Labor market trends for September 2024: how AI and automation are shaping the future

September 2024 brought significant developments across the global labor market, underscoring the opportunities and challenges that industries face today. As economic trends, technological advancements, and geopolitical factors intertwine, the impact on workforce dynamics is undeniable. Let’s explore how these factors shape industries and how HRForecast is actively helping organizations navigate the evolving landscape.

Global labor market developments?

Germany’s pension system faced a startling $3 billion theft in Europe, underscoring vulnerabilities in even the most robust economic systems. This incident has sparked conversations around the security of social systems, influencing labor market dynamics as governments and organizations reassess their risk management strategies. Meanwhile, the UK’s ambitious push towards a green energy future reached a critical juncture, raising questions about the feasibility of meeting sustainability goals within current timelines.

On the other hand, Australia’s economy showed resilience, with retail sales surging in response to warmer weather. This uptick in consumer spending reflects positive consumer confidence and could signal a broader economic recovery. Globally, the energy sector continues to dominate headlines. AI-driven data centers are accelerating power demand, and all eyes are on oil prices as potential OPEC supply hikes loom.

In this context, it’s crucial to understand that labor market trends are not isolated events but rather a complex web of interconnected factors. HRForecast’s latest innovations address these complexities, providing organizations with the tools to stay agile in a shifting environment.

HRForecast has enhanced the smartPeople platform with new features

In September 2024, HRForecast introduced several key updates to its smartPeople platform to help businesses better navigate this volatile landscape:?

• Automation potential in job insights. Organizations can now assess the automation potential for various roles, helping them understand which positions may be automated and how this will affect workforce planning.?

• Subscription-based projects and benchmarks. With the ability to add smartData projects and benchmarks based on subscription packages, companies can tailor data analysis to their specific needs, enabling more informed decision-making.?

• Enhanced admin settings for smartData. Administrators can now control which users can purchase job insights, offering better control and safeguarding data access.?

• Improved user interface. The Job of the Month feature now highlights positions based on subscription level and selected job insights. At the same time, project types like Report and Benchmark are organized into separate tabs for more straightforward navigation.? ?

These updates empower businesses to make data-driven decisions, providing the insights necessary to adapt to today’s rapidly changing workforce demands.?

HRForecast has partnered with Ensaan Technologies to drive workforce transformation in the Middle East with AI

HRForecast is proud to announce a strategic partnership with Ensaan Technologies to revolutionize the business landscape in the Middle East. This collaboration combines workforce analytics expertise with cutting-edge digital transformation solutions, empowering businesses to stay ahead in an AI-driven future.?

Through this partnership, companies in the Middle East can leverage AI-driven insights to predict future workforce trends, enhance talent management, and ensure regulatory compliance. With governments in the region strongly pushing for AI integration, this partnership is set to drive sustainable growth and productivity across various industries.?

?? For more information on how this partnership can benefit your organization, reach out to:?

• Ensaan Technologies: [email protected]?

• HRForecast: [email protected] | Angus Turpin, Director International Business Development?

Cooperation with BAVC and IGBCE on sustainable development in the chemical and pharmaceutical sectors? ?

HRForecast , in collaboration with Bundesarbeitgeberverband Chemie (BAVC) , and Industriegewerkschaft IGBCE , released an in-depth analysis of sustainability in the chemical and pharmaceutical industries. The report highlights Germany's leadership in promoting social, economic, and ecological sustainability, with a growing focus on sustainability-relevant skills reshaping job roles.

For instance, the role of Environmental Safety Specialist now requires skills such as carbon neutrality and waste management, reflecting the industry’s shift towards more environmentally conscious practices. For a deeper dive into the findings and implications for your workforce, explore the full report here: https://future-skills-chemie.de/de/

Webinar: The impact of AI on the automotive supplier workforce

Here's a reminder: On October 10, 2024 (1:00 – 1:45 PM CET), we'll have a webinar featuring industry experts from Roland Berger and HRForecast as they tackle challenges faced by the automotive supplier sector. The automotive industry is grappling with cost pressures and rapid technological shifts, and AI-driven solutions could be the answer to staying competitive.

Experts Dr. Cyrus Asgarian, Felix Mogge, Nina Feuersinger, and Florian Fleischmann will share valuable insights into how AI-powered workforce management can help organizations boost efficiency, identify critical skills, and make informed decisions in this fast-evolving landscape.??

??Register for a webinar about the future of workforce management in the automotive industry: https://content.rolandberger.com/en/determine-the-impact-of-ai-on-the-automotive-supplier-workforce

HRForecast is among the top 10 startups set to revolutionize aviation maintenance and repair with AI at LTP Startup Challenge 2024

October 10th will be a big day for HRForecast, as we’ve been selected as one of the top 10 startups to compete in the prestigious LTP Startup Challenge 2024! Our team will present how our AI-driven insights can optimize aviation maintenance processes, reduce downtime, and enhance operational efficiency. Stay tuned for updates on how we’re making waves in the aviation industry: https://www.seedstars.com/community/entrepreneurs/programs/ltp-startup-challenge/

September blog posts roundup?

HRForecast conducted research in September 2024 and published our findings in a blog post. For software companies, HRForecast highlighted future roles that will be critical for adapting to technological advances and the changing demands of the digital economy. In addition, HRForecast has published a guide to new projects and location analysis for companies considering expansion or relocation, offering strategies to optimize business relocation decisions by assessing regional opportunities and challenges. Learn more about it below.

Future roles in software development companies?

Each role is vital in modern software development teams, from product manager to AI specialist. Demand for software developers is expected to rise by 20% in the next two years, with new roles in AI and cybersecurity emerging rapidly.

What key roles are essential for your team’s future growth? Our recent blog post offers insights on building a forward-thinking development team.?

Starting fresh or optimizing? Find the right path for your relocation?

As economic conditions evolve, finding the right relocation strategy is crucial. Should you start from scratch with greenfield analysis or maximize potential with location analysis? With 76% of companies favoring greenfield strategies in untapped markets, it’s clear that innovation is essential, but is it the best move for your business in today’s climate??

Explore how both approaches can guide your relocation plans. Our latest blog post breaks down the critical factors for success, from talent availability to cost efficiency.? ? What steps are you taking to future-proof your team? Stay informed, stay ahead — visit our blog to dive deeper into these trends and make more strategic decisions for your business.?

Future-proofed is a monthly dose of insights on people analytics, the future of work, and data-driven HR to help smart HR leaders stay ahead of the curve. Follow me on LinkedIn for the latest insights, and start future-proofing your organization today.?