In 2022, due to COVID-19, the employment landscape took a rattling shift where people were voluntarily leaving their jobs for many reasons, this was known as the Great Resignation.
The pandemic changed a lot for job seekers. People left their jobs because they wanted something better. Some started working from home. Some just stopped working completely with help from stimulus checks from the government.
It was the year of “YOLO” (you only live once). People were focused on their mental health and living in the moment. They had control of the job market during this time because everything was changing. People wanted to enjoy their lives without worrying about losing themselves because of that job. Companies were met with challenges to retain their talent and actively recruit employees, but to recruit them, they had to show that they understood their employees’ priorities. They did this with higher salaries, flexibility, sign on bonuses, and educational opportunities.
However, in 2024, The job market is shifting again and people are changing their mindsets in what they prioritize now.
In particular, the cost of living has increased. With basic items like housing and groceries going up in price, many people are feeling squeezed, and their priorities are shifting back to be more in line with what they valued pre-pandemic with salary and job security topping the list.
COVID-19 and the “YOLO” era caused a shift of what job seekers need from their employers but now that COVID-era savings are drying up and the new normal is taking shape. The things employees value most are salary, job security, flexibility, benefits, health and safety, and tuition assistance and when they find these things, they’re staying put. So, employers have no issue at the moment with retention and the ball seems to be back in their court. This means employers should anticipate an increase in the number of applicants that apply to their open opportunities, and with so many things playing a role on how the economy may swing through the end of the year, expect that job seekers will quickly shift from being active to passive job seekers and vice versa.
This evolving employment landscape can be understood through several key trends. First, the shift towards remote work, which gained significant traction during the pandemic, is now being reevaluated. Many companies are adopting hybrid models, balancing the benefits of remote work with the need for in-person collaboration. This hybrid approach allows employees to enjoy the flexibility they have grown accustomed to while ensuring that companies maintain a cohesive and collaborative work environment.
Second, the importance of mental health and work-life balance, which was a focal point during the YOLO period, remains a significant concern for employees. However, the emphasis is now on finding a sustainable balance that does not compromise financial stability. Employers are increasingly offering comprehensive mental health benefits and wellness programs to address these concerns.
Third, the rise in inflation and the subsequent increase in the cost of living have made financial security a top priority for many workers. As a result, competitive salaries and robust benefits packages are crucial for attracting and retaining talent. Companies are also more transparent about career advancement opportunities, ensuring employees see a clear path to growth and financial stability within the organization.
Moreover, the concept of job security has regained prominence. During the Great Resignation, many workers felt confident enough to leave their jobs in search of better opportunities, often in entirely new industries. Now, with economic uncertainties looming, there is a noticeable return to valuing stable employment. Employees are less inclined to take risks and more likely to stay with their current employers if they feel secure and valued.
Finally, the role of technology in the workplace continues to evolve. The rapid adoption of digital tools and platforms during the pandemic has led to lasting changes in how work is performed. Employees expect their employers to invest in the latest technologies that facilitate efficient work processes and enhance productivity. Employers who lag in adopting new technologies may find it challenging to attract tech-savvy talent.
As we move forward, it will be crucial for companies to balance the lessons learned during the pandemic with the emerging needs of the workforce to create a stable and supportive work environment.
Nexxt is a recruitment media company that uses today’s most effective marketing tactics to reach the full spectrum of talent – from active to passive, and everything in between. Learn more about hiring with Nexxt.
This article was written by Gekeya Pinder.
Gekeya Pinder is a writer and has her bachelor’s in writing & narrative arts. She loves to write short stories and poetry and grew a love for journalism. To see more of her writing, check it out on medium, https://medium.com/@gekeyap24