The job market experiences constant fluctuations, influenced by economic shifts, technological advancements, and employee aspirations for better growth opportunities. Amidst this ever-evolving landscape, numerous studies emerge, painting various pictures of what's to come. As 2024 commences, gaining clarity about the standing of employees, employers, and the job market becomes imperative. To provide an overview of what lies ahead in the job market this year, we delve into several pivotal surveys and studies.
46% concerned about job security:
A survey by AmbitionBox showcased that 81% of respondents found contentment with the hybrid or remote work model in 2023, with 52% keen on its continuation in 2024. The desire for this model underscores a reluctance to revert to conventional office workweeks. Furthermore, 30% prefer working entirely remotely, reflecting evolving workplace preferences.
Regarding work-life balance, 45% foresee improvements in the coming year. Conversely, 46% harbor significant concerns about their job security, reflecting the contrasting sentiments prevailing among employees.
Employee concerns over job loss to AI:
Technological advancements, especially the rise of AI, instil apprehensions among 82% of working professionals about potential job obsolescence. Despite this worry, 78% acknowledge the necessity of upskilling to stay relevant in a changing job market, reflecting a proactive stance towards adapting to technological shifts.
According to Hiring Lab's research, AI's impact differs across job sectors. While 19.8% of jobs face high exposure, 34.6% face lower exposure. This discrepancy highlights AI's varied effects on different job roles.
AI's role in creating new job positions:
Contrary to concerns about job displacement, organisations are creating new roles to align with the increased adoption of AI. Around 85% of Indian organisations have introduced new positions to meet the demand for cloud skills, indicating a surge in job opportunities prompted by evolving technology.
Employees pursuing new opportunities for pay and promotions:
The Indian workforce exhibits an ambitious streak, with 42% eyeing job changes to secure higher pay and promotions. This proactive attitude towards career advancement surpasses the global average of 26%, emphasising a significant desire for professional growth and financial enhancement.
The role of managers in retaining employees:
A study by the Boston Consulting Group emphasises the critical role of managers in employee retention. Highly satisfied employees with their managers demonstrate a remarkable 72% reduction in attrition rates. Dissatisfaction with managers doubles the risk of attrition, underscoring the pivotal role of effective management in fostering employee loyalty.
Managers, supportive leaders, accessible resources, and equal opportunities independent of background emerge as influential factors that, when addressed collectively, could significantly reduce attrition rates, potentially dropping from the global average of 28% to as low as 9%.
As the job market continuously evolves, understanding these insights provides a glimpse into the challenges and opportunities that lie ahead for both employees and employers in 2024.