different professional cultures worldwide, like how Australian professionals might be more active in the job search than Americans or Europeans. As a talent and HR executive today, she reveals the incentive structures and KPIs that she has for external recruiting agencies and her own in-house recruiters and how you might negotiate unique benefits or one-of-a-kind total compensation packages in a job search
Adobe And Figma Call Off $20 Billion Acquisition After Regulatory Scrutiny
Adobe and Figma, the cloud-based design tool, will terminate their planned $20 billion merger in light of regulatory hurdles, the companies said Monday. In a statement, the two companies said, “there is no clear path to receive necessary regulatory approvals from the European Commission and the UK Competition and Markets Authority.” Adobe shares rose around 0.6% in Monday morning trading.
Lamborghini Adopts Four-Day Workweek for Production Employees
Lamborghini, the luxury automaker, has agreed with its union to adopt a four-day workweek for its production employees, a historic agreement that reduces hours without cutting wages. The deal between the Italian automaker and the union is the first agreement of its kind in the European auto industry that reduces working hours without a wage cut—instead, it includes a raise and a one-time bonus of $1,082 in the next month.
The Happiest Employees Take This Many Days Of PTO—But A Vast Majority Of Workers Still Feel Guilty Taking Vacation
More than 40% of workers are burned out—and yet only about half feel their company’s leadership cares about their well-being. It’s readily apparent that employee health and satisfaction are at a stark low. While taking time off to disconnect from work, rest, and engage with friends and family is important for mental and physical health, the prospect of taking paid time off tends to come with guilt that discourages workers from using their vacation.