Future Job Trends
It’s January already! At this time of year, you may be wondering what the 2024 job market has in store. We’ve had a dive into the big picture to retrieve the key trends. Here is our look at the employment outlook. What do the next six months hold for you? And beyond?
Employment Growth Is Slowing Down
According to recent stats from the ABS, employment increased by 0.2% to 14,145,400 in October. Unemployment remained at 3.7%, but according to a report by Deloitte, this figure is likely to increase to 4.5% by June 2024. Growth in employment is also expected to slow next year, increasing by just 1.4% compared with 4.1% in 2002-23.
Put simply, there will be fewer people in jobs and potentially more competition for vacancies. Job seekers may find themselves applying for roles that don’t necessarily match their career aspirations or salary expectations.
Industry Growth & Decline
Yes, there may be a predicted slowdown in overall employment growth, but the future is looking bright for some industries in Australia, including:
- Healthcare & Social Assistance
- Professional, Scientific & Technical Services
- Education & Training
- Accommodation & Food Services
So says a recent report commissioned by Jobs & Skills Australia. And we’re not just talking about growth over the next six months here, but longer-term to May 2033!
The same report expects employment growth to be much slower in a number of industries, including:
- Agriculture, Forestry & Fishing
- Administrative & Support Services
- Information Media & Telecommunications
Occupations: Rise & Fall
The strong predicted employment growth in some industries translates, unsurprisingly, to employment growth in related occupations over the next 5-10 years. Healthcare & Social Assistance is one industry on the up, and there is expected to be a significant increase in the number of Community & Personal Service Workers.
Employment is set to grow – although less quickly – in a range of other occupations, including Technicians & Trade Workers and Clerical & Administrative Workers.
Some occupations are likely to experience much slower employment growth, such as Labourers and Sales Workers.
A Skilled Workforce
Basic vocational qualifications are an asset in the employment market. Skill level 4 occupations are predicted to show a significant increase in employment growth. These occupations include Storepersons, Aged and Disabled Carers and General Clerical Workers. Occupations at this level generally require a Certificate II or III.
Skill level 1 occupations – which typically require a bachelor’s degree or higher – are predicted to experience the strongest employment growth over the next 5-10 years.
As we head into 2024, it could be worth reflecting on how these employment trends may impact you and your career path. What does your future look like in the world of work? Do you need to rethink your chosen role or industry sector? Do you need to upskill or reskill in order to stay ahead of the game? Plenty of food for thought over the summer season.
To discuss your career plans for 2024, please contact the professional team at Optimal Workforce today on admin@optimalworkforce.com.au or 02 8077 7030.
