Five trends for work and employment in 2024
THE EXPERT team at Work Avenue have picked out five employment trends for 2024 in our British Jewish community and beyond. While each industry, and indeed each job, is different, having an overview of the current market will help greatly with your job search — as will booking an appointment with a Work Avenue adviser. To find out more, go to theworkavenue.org.uk.
1 THE MARKET IS SLOWING DOWN
After a strong 2023 for vacancies, including those advertised on the Work Avenue jobs board, the new year has seen the number decreasing.
Work Avenue’s job placement manager Yael Shainfeld says: “The recent Labour Market Overview from the ONS (Office for National Statistics) found that the UK job market is slowing down, and this is reflected in what we are seeing at Work Avenue. This is being compounded by redundancies at more senior levels, with those roles not being replaced.
“Another factor to consider is that the National Living Wage (minimum wage) is rising to £11.44 in April 2024. This fairly reflects the increases in the cost of living — but will also make it more difficult for small businesses to employ staff, so they may look to combine roles or freeze recruitment.”
2 WAGES ARE RISING
The cost of living crisis has meant a real need for an increase in wages and, in many places, that has been happening.
The ONS overview found that annual growth in employees’ average total earnings was 6.5 per cent in September to November 2023. Even adjusting for inflation, the ONS found that to be a rise of 1.3 per cent.
3 BRAND NEW JOB ROLES ARE APPEARING
Each year, LinkedIn conducts a Jobs on the Rise list, a ranking of the 25 fastest-growing roles over the past five years. Even though the list is based on data from the US, the results are just as applicable here in the UK.
The most interesting thing about this year’s study is that more than two-thirds (68 per cent) of the positions didn’t even exist 20 years ago. These include roles such as those responsible for sustainability, diversity and inclusion, growth and AI (see trend 5).
4: SIDE HUSTLES ARE BECOMING MORE POPULAR
One major trend being seen at Work Avenue is the number of people upskilling and taking on training courses and paid work experience, via its social enterprise.
“Many clients are doing this to add skills to their existing roles,” says Yael, “or gain promotion, but there is a large of number trying to generate a second income via a side hustle.
“Side hustles are becoming a real way for people to earn more money, indulge their passions and test the waters for a future career or business.”
More than two thirds of ‘jobs on the rise’ did not exist 20 years ago
5: AI IS BECOMING KEY
AI, automation and digital tools are changing business and changing employment.
As a recent report from the world’s leading job website Indeed found: “The growing utilisation of GenAI and other technologies has the potential to reshape the broader landscape of the labour market.”
Work Avenue has added workshops, events and training courses focsed on these new digital tools — offering job seekers the chance to retrain and upskill to get a competitive edge when it comes to landing that new role.