COVID-19 has dramatically changed the global labor market, setting new tendencies and rules for effective collaboration. Trends like remote working and increased governmental and corporate support will continue. In addition, automation and AI will surely change the company’s operations. But what are other factors that will influence the future of work? Most importantly, how will they impact the labor market? Check the answers from our experts in the article below.
Highly Automated Processes
The most career-related example of software powered by artificial intelligence or AI is ATS bots. An ATS tool is a program that checks your resume before it lands on the recruiter’s desk. Yeap, your chances to land a job highly depend on whether you hire a resume writer because these specialists know how to win you a job. Before you start writing your bot-beating resume, check how AI will impact the future of the labor market.
Technology will keep growing, setting new trends for the job market. Up to 45% of jobs will experience automation to some extent, while 5% of them will become fully automated. The first jobs to be changed, aka automatic, are the manual and repetitive ones due to their predictability and repetitiveness. However, don’t be afraid to lose your job! The machines will take on a few responsibilities, but there will always be a need to manipulate the machines. Hence, the human factor will still prevail in the company’s organization.
Which Industries Will Be Affected By Automation And Ai The Most?
- Manufacturing;
- Retail;
- Healthcare;
- Transport & Logistics;
- Banking;
- Telecommunications, etc.
Flat Disorganized Structures
Have you always wanted to have the same power in decision-making as your boss does? Well, it’s real in the future! A common employee has an equal say regarding changes in the organization. Thanks to COVID-19, things became more disorganized but in a great way. Employees no longer have to share a workspace with their colleagues under the same roof. Yeap, the best part is that you can work from any part of the world and stay in touch with your team. Most companies are embracing remote work nowadays as it brings them the following benefits:
- No need to rent an office and pay the water and heating bills;
- No need to pay for the office equipment and assist the company’s employees in commuting;
- Lower absenteeism rates.
However, the top benefit for a remote-operating company is an opportunity to access a bigger talent pool. How? Let’s talk about it.
One Big Gig Economy
Yeap, due to the gig economy expansion, there will be more freelancers in the future. So what is a gig economy? It is an umbrella term for a labor market consisting of short-term projects performed by contractors and freelancers compared to a traditional labor market where job seekers compete for well-paid full-time jobs with all benefits.
Which Advantages Will The Gig Economy Bring To Employers In The Future?
- Independent contractors and freelancers. The companies won’t need to dive into the long hiring process and build the entire HR department;
- Adaptability and flexibility. Freelancers are commonly adaptable when it comes to short-term projects compared to traditional specialists. Hence, the gig economy will save the company time and increase efficiency. With resources invested, the company will get better results;
- Reduced costs. Along with no need for office rent, there is also no need for 401(k) plans or benefits. Companies might forget about the bureaucracy since there will be no more standard payments or long-term contracts;
- Access to a bigger talent pool. If a company experiences problems with finding the right talent in time, they can access freelance platforms, check the candidate’s portfolio, and hire them in a matter of seconds;
- No governmental regulations. The companies will pay lower taxes since most contacts in the gig economy are made online by a third party like Upwork or 99designs. Commonly, the third party is the one that pays taxes to the government as an intermediary in the employer-and-freelancer relationship.
Online Education Will Be Even Trendier Than Nowadays
Blame it on COVID-19 or the independent mindset of GenZ individuals, but traditional education will fall into history books. Just like working remotely is no longer a novelty, the same will happen to education as we know it. The youngest generation is known for their entrepreneurial spirit, yet they want freedom mixed with practical knowledge.
Other Factors That Will Persuade Many People To Expand Their Career Resources Online Are As Follows:
- After Russia invaded Ukraine, posing a security threat to the whole world, the economic crisis began. Unfortunately, we don’t know when evil gets fully punished. And while we’re all dealing with the barbarian aggression, we advise you to support Ukraine and find a cheaper option to study online;
- Sure, the economic crisis and COVID-19 are the top reasons to invest in your career online. However, there is another reason, like the wider range of programs. To support Ukraine, many people around the world started learning Ukrainian. Where did it happen? Online! Mostly because there are not so many universities that teach Ukrainian.
How Will The Trends Above Influence The Job Market And Career Trajectories?
- Candidates will get higher salaries regardless of their education or the prestige of their alma mater;
- Half of the job positions will get AI-powered;
- Manual jobs will come to non-existence;
- Regular employees will have more power to influence the processes in the organization;
- Working and studying remotely will be in trend;
- A huge part of the traditional job market will become a gig economy.
Final Thoughts
Whether the future tendencies on the job market make you happy or not, we advise you to prepare for the changes. In the future, with a gig economy model, there is a high chance you’ll have to work with short-term projects as a part of flat organizational structures. The good thing is that you’ll be able to impact the projects in a way your current supervisors do.
Anyway, the future of work is full of new opportunities that, like Christmas presents, are already waiting for you to unwrap them.
We hope the article was helpful to you. Good luck!
