The Changing World of Work: Labour Market Trends You Need to Know to Stay Informed
Updated: Mar 19, 2020
Recently, a White Paper has been released by Career Thought Leaders post Career Jam in 2019. This paper reports trends, solutions, and opportunities in the career industry of where experts forecast the new and the next based on the input from professionals globally in Australia, Canada, New Zealand, Spain, U.K., and U.S.
Why is this important?
The world of work is significantly changing and because of a culmination of seven megatrends, career advancement, leadership, and job search are changing. This is enforcing jobseekers to rethink their strategy and brand, and evaluate how they will fit into the new world of work while maintaining their competitive edge. Growth and meaning are becoming fundamental drivers of jobseekers seeking to make career transitions.
It's also essential for career professionals to stay updated for themselves and their clients (jobseekers). By understanding these trends, we can effectively provide the latest strategies to clients and adapt our practice in the midst of constant, disruptive changes in the world of work.
From the most recent White Paper Release Webinar, we concurred how seven megatrends are changing the careers landscape:
1. New Retirement - Older workers continue to remain in the workforce and are adopting new roles, contract work, and even second careers. The term "retirement" seems to be outdated these days.
Yet, ageism reminds a grave concern. So how will older workers balance their need to remain employable with ageism concerns?
2. Diversity and Inclusion
Concerns around diversity and inclusion are becoming a common topic of conversation within many organizations.
Diversity and inclusion is serving as the foundation for hiring and culture, shaping recruitment and retention strategies.
3. Generation Z is entering the workplace.
This free-thinking generation is shaking up the work culture with new ideas, different ways of working, and unique values based on seeking innovation, and interaction, but also growth and flexibility. How can they learn to balance these? How can they learn to work harmoniously with other generations?
4. Artificial intelligence
AI and other technologies are transforming the workplace and job search.
This is driving more innovation in other industries, changing the nature of jobs, while necessitating professionals to rethink the added value they deliver to technology.
5. Remote Work
Working remotely is no longer a luxury, but a necessity. It is redefining the changing world of work and becoming a common practice in many industries, especially with global health concerns and globalization.
Professionals will need to learn how to work effectively in a remote setting while leveraging innovative communication and technologies. Maintaining a work-life balance using their own best practices is also an important part of working remotely.
6. Positive Psychology and Well-Being
Positive psychology and wellness are becoming central themes in corporate and coaching conversations.
Jobseekers are more concerned about their health and wellness in the workplace and how their work impacts their well-being. This includes topics such as mindfulness and self-care, as well as stress reduction, mental health, freedom from bullying and harassment, and a healthier workplace.
EI is growing in importance for hiring and succession planning decisions.
Your EI (emotional intelligence) is becoming more important than IQ and will determine how you can navigate challenges and changes in the workplace. Yet, many jobseekers are struggling in interviews and throughout their job search, even during their first three months due to not leveraging their emotional intelligence.
Thank you to the leaders and career practitioners who facilitated and participated in these discussions to move the industry forward!
What trends are you seeing in the changing world of work and how are they shaping your career development?
Lori Jazvac is an award-winning Master Resume Writer, Certified Career Transition Coach and Certified Hidden Job Market Coach. Lori is the Founder of Creative Horizons Communications, a trusted holistic career services provider in Halton supporting jobseekers globally to embrace their next career milestone.