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Co-authored by: Precious Samuel: Head of Recruitment, CareerBuddy.
It is 2023 —already on the brink of 2024— three years after a global pandemic and a few work trends later, the job market is still as competitive as ever. But this time, everyone is getting a hit —both job seekers and employers.
This is the job narrative the concept of a “competitive job market” was hinged on: there are few jobs and many graduates, so the job space is filled with hundreds of unemployed yet qualified talents jostling for the few jobs available. And there are many pointers to it.
In January 2023, Oreoluwa Boboye, CEO of Jobberman gave top Nigeria labor market trends to expect in the year, and while they weren’t in favor of entry-level job seekers and junior officials, more pressure was placed on employers and HR managers if they’d sustain their companies.
Eleven months later, that prediction holds water. And if there’s going to be a simple answer to the question; who is the job market competitive for? It will be this: for job seekers, while employers are weighed down by the pressure to stay afloat.
Workplace trends since 2020 have affected the job dynamics
Within the last three years, new indices that highlight the job market dynamics have sprung up. Remote and hybrid work models opened up new negotiation grounds between employers and employees. The great resignation and quiet quitting became a thing.
And then, very recently, AI and incessant layoffs were jostling for the spotlight on the list of trends that affect workplace dynamics.
AI technology is rapidly transforming industries, automating tasks, and increasing efficiency. Earlier, there was the fear of some roles becoming obsolete and massive job loss as a result, while new roles emerged, potentially leading to a need for retraining and upskilling of the workforce.
But in 2023, the tides changed a bit: AI expertise is fast becoming both a job requirement and a full position, even for freelancers.
The 2023 Job Market: Who is it competitive for?
It’s fifty-fifty, and the indices are different for both sides.
Highly skilled candidates— that’s the name that flies around in the recruitment industry when describing the kind of employees that hiring managers want. But in truth, what many employers look out for are candidates with years of experience. The number of job seekers at entry level outweighs those who have risen through a few ranks and are teetering towards senior positions. Hence, the job market competition, for hiring managers, is high.
Are there opportunities for entry-level candidates? Yes. But their greatest competition is the ones with years of experience, those who do not even have to apply for jobs before they are offered. So, the pressure to stand out makes the job search scene really competitive for entry-levelers. Interestingly, startups still remain a good ground for growth for entry-level candidates, though.
But even for the experienced, the layoffs don’t make it any easier. And it is very crazy because of the distributed team model going on for business. Companies can get talented individuals in a different location for a cheaper rate than the normal industry standard because of the remote work model and because of layoffs too. Plus, the quality and depth of experience play out when filtering the so-called experienced candidates.
Truly, the job market is not delinquent of talented candidates when it comes to hands-on proficiency across different roles —product management, software engineering, marketing, sales, and more. However, companies want to hire people whom they can trust to take ownership of their tasks. No one wants to micromanage —although some companies like to. But only a few companies are really willing to be patient enough for you to grow.
How would the job market evolve in 2024?
It’s hard to predict, especially with ever-recurring developments. But based on current trends, the job market might not be less competitive. The gig economy is entering its second phase. The new wave could include freelance work in specialized areas like data analysis, digital marketing, and especially AI development. Websites that connect freelancers with clients will likely improve, providing better job security and benefits. Automation and AI are unavoidable and are still a threat to manual and repetitive jobs. However, there is a bright side. These technologies will bring about new roles that we can’t currently envision. And because AI is more collaborative, the important thing, for job seekers, is to enhance their skills to accommodate AI proficiency and remain adaptable.
