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As the saying goes, change is constant. So, as we enter into another new year, the labour market is expected to continue evolving significantly. For individuals to stay competitive in the job market, it’s important to anticipate these changes and keep up to date with the trends.
In this video article, we examined various studies and put together some key insights.
1. Disruption through digitisation and technology
Probably one of the biggest contributors to change, tech advancements, including AI, automation and machine learning, are reshaping the economy drastically. Even with hiring practices, many companies in Asia are using tech to streamline their processes. No sector is spared from technology, so we must adapt, too.
Furthermore, the EY 2023 Work Reimagined Survey found that AI is expected to have an “outsized impact on the labour market, career and learning pathways and the realities of work”. This means that technology is augmenting or automating processes for improved efficiency. Forbes also reported that ChatGPT has become a requirement on numerous job postings on LinkedIn. As such, it is vital for us to be familiar with tech tools to remain relevant.
2. Shifts in industries and job roles
Because of varying factors like technology, economic circumstances and societal changes, industry shifts are bound to happen across the board. As such, new skills and job roles are coming up to adapt to changing demands, so it is important to stay up to date with what’s happening in the industry and how it’ll impact your career.
What’s more, companies are showing an increasing interest in sustainability and going green. According to global financial services company Mercer’s 2024 Global Talent Trend study, organisations are also planning to “reset their People strategy to intentionally build more sustainable, more inspiring, less exhausting work models”. This definitely will impact how businesses hire to stay competitive in their respective industries.
3. The rise of remote work
The Covid-19 pandemic accelerated the adoption of remote work across the globe, where many of us had to completely adapt to working from home. As the health scare has eased, more companies are adopting hybrid work models.
This is also because of a new generation of Gen-Z workers who prefer this flexibility, hence pushing the adoption of hybrid work models across the globe to reach 81%. Similarly, in Asia Pacific, PWC’s Asia Pacific’s Time: Responding to the New Reality report stated that 90% of the workforce have indicated their preference for remote or hybrid work.
While more employers are adapting to the evolving requirements of the workforce, this also means we need to show that we can be trusted and empowered. As such, striking a balance between both individual and employer to reach a good working partnership is vital.
4. Changes to job requirements
As technology, sustainability, and corporate social responsibility gain importance, talent demand is also changing to support companies’ changing needs better. Monty Sujanani, country manager at Robert Walters Singapore, said this will impact how companies approach hiring. “Skillset and qualifications may no longer be the sole focal point in the hiring process,” he said. “Companies may give more weight to candidates who resonate with their values, mission and dedication to CSR.”
That said, we must stay committed to continuous learning to remain competitive in our careers. After all, a 2023 LinkedIn report found that 89% of recruiters in Southeast Asia are prioritising skills-based hiring. As such, upskilling and reskilling are essential for career advancement, as they demonstrate a commitment to growth and development.
5. Importance of overall well-being
Recent years have thrown work-life balance and mental health into the limelight – shown through phenomena like quiet quitting – with many of us prioritising these in our careers. Qualtrics’ global employee study of workers across 32 countries found that employee well-being is one of Singapore’s top-rated Employee Experience KPIs. Around the world, professionals are also going against the “hustle culture” as work-life balance grows in significance, reported Korn Ferry after its CHRO Round Table in Singapore. Thankfully, more companies are making wellness offerings part of the employee benefit packages.
While the pandemic elevates concerns about well-being and the dangers of burnout, maintaining a healthy well-being can still be challenging. Prioritising well-being is crucial for long-term success, so individuals and companies should establish clear boundaries and set realistic work expectations.
As we begin a new year, it is essential for all of us to stay adaptable in an ever-changing job market. By understanding the trends, adapting to changes and learning continuously, we can have a more successful 2024 and beyond.