2024 Job Market Survey
Job Market Survey Results
In 2023, ProfessionalResumeWriters.com commissioned a survey of 2,000 individuals regarding the state of employment in the US.
The analysis examines various career fields and highlights job security concerns at various seniority levels. The findings support the growing economic concerns between lower wage earners and those in the upper echelons.
Job Market Survey Participant Demographics
92 percent of the respondents shared that they were currently employed and our analysis of the data focuses on this group.
59 percent of respondents to the job market survey have earned college degrees.
22 percent of respondents were at the entry level and 41 percent stated they were at the senior or executive-level within their organization.
Job Market Concerns in 2023
Worry about Job Security by Seniority
Who is most worried about employment?
Executives were worried about their employment last year and that number has increased. A full 66 percent of executives are now worried about job security in 2023. The highest of any of the levels surveyed.
Largest increase in worry.
Overall, worry about job security has increased by 49 percent but for those early in their careers their worry increased 91% over last year with nearly half of entry-level workers reporting being worried about job security in 2023.
Work from Home Impact by Seniority Level
It is clear that work from home has impacted employees significantly differently based on their level within the organization. There is great concern for entry-level employees, however, there is no impact at the executive level.
Cost of Living Concerns by Level
Similar to the impact of work from home, cost of living impact has affected employees significantly differently based on their level within the organization. Once again there is great concern for entry-level employees, however, employees at both the senior and executive level stated there is no impact.
Paid Fairly in Line with Inflation
One surprising finding when it comes to compensation keeping up with inflation is that those at the executive-level expressed the most concern. In fact, those at the senior-level were 10 times more likely to say they were paid fairly in line with inflation than their executive-level peers. This leads us to believe that executive compensation increases have been significantly reduced over the past couple of years.
Considered Changing Careers
When there is a downturn in the economy, this can create a stressful and uncertain environment for employees, prompting them to explore new career paths that offer greater stability and opportunities for growth. The current recession is driving 6 out of 10 who are early in their career to look for a change.
When making the move, these individuals may need to acquire new skills and knowledge to remain competitive in the job market or transition to a completely different field altogether. Another key element when changing jobs is an exceptional resume. Let us help you build a resume that sets you a part from the others in the 2024 job market.
Considering Side Hustle
During a recession, people may consider starting a side business for a variety of reasons. With the job market becoming more competitive and job security decreasing, starting a side business can provide an additional source of income and financial security. In fact, 6 out of 10 who are early in their career are considering a side hustle.
And 45 percent of those at the mid-level in their organization are now considering starting a side hustle. Given their careers are already launched, why is the interest in a side hustle so high at this level?
Starting a side business allows individuals to take control of their own income and potentially earn more money than they would with a traditional job. Additionally, a side business can offer a sense of purpose and fulfillment, allowing individuals to pursue their passions and interests outside of their regular job. It can also provide a valuable opportunity to learn new skills and gain experience in entrepreneurship, which can be valuable in the long run.
For those on the back end of their careers, their focus is clearly not on creating a side hustle.
Job Security Concerns by Education Level
Education level can have a significant impact on job security, as it often determines the types of jobs an individual is qualified for and the level of competition they face in the job market. Generally, individuals with higher levels of education, such as those with advanced degrees, tend to have greater job security than those with lower levels of education.
Who is most worried about employment?
About half of all respondents reported job security concerns this year. People with both high school and college degrees are largely worried about their employment.
Largest increase in job security concerns.
Overall, worry about job security has increased by 111 percent for those with bachelor degrees. Although the smallest sample size, those with doctorate degrees also reported a significant increase in worry about job security over the past year.
Individuals with lower levels of education may be limited to jobs that are more easily automated or outsourced, and may face greater competition for available positions. Overall, education level plays a critical role in determining job security and the types of opportunities available to individuals in the job market.