Typical Issues in the Current Employment Market

These are some issues that job seekers and employers will likely encounter in 2024.

• A lot of applications and automation: Job seekers often submit numerous applications without receiving any responses, a situation many other candidates experience.

Many companies utilize automated screening tools, frequently rejecting applicants without a reason, leading to their frustration.

• The hiring and communication processes are moving too slowly. Even if a candidate makes it past the first round of screenings, companies may not respond quickly, which can make the hiring process take longer. Both job seekers and companies agree on this point: it's difficult to keep the hiring process running smoothly when there are a lot of applications.
• Scams with job postings: There is an increasing number of fraudulent job postings that attempt to trick individuals into parting with money or personal information. This happens so often now that the government tells people looking for work not to do it.
• Problems for employers: Employers also have to deal with problems. Hiring managers report difficulties in locating skilled workers, and they frequently overlook good candidates in the process. Many companies have cut their HR staff and laid off workers, which has made it harder to find the right people.
• The economy and job market are uncertain. The job market is still unstable, and different economic predictions make things unclear. Even though there are a lot of job openings, both job seekers and companies are cautious because they think the economy could go down.
• Flexible hours at work: More and more people use mixed work models, but the number of people working from home is decreasing. This shift necessitates companies to strike a balance between the requirements of flexible workers and the advantages of on-site work, which are believed to enhance culture, productivity, and teamwork.
• AI has changed hiring: AI has occasionally gone wrong in the hiring process, rejecting suitable candidates and reinforcing biases. This has complicated the hiring process, making it more challenging to ensure fair selection of the best candidates.
• Job seekers' fatigue and mental health are significant issues. A lot of people who are looking for work say they are worn out of the long and frustrating job search process. People who are looking for work are experiencing difficulties with their mental health due to the intense competition in the job market and the uncertainty of the economy.

Numerous sources concur on these issues, highlighting the complexity of the job market and its impact on both job seekers and companies.

We cross-checked our own experience with some other material out there.

The FerVID Group - We perform several difficult-to-hire projects for our clients. And we use a lot of human expertise to evaluate and provide communication. Without proper communication, frustrations rise and the entire experience becomes stale.

Dahl Consulting: hiring trends and concerns about keeping the market stable. The World Economic Forum is examining the evolution of digital jobs and the shift in unemployment rates.

Fox Business: Problems in the job market, such as the age and gender of the workforce and the mental health of people looking for work.

BioSpace: The biopharma industry's job market and hiring prospects are competitive.

Korn Ferry - essential articles to read.

By learning about these common problems, both job seekers and employers can better understand how the job market works right now and work on better ways to hire people.