What's New in the World of Work this Year (2024)

We're one month into 2024, and we’re already seeing considerable change when it comes to the world of work. From continued mass layoffs in tech (130 tech companies have laid off 32576 employees this year, as of Tuesday, February 6th, according to @layoffs.fyi) to a shift to skills-based hiring and an uptick in the gig economy, the world of work is in for an exciting year. Let’s break down the latest on the world of work and what it means for Gen Z.

1. Layoffs galore, yet stable hiring & consistent number of open jobs

Layoffs have been a consistent feature of working in and trying to break into tech. This hasn’t been a secret, but when it comes to being realistic with our youngest professionals who have aspirations of being software engineers and product managers at top organizations, we need to be realistic. Mid-level and senior developers will certainly have an easier time than those pining for entry-level positions. When working with students and early career professionals, I’ve had to get creative when it comes to supporting their search for top-priority opportunities. This has involved expanding where we look, broadening the types of roles we’re looking for, targeting other industries and organization types that need developers, and networking with industry pros through LinkedIn, mentoring programs, and professional associations.

Despite the damper that looking for work in tech has put on Gen Z, we are seeing positive growth in other areas. Industries like business and professional services, healthcare, retail trade, social assistance, manufacturing, government, and information all had an increase in the number of available jobs (@Bureau of Labor Statistics).

However, there is hope – the BLS expects employment for software developers, QA analysts, and testers to grow by 25% over the next 8 years, a higher growth rate than the average for all other occupations.?

2. Skills-based hiring is on the rise

Employers are more interested in the skills and competencies you bring to the table than the certifications, degrees, or other accolades you have. Of course, there is value within education, training programs, and other markers of qualifications. But, given that around 54% of college graduates do not work in their field of study (@Boston Consulting Group), employers need to reevaluate their position requirements to widen their candidate pools. Today, your ability to perform job-specific tasks as a result of your skill toolkit tops all, which is critical for Gen Z to remember as they begin to sweep the job market.?

I appreciate this shift toward skills-based hiring, because it helps give professionals without advanced degrees and specific backgrounds the opportunity to be considered for a role, and it helps employers remain equitable and open to broader pools of applicants. It does mean that higher education and career services will need to educate Gen Z, early career professionals on the importance of measurable skills, how to acquire these skills, and how to market their skills to employers and opportunities.?

3. Got a side gig? Yeah, me too.?

Everyone’s got a side gig these days. Nearly 4 in 10 Gen Z young professionals have a side hustle, some form of work beyond their full-time jobs. From dog walking and copywriting, to bartending and graphic design, to many other ventures and opportunities, Gen Z is working. A lot.

I have a few side hustles that I partake in throughout the year. They include:

• Course facilitation for graduate research courses
• Private coaching
• Speaking engagements
• Partnerships

Having a side gig or a 5-9 used to be considered a sign of low financial security. Now, this may still be the case, but Gen Z has other reasons to pursue side jobs – fear of layoffs & potential job insecurity, economic landscape & perceived hardship, rising cost of living, passion for upskilling, and creative outlet – that are shifting the narrative when it comes to doing more than a 9-5.

Something I think Gen Z should be aware of is the financial potential within the creator economy. Making silly TikToks and ads for brands tends to be pretty lucrative (but, it does make me question the value of work, as the creator economy has underscored the severely low wages earned by many educators, human services personnel, custodial employees, and beyond).

As we continue on through 2024, Gen Z needs to tap into their potential and acknowledge the complexities of the job market. Enhancing your networking approach and building your social capital (it’s on my mind, ?? Anna Miller !), as well as learning the ins and outs of what employers need from early career professionals, is the key to succeeding in today’s world of work.

This week, I…

This week, as a professionally unprofessional, I gave myself grace for feeling too tired to work on my website and projects as much as I had hoped to. I want to organize myself better this year, and for now, my current system will have to do until I have the bandwidth to really dive into rearranging my side hustle life.