What is your professional resolution for 2017? Is ‘moving up the leadership ladder’, ‘finding a new job’, or ‘switching career path’ included in the list? If you nod affirmatively to all of this, then stay alert!
The latest report compiled by ILO (International Labour Organization) suggests that global unemployment rate is expected to rise by 3.4 million in 2017. While this might come as saddening forecast, there remains greater opportunities for you to shine this year. But only if you pay attention to the current job market trends.
Despite ILO’s findings regards the rising global unemployment, in general we can see positive employment trends, such as pay rise, increase in number of job vacancies, as well as reduced job seekers in the talent pools.
While it is stated that the unemployment rate will rise modestly from 5.7 to 5.8 percent, in fact you do not need to be discouraged because there are still wide open opportunities for you. Moreover, if you hold a bachelor or higher degree, then you will have higher chances to land the job more quickly than others.
But before you dive into the street, it would be better if you learn what is hot in the professional world. Thus, you can equip yourself with the skills, knowledge, and attitude in accordance with the market demand. Here are 7 job market trends you should know in 2017:
- Millennials will make up for most of the talent pool
By 2020, we will see an influx of Millennials entering the talent market. More Baby Boomers are entering retirement phase, leaving vacant job positions that need to be occupied by younger generations.
- Gig economy is on the rise
Nowadays, more people are seeking flexibility in working. With advancements in technology, gig economy offers the privilege of managing your own working hours and workplace without having to be tied to a particular company.
If freelancing was often associated with an uncertain and gloomy future, now freelancing becomes one of the most profitable employment type. In the recent years, we have seen many platforms driving the gig economy, such as Uber and AirBnB. Not to mention the proliferation of businesses in need for skilled contingent workforce, driving the gig economy which is here to stay.
- HR will focus on data-driven recruitment
Data science will transform how HR recruitment and hiring decision making process. Not only will this data help optimise the process, it will also help recruiters fetch better and more qualified candidates, through streamlined methods and practices.
- Automation will change the work landscape
Along with continuous invention of new technologies, the world will undergo a phenomenal change in the automation culture. On one hand, the use of automation and machines in the business is proven to be highly profitable and effective, because it can improve efficiency and reduce the impact of human error.
If you do not want to lose your job and be replaced by a robot, then the key lies in continuous training and development to hone your skills and abilities, such that you can adapt to the changing landscape.
- Tech jobs are in high demand
Do you hold a degree in computer science or information technology? Then, this year is going to be a great year for you. Tech skills are on high demand, considering how digital transformation has sparked change throughout the world. Especially if you possess skills in software engineering and data analytics, then there will be copious job openings for you.
- Closing the gender pay disparities
With increasing demand for more transparent approach to employee compensation and benefits, it is predicted that 2017 will see more employers taking actions to close the gender pay gap. With the issue been debated for long, it is time business leaders take proactive steps to build better employer brands.
- Return to traditional benefits package
Unless you plan to work for startups, most corporates will return to traditional benefits package rather than flashy perks. Rather than offering game pods, yoga class after work, and free lunch vouchers, employers will be more in favor of healthcare investment and pension plans.