The 2024 Forecast: 7 Employment Trends To Watch Out For
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As we step into 2024, the job market in the UK is showing distinct trends. Understanding these shifts is crucial for HR managers and anyone looking to make a career change this year. In this blog post, we’ll delve into seven pivotal trends, backed by recent studies and reports, painting a comprehensive picture of what's ahead in 2024.?
The UK's job market in 2024 is marked by notable wage growth, though at a moderated pace. According to the Indeed Wage Tracker, private sector wage growth, currently at 7.7% year-on-year, is expected to ease to 5% by the end of 2024. This trend aligns with the Bank of England's expectations amidst a looser labour market. Additionally, pay transparency is becoming more prominent, with almost three-quarters of job postings including salary information as of October 2023, indicating a significant shift towards openness in compensation.
The healthcare sector continues its growth trajectory, driven by the ageing population and a heightened focus on mental health. The digital sector is also burgeoning, with a substantial demand for AI, machine learning, and cybersecurity professionals. Notably, the green economy is set for expansion, with the UK government's commitment to achieving net-zero emissions by 2050 catalysing a surge in related jobs.
The demand for green skills is rising across various industries, including manufacturing and finance. Total Jobs anticipates a notable increase in green job roles and skills in 2024. Skills such as carbon accounting in finance are increasingly sought after, reflecting a shift towards more environmentally responsible business practices.
The trend towards remote and hybrid working is evolving. The share of UK job postings mentioning remote or hybrid work has slightly decreased but remains significantly higher than pre-pandemic levels. This shift suggests that while the immediate response to the pandemic may be receding, the long-term impact on working patterns is substantial.
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A significant portion of the UK workforce is contemplating career changes. Research from Pluxee UK indicates that half (49%) of UK employees are likely to actively seek new job opportunities in 2024, with younger employees particularly motivated by financial well-being and work-life balance.
Certain sectors face unique challenges. For instance, hospitality and health and social care sectors are experiencing high vacancy rates and are sensitive to broader labour market conditions. McKinsey reports that competition for talent will remain fierce in the UK, despite economic uncertainties, with sectors like information and communication, and professional services facing constant demand for talent.
Employee retention has emerged as a top priority. The WorkBuzz State of Employee Engagement Report 2023/24 reveals that 36% of UK HR professionals state retention as their biggest concern, impacted by factors like inflation and the lure of higher pay elsewhere. The report suggests a need for long-term strategies to nurture talent and create cultures that encourage employees to stay.
To sum up. the UK job market in 2024 is characterised by a combination of wage growth, sector-specific demands, increasing focus on green skills, and evolving working models. The intention among a significant portion of the workforce to seek new opportunities presents both a challenge and an opportunity for HR professionals. Understanding and adapting to these trends will be crucial for success in this dynamic landscape.?
As we navigate these changes, the agility to adapt and the willingness to embrace new strategies will define the future of work in the UK.