The job market constantly changes, and staying on top of new trends that might affect your career is essential.
One of the most significant changes coming in 2024 is the likely decrease in merit-based raises for U.S. workers. This shift could significantly impact your income and career prospects, so being proactive and preparing for what's ahead is essential.
Cate Chapman, Editor at LinkedIn News posted that "Merit-based raises are likely to be less prevalent next year for U.S. workers. Employers surveyed by management consultants Aon and Mercer forecast increases of between 3.5% and 3.7% — down from 3.9% this year — amid slowing inflation. Although those levels are still above pre-pandemic 2020 rates, there is a noticeable shift. For instance, one of the highest-paying industries, tech, is likely to see even smaller merit increases of just 3.3% in 2024, as recent layoffs and cost-cutting initiatives continue to be felt."
The first thing to understand is why raises will likely shrink in 2024.
The primary reason is slowing inflation, which means employers can offer fewer salary increases to keep up with rising costs.
As the cost of living fails to keep up with its usual upward trajectory, many employers will feel less pressure to offer competitive salaries, leaving workers in a tough spot when it comes to advocating for their worth.
Another factor is the ongoing economic recovery from the pandemic, which has created uncertainty and made employers more cautious in their spending. Employers have been forced to become more cautious with their spending, which can affect everything from hiring decisions to company growth opportunities.
Many companies have been forced to cut costs and streamline their operations, often reducing the money available for raises.
Unfortunately for employees, this often means less money available for raises.
While it's certainly not the news anyone wants to hear, it's essential to understand that companies must make tough decisions to stay afloat.
It's up to employees to continue to work hard and demonstrate their value, hoping that when things improve, they'll be rewarded for their efforts.
What industries are likely to be impacted the most by these changes?
According to experts, one of the hardest-hit sectors will be tech, which has traditionally been one of the highest-paying industries. Even before the pandemic, many tech companies were pressured to cut costs and improve profitability, and this trend has only accelerated in recent years. As a result, tech workers can expect to see smaller raises in 2024 than in previous years.
Another industry that may be impacted is healthcare, one of the most stable sectors during the pandemic. However, because healthcare is such a large and diverse industry, the impact may only be felt equally across some roles and locations. For example, doctors and nurses may still be in high demand and command competitive salaries, while administrative and support staff may see smaller increases.
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Put a strategic plan in place to increase job market success.
Instead of submitting endless job applications and hoping for the best, take a strategic approach. Put a plan in place to make yourself stand out from other applicants.
Working with a Job Search Strategist is one of the best ways to set yourself apart in a competitive job market.
Job Search Strategists specialize in helping individuals navigate the job search process and land their dream opportunities. They can guide resume writing, interview preparation, job searching strategies, and more.
A Job Search Strategist can also help you identify your strengths and unique skills, and position yourself as a top candidate to potential employers. They can also connect you with job opportunities that may not be publicly advertised, giving you an advantage over other applicants.
Not only can a Job Search Strategist help you in your current job search, but they can also provide valuable career advice for the future. By building a relationship with them, you'll have a trusted advisor who can support your professional growth and development.
Investing in a Job Search Strategist may seem like an additional cost, but seeing it as an investment in your career is essential. Taking the time to work with a professional can pay off in the long run by helping you secure better job opportunities and increase your earning potential.
Oh, and by the way, job searching expenses are sometimes tax deductible. By consulting with your accountant, you might be able to claim deductions for expenses like transportation and lodging related to job interviews, resume and cover letter preparation costs, and even job search coaching fees.
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Here's the Bottom Line...
In today's fast-paced job market, continuously developing your personal career brand is essential.
Whether you're actively looking for a new position or want to stay on top of your professional game, having a polished and informative resume and profile can make all the difference.
But I know the thought of updating these documents can be daunting. And, you are probably sitting staring at a blank screen like a deer in headlights.
That's where I come in.
As an Executive Recruiter and Job Search Strategist I am here to guide you through the job search process teaching you the inside secrets from the view of the Recruiter on how to market yourself to rise above and become the candidate of choice.
Schedule time on my calendar to discuss your job search and how I can assist you in rapidly landing your dream job.
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As an expert Executive Recruiter and Job Search Strategist, I provide valuable feedback and guidance on your job search, interview skills, and networking efforts.
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I can only help you if you take the first step.
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Looking forward to talking with you soon
Ilene
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🔴 Ilene Rein is an Executive Recruiter and Job Search Strategist. She teaches job seekers exactly how to market themselves with laser precision to employers using inside secrets from the view of the Recruiter exponentially increasing their chances of getting noticed and hired rapidly!
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