Top Career Trends That Will Matter Most in 2022 & 2023
It can be challenging to select a college major, whether you are a high school senior or an adult looking to change careers. Choosing a career that would allow you to pursue your hobbies and still support your family might be challenging. Understanding the career trends, state of the labor market today and how it is anticipated to change over the coming years will help you narrow down your search.
The same degree of care should be used while investing time in your professional development as you would with your savings. Concentrating your efforts in the areas most likely to help you reach your financial objectives will depend on your ability to determine where money is moving.
Career Trends: What Are They?
Career trends reflect shifts in the demand for particular abilities in the labor market. New job opportunities may result from these shifts, while others may cause some markets to disappear completely.
A career trend, in plain English, is when the demand for a particular set of talents changes in the labor market. If we see a positive trend, the market around those skills creates a new and clearly defined professional path. The options for launching a conventional career are declining, which is an alarming trend.
The most recent instances of this are simple to identify. The need for Data Scientists has increased in line with a favorable trend as technology has advanced over the past 15 years. These days, there is a comprehensive career path laid out for those who wish to work in data science, accompanied by academic degrees designed to provide graduates with the necessary marketable skills.
We’re here to provide predictions on the key participants in the employment market for 2023 and beyond using information from the United States Bureau of Labor Statistics and influential newspapers and magazines. We believe that this will help you decide on a professional education program with knowledge. These top career trends will be crucial in the employment market in 2023.
1. Technology and its Value in Labor Markets
Change in the workforce will always be fueled by technology. Current generations appear to be more accepting of change than previous generations, who were often more resistive to it. Many workers actively seek opportunities to integrate new technology into their work and want their employers to do the same.
- A corporation that employs cutting-edge technologies to promote career advancement has a 55% higher chance of keeping its employees.
- 85% of employees want technology to suggest a career path for them. This involves pointing out potential areas for improvement and suggesting further actions.
- 16% of businesses deploy technology more regularly to observe employees. This covers online time clocks, computer use, emails, and communication.
2. Automation and Employment Prospects
Did you know automation technology is getting better and more inexpensive for businesses to use in their workforce? Automation may be more practical than hiring people in some businesses. Automation is being applied in various areas to boost worker productivity.
- Between 1990 and 2015, labor expenses climbed by more than 100%, while robot costs reduced by more than 50%.
- The majority of customer service interactions—around 85%—are automated.
- In 2023, it is anticipated that investments in hyper-automation will total $596.6 billion. Huge rise over the previous two years of more than $100 billion.
- In the next 50 years, a majority of the work currently done by people will be done by robots and computers.
3. Social Media and the Future of Employment
Don’t believe the myth that your job life is unrelated to your social media life. Nowadays, social media profiles are used by employers during the hiring process. Simply put, your social media usage could improve or harm your prospects of landing a job or succeeding in your existing position. Keep your profile professional to always be on the safe side.
The distinction between using social media for personal and professional purposes is becoming increasingly hazy. Both employers and employees use it to identify new opportunities and evaluate partnership possibilities. Maintaining a professional online image should be a top focus for business people moving forward.
- One without a social media presence will probably not be considered by 21% of hiring managers.
- When you have a profile photo on LinkedIn, your chances of someone viewing it are enhanced by 14 times.
- LinkedIn is used by 51% of recent graduates. (Pew Research Centre)
4. Increase in the Unemployment Rate
At 3.7 percent in July 2019, the unemployment rate in the US reached its lowest level in the preceding 40 years. Since 2010, the unemployment rate has been continuously decreasing. Everything was improving. However, the number has increased ever since the COVID-19 epidemic struck.
Despite a decline at the beginning of 2021, the unemployment rate is still higher than in February of 2020 before the pandemic. We anticipate that until the coronavirus’s dangers and concerns are finally addressed, this will remain higher than pre-pandemic levels. This has numerous repercussions for both employees and businesses.
5. Trends in Remote Work
Along with remote work’s growth, COVID-19 marked a fundamental shift in workplace culture. Many businesses provided their employees the option to work from home, either full-time or part-time, out of need, and some closed their physical offices permanently.
A report from WeWork shows that a flexible work environment is something that 75% of employees are willing to give up one work benefit for. Healthcare, bonuses, or paid time off are examples of this perk.
- There will likely be 40.7 million remote Americans in the next five years.
- According to 36% of executives, the loss of corporate culture is the main issue with hybrid work environments.
- (Gartner) Before COVID-19, 30% of workers did remote work. After COVID-19, an estimated 48% of employees will still work remotely.
6. Careers, skills, and region incompatibilities
Poor-quality systems and education are the leading causes of skills gaps. In addition, there are new ways of organizing the workplace, new places where jobs can be found, quick technical advancements, and demographic changes. The technical skills of candidates are insufficient to fill the available jobs. These encompass STEM degrees in physics and statistics and soft skills like cooperation and communication.
On the other hand, even employed people might not be using their full potential. According to a global poll, 37% of job seekers say their current jobs don’t fully utilize their skills.
Mismatches in terms of location also exist. In fact, it was discovered that there were numerous structural inconsistencies across the US based on location. These areas have a high need for labor but a shortage of competent candidates. The identical situation is occurring all around the planet.
- The mismatch between worker skills and open positions persists.
- The most detrimental impact on such a gap is caused by low education quality.
- To remedy this employment issue, structural flaws should be fixed.
7. Career Trends in Hiring and Recruitment
Demands fluctuate along with changing job trends. Potential employees can make higher pay, perks, and corporate responsibility demands in this seller’s labor market. According to Zippia recruiting statistics, 67% of job searchers believe remuneration is the most crucial aspect in accepting a job offer.
- 70% of job searchers prefer recruiters to be upfront about the salary range when they initially get in touch.
- Before applying for a job, 75% of job seekers look up the employer’s reputation.
8. Freelancing Will Rule the Future
In more significant numbers, workers are turning away from traditional employment opportunities in favor of the freedom to work for themselves. Thanks to the digital economy, freelancers no longer need to rely on personal ties to secure employment. They can publish online portfolios, look via freelance employment networks, or find a part-time job in the burgeoning gig economy. Interestingly, students and researchers are turning to academic ghostwriting services who are mostly PhD holders for assistance with their research work.
Employers view this tendency as mutually advantageous because it relieves them of the cost of supporting permanent hiring when the workload does not warrant it.
- According to 46% of freelancers, their obligations and circumstances prevent them from holding traditional jobs.
- The majority of independent contractors (45%) provide skilled services.
- Fifty-one percent of freelancers believe that no amount of money could persuade them to accept a traditional job.
- Women make up 40% of the freelance workforce. 6% less than the workforce as a whole. (Statista)
9. The Elder Generation is Retiring in Greater Numbers
Millennials outnumbered Baby Boomers as of July 2019. And Millennials will eventually dominate the work market. But it appears that this will happen sooner than we had anticipated. Over the past nine years, the annual growth rate among retiring baby boomers has never exceeded the +2.5 million observed in 2015. Additionally, 2019 saw the lowest annual increase in Boomer retirements.
Boomers who did not complete high school are now more likely to retire, up two percentage points. The same holds for recent high school grads. For those with bachelor’s degrees or more, there was only a one percentage point gain. Boomers with some college education did not see a percentage increase. The information was gathered between February and September 2020.
- New skills that younger generations have more of than Baby Boomers will be needed to adapt to changing business environments.
- By 2023, there will be three million more Baby Boomers retiring annually.
Key Takedown
The career trends outlined above provide several pressing issues that must be resolved;
- Employees should be encouraged to continually update their technical knowledge due to the growing demand for technology capabilities.
- To maximize the benefits of automation, businesses should embrace it cautiously and enthusiastically.
- Employees should always maintain a respectable, positive online reputation, as should everyone else for good measure.
- Businesses should safeguard the welfare and financial stability of their employees.
- To help with the current issue of job mismatches, businesses should launch initiatives.
- Finding methods to use technology to generate jobs, rather than using it otherwise, is genuinely the right mentality.
These career trends should give you some handy ideas for enhancing your current professional path. Employers should use reliable HR process solutions to improve employee management procedures further. You will find monitoring your team’s productivity and future development simpler.
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