For workers, the job market can be an intimidating place. Changing economic conditions, technological upheavals and short-term business cycle fluctuations can create uncertainty about where career opportunities might be found or what skills will be most in demand. And trends rarely, if ever, progress in a straight line.
As a result, job market trends identify forward-looking directional movements and emerging patterns of employment practices, while workforce demographics provide snapshots of current employment conditions like unemployment rates and hiring volumes.
Despite signs of labor market cooling, it’s still possible to find opportunities in most industries. However, it’s important to remember that some sectors – particularly those that require a significant amount of in-person work or have historically depended on employee relocations – may continue to face headwinds.
For instance, the share of jobs that require a bachelor’s degree has leveled off following a sharp rise in 2022 and 2023 and remains well below pre-pandemic levels. Similarly, the share of job postings offering benefits has ticked down from peak levels after a similar surge.
The combined forces of technological change, the green transition and demographic shifts are expected to fundamentally reshape the global job market by 2030. In the meantime, they are creating a number of new roles and reshaping others as businesses adapt their operating models to accommodate them. Fortunately, these changes can offer exciting new opportunities for job seekers and workers alike. Whether those opportunities will be readily available, however, depends on many personal and professional factors, including local economic features like geography, culture and politics, the availability of affordable healthcare and a short commute time.