Evan Sohn, CEO of Aura, sat down with Jesse Tinsley (CEO of Job Mobz), Miles Jennings (CEO of Recruiter.com), and Matthew Chan (Product Economist at Aura) to discuss the current job market overview. In a rapidly changing labor landscape, it's crucial to keep up with the times and adapt to strategic planning accordingly.
We're excited to offer insights from our expert panel, who analyzed key indicators from the latest JOLT and Jobs Report, the Recruiter Index, and the Aura Job Trends Report. In a labor market that's becoming increasingly fluid, staying informed about employment trends is not just advantageous—it's essential for success. This insightful discussion will equip you with actionable intelligence to make informed talent and business decisions.
The Recruiter Index
Updated each month by Recruiter.com, this report is brimming with vital insights that might be the stepping stone to propelling an organization to new heights in this cut-throat environment. It's not just a data dump, either. This is wisdom from the trenches - recruiters, HR hotshots, and Talent Acquisition maestros sharing their expertise. All keep a sharp eye on those industry trends and seismic shifts, equipping anyone with the knowledge to make savvy staffing decisions. The Recruiter Index gives a candidate close-up that offers a broader employment outlook.
Aura Industry Trends
Every month, Aura summarizes the latest industry hiring trends from publicly available job posting data, uncovering shifts in recruiting patterns by geography, sector, and other attributes. Here are some of the latest identified trends from Aura’s October 2023 report.
Overall job postings showed varying trends in different regions. In APAC, new job postings decreased by 9%, while LATAM and NA saw decreases of 2% and 6% respectively. On the other hand, EMEA witnessed a significant increase of 9% in new job postings between September and October. In the U.S., most states experienced a decrease in new job postings, with Delaware having the highest drop of 40%. Vermont, however, stood out with a notable increase of 22%.
Looking with a sector lens, the Government Administration and Computer Software sectors showed the highest increases, with changes of 21% and 16%, respectively. Conversely, Healthcare and Construction experienced the highest decreases. As for AI job trends, new AI job postings decreased by 3% from September to October. However, the proportion of AI jobs out of all software jobs increased by 2% during the same period.
Meanwhile, in the realm of remote work, Aura’s research detected that the Staffing and IT Services sectors saw the most new remote job additions in October but decreased by 8% and 5%, respectively, compared to September. Meanwhile, the Law Enforcement sector experienced a 220% increase in remote job postings, while the Entertainment sector saw a 33% decrease.
Discussing the Future of Work
In 2024, Jesse Tinsley anticipates a continuous and stable outlook for tech jobs. However, it's worth noting that there is a noticeable increase in contract positions resulting from the augmented use of labor in the industry. Indeed, the gig economy has become the new norm, redefining the post-2020 workforce.
The demand for AI jobs is growing, but this doesn't necessarily translate to job displacement. On the contrary, the past year has witnessed a surge in AI startups, indicative of the industry's expansion and the abundance of opportunities available.
Unsurprisingly, the healthcare sector consistently ranks at the top regarding job openings. Medical staffing shortages continue to rise due to the increasing reliance of the Baby Boomer generation on these services as they age. This upward trend signifies a pressing need for adequate staff in the healthcare industry. Furthermore, the pandemic has led to burnout and resignations within the healthcare industry, emphasizing the need for qualified professionals.
In summary, the outlook for tech jobs in 2024 appears promising, with the augmented use of labor and the prominence of the gig economy. Simultaneously, the increased demand for AI roles presents numerous avenues for growth. Additionally, the healthcare sector continues to offer abundant job opportunities due to various factors, including the aging population and the impact of the pandemic. These trends shape the evolving landscape of the job market and should be considered by both job seekers and industry stakeholders.
It's clear that the job market is evolving rapidly, and we need to stay informed. Looking ahead to what 2024 brings, the prediction of a steady outlook for tech jobs, the rise of the gig economy, and the surge in AI startups is genuinely fascinating. Plus, with the healthcare sector consistently topping the job openings chart, it's evident that opportunities are abundant in nursing, senior care, and medical technology. Whether you're a job seeker or an industry stakeholder, these trends offer valuable insights for navigating the ever-changing employment landscape. So, let's stay informed, adapt, and thrive in this fluid labor market.
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