What Job Market Trends Are Forging Our Future? | Ep. 253

Intro/Outro: You know what it is. That’s right. It’s time to talk money with your money nerd and financial coach. Now tighten those purse strings and open those ears. It’s the money talk with Tiff podcast.

Tiffany Grant: Hey everyone. And welcome to another episode of Tiffany’s take where I answer your many questions right here on the podcast.

So I got a lot of feedback from the episode last week, which was about pivoting careers. And it seems like there’s a lot of you all. out there trying to pivot careers and get new jobs or whatever the case may be. And so I was like, let me kind of tack on to that topic and give you some tips and just some things that I’ve researched, um, when it comes to the job market.

So let’s talk about some job market trends that I found in doing my research. So number one, there’s a lot of growth in healthcare and social assistance. If you are anywhere remotely interested in the healthcare field, now is the time to get And okay, um, total employment is projected to grow by 8. 3 million jobs with nearly one third of those new jobs projected to be in health care and social assistance.

Now I know firsthand that. nurses. Um, and anybody really in the medical industry from my experience is in high demand. So if this is something that you have or you’re trying to get into now is the time to do it. Um, tech is also, um, driving diversity. So technology is playing a crucial role in driving diversity in the workplace.

It’s providing platforms and tools that make it easier. For diverse groups of people to connect and collaborate. I know personally, I use tech to collaborate with some of my, um, contractors that live in all parts of the world. And so tech is definitely driving diverse teams and bigger, better teams. Okay.

Um, number three, hybrid work schedules, which I’ll talk about more in depth in a little bit, but. Most new college hires are anticipated to work in person or in hybrid format. This trend of flexibility, including hybrid work schedules is rising and expected to continue rising as we move forward, COVID showed employers that.

Maybe we can let people stay home a little bit. Um, and so that was one thing that really came out of COVID was once they sent everybody home to do remote work, they realized, Oh, we can still get some things accomplished. And so, um, there are still remote positions. Available, but they’re in very high demand.

I know when I was on LinkedIn, just doing research for this, anytime you saw a remote position, hundreds of people were applying. When you saw the in person one, it was barely there. So if you don’t mind being in person, you actually have an edge right now because a lot of people are trying to go remote.

And I also saw a lot of hybrid work schedules out there. So keep that in mind. And I’ll get into some tips about that later on. The gig economy, there’s been a shift towards the gig economy where temporary flexible jobs are commonplace and companies tend toward hiring independent contractors and freelancers instead of full time employees.

Now, a lot of company, well, I’m not going to say a lot, but companies have been wanting to do this for a while, but I think because of COVID, it really helped them make that decision. It’s difficult when you’re a company and you’re thinking about independent contractors and stuff, because if you do or say the wrong thing, they really start becoming employees and then you can get in trouble.

And so a lot of companies were kind of shying away from using independent contractors, but now, now the gig economy is super strong. So if there’s anything that you enjoy doing, which I talk about on the podcast all the time. Now is the time to get in with these companies, um, people that are looking for you.

Um, and I kind of went into that in another episode or a blog article. I’ll make sure I’ll link to, um, that resource where I talked about different places that you can go to put your skills out there. Um, number five, it’s an aging population right now in the workforce, mind you, the baby boomers are getting older and they’re starting to age out.

So you’ll find that there’s an increasing number of older workers and retirees. Which can lead to a shortage of skilled workers in certain industries. But that’s where you can step in if you have an interest in trades. Now is the time to get into trades because all of those people that have been in the trades for years and years and years and years and years, now they’re thinking about retiring.

And so now is your time to go ahead and step in. There is job growth in education, agriculture, and digital commerce. So you’ll see large scale job growth is expected. in those industries and trade. So make sure that you are, if you have any remote interest in any of those things that you are taking the steps necessary to get your foot in there.

So what are some in demand job skills that I’ve found for this year? Um, management. I noticed that there were a lot of job descriptions that wanted somebody that knows how to organize and coordinate tasks, set goals, make decisions. You know, even if you’re not in a management role, those skills were super important.

So earlier this year, I did do a whole series on goal setting and all that stuff. So go back and listen to that. Make sure I link it in the show notes as well. But, um, that can help you kind of get better if, you know, that’s something that you need to work on, setting goals, making decisions, things like that.

Number two, communication. I mean, that’s not really a surprise. Um, effective communication is key in almost all jobs. This is not new. This is, has always been a thing and this includes both verbal and written. So if you feel that, you know, you struggle in one of those, make sure that you’re Brushing that up a little bit, um, customer service.

So customer service is the ability to provide good service to customers, which can involve solving problems and answering questions. Super important in any role that you’re in. It doesn’t matter if you’re not customer facing. you can still think of your coworkers as your customers as well. So, um, make sure that you’re getting those interpersonal skills.

Um, if that’s something that you need to do. Leadership. So leadership usually involves guiding, directing, and influencing others. It’s a vital skill for many roles, especially in managerial and executive positions. I know when I put out that episode last week, there were some people that were like, Ooh, like I want to.

Career pivot into a management role in a different industry. Well, make sure you have those leadership skills. So that way you can make that happen. Sales. Sales will always be a thing. And mind you, you don’t have to think of sales as just selling to the customer. Sales could be selling yourself to your manager or to your coworkers and things like that.

So just think about sales in new ways. Um, even if you’re not, um, pushing a product or a service, you still engage in sales. Sales is pretty much relationships, um, building relationships. So keep that in mind. Uh, project management, you know, this involves planning, executing, and overseeing projects to ensure that they are completed in a timely fashion and within budget.

There are free project management. Courses and things of that nature that you can tap into if you need help with that, uh, Coursera, LinkedIn Learning, I went over all of that last episode. So if you need information on any of those course options, definitely go back and listen to that. Um, research and analytical skills, uh, this would be like gathering information, analyzing, making, making decisions.

This is nothing new. You pretty much need that in all. Jobs, cloud computing and artificial intelligence. That’s now coming up with the digital transformation being at the forefront of most businesses, having these technical skills are highly sought after right now. Also digital literacy. So as technology continues to evolve, having a solid understanding of digital tools and platforms is becoming increasingly important.

So if you are interested in a field that you know, is going to be tech heavy, Pretty much is most, um, you know, even if you’re in a trade, you might have to use some type of computer software or whatever to log, you know, where you go or what you’re doing, so on and so forth. Make sure you’re brushing up on those technology skills if that’s not something that you’re strong in.

All right, so. What are the remote work trends and some advice on adapting? So, like I said before, a lot of companies are going to that hybrid work model. So, that’s where you work part time in the office, part time at home. And as of 2023, 28. 2% of full time employees work in a hybrid model. So, it’s re it becoming really, really popular.

So, just keep that in mind. Companies are also focusing more on employee wellbeing. Thank you. It’s about time. So with the shift to remote work, there’s been growing attention on employee wellbeing. Companies are implementing strategies to ensure that remote employees are not only productive, but also healthy and happy.

Now, DM.

I’m here to help. I’ve spoken at many companies, um, to their employees about financial, um, topics. So I would be more than happy to help. Um, if you realize that your company is one of the ones doing it or a new company that you go to. Um, and that’s my, um,

And that’s my shameless plug. So let’s go to number three. Flexible work schedule. Um, 87% of workers who are offered at least some remote work embrace the opportunity and spend an average of three days a week working remotely. So that goes back to our hybrid work model. And also I’ve noticed that there are jobs where they will work with your, like work with your schedule.

So kind of like a freelance independent contractor role, but you’re an employee. Um, I have a couple of clients that are in situations like that. And I’m like, wow. So the job market is really changing. And so if you are interested in switching careers or getting a new position or things like that, or if you just notice these changes in your current job, I would love to hear from you.

Um, increase remote work popularity. This keeps coming up. So according to the research, by the end of 2023, 48% of knowledge workers around the world will work either fully remotely or in a hybrid model. So, you know, based on the statistic I gave you before, whereas 28. 2% now there. expecting 48% by the end of the year, that means you have a really good chance.

If you are a type of person that want to work from home, there are a lot of opportunities out there for you, and especially in the hybrid model. And if there are people, like I said, if you want to be in person, there are a lot of opportunities out there for you too, with less competition. So make sure you have some flexibility with that.

So if you want to adapt to these trends, let me give you some tips because I know it’s not easy for everybody to stay at home and I’ve been doing it for quite some time now. So I’ve kind of got a little routine, which is number one, establish a routine. So having a structured routine can help you maintain productivity and work life balance when working remotely, even as an entrepreneur.

This is something that I struggled with at the very, very beginning. And I was like, Oh, I’m an entrepreneur. I’ll have time. Yeah, no. Um, and so I had to establish a routine. So now I work within certain hours and when I’m off, I’m off. So that way I can spend time with my kids, you know, cook dinner, whatever it is that I need to do and work is not taking over everything.

Number two, make sure you create a designated workspace. So this can help separate your work life from your home life, making it easier to switch off at the end of the day. So. In my case, I have an office, and I even went as far, uh, last year and the year before to get a, um, office space because I needed even more separation than my home office.

And even if you have a home office, here’s a tip to keep That space I’ve heard where people will get up, go for a walk and then come back and go to work. So it’s like they did like a mini commute before they sat down and did their work. And it helped them to separate their home and life. So they know once they do their walk, they sit down.

Now it’s work time. So see if you can implement any, you know, strategies like that to make sure that you’re separating your work from your home life. Number three, stay connected. So regular communication with your team is crucial when working remotely. Even if you’re an entrepreneur with independent contractors like myself, I have to keep in contact almost every day.

So utilize digital tools to stay connected and collaborate. Usually your job will provide for me as an entrepreneur, I use things like Slack or Notion or things like that to communicate with my team. what we need to do. Um, prioritize your health and well being. I am honestly, it’s a whole health lifestyle change.

Um, and so you want to make sure that you take regular breaks, get some exercise, do activities that you enjoy. It’s important to look after your mental health as well as your physical health. So another thing that I do pretty much every day is meditate. I just take a five, 10, sometimes 15 minutes in the morning.

I meditate, get my life together before I get in and start working. So make sure that you are taking time for those things. Um, also make sure that you continue learning and adapting. So the world of work, as you can see from this whole entire episode is constantly changing. So it’s important to keep up to date with the latest trends.

and continue developing your skills. If you notice that your company or the company that you want to go to is doing something completely different than what you’re used to, learn it. That can just make you more marketable whether you want to stay at that company or go to a new one. So just keep that in mind as you go on.

So I have said a lot. This was a kind of a long episode for Tiffany’s take, but I wanted to make sure that you got All the information you need it when it came to this job market and adapting. So thank you so much for listening. If you would like your question answered on the podcast, feel free to go to www.

moneytalkwithtea. com forward slash X Tiffany. And I will be more than happy to answer for you. Like I said, if you are listening and your company needs somebody to talk about financial education. Just let me know. I’m more than willing to come out and speak to your employees or do a virtual if you all are remote or in a hybrid model.

So thank you so much for listening, and I hope you have a wonderful rest of your week. Bye.

Intro/Outro: Thank you for listening, joining, and being a part of the Money Talk with Tiff podcast this week. You can check Tiff out every Thursday for a new Money Talk podcast, but if you just can’t wait until next week, you can listen to previous.

Podcast episodes at money. Talk with t. com or follow TIFF on all social media platforms at money. Talk with the team until next time, spend wise by spending less than you make a word to the money wise is always sufficient.