What will the 2021 Job Market Look Like
Updated: Jan 19
2020 has been rough on all of us, and many are more than looking forward to what the new year brings. Over three million jobs and more than 150,000 small businesses have closed since April of 2020. Although the Canadian government has been doing its best in recouping new job positions for the last 9 months, the unemployment rate still sits at an all-time high.
So what should we expect in the job market for 2021?
Diversity and Inclusion Hire will be Heavily Emphasized in the Hiring Process During the Summer of 2020, we were reminded more than ever of the existing problem of racism, gender inequality, injustice, and prejudice. Hundreds of thousands of people took a stance physically and virtually to raise awareness and bring justice to the BIPOC community. The movement that commenced as the BLM movement created a butterfly effect that in-turn shone light on social justice problems many of us have forgotten or have become accustomed to. The BIPOC movement has also impacted the corporate world. Companies are now actively addressing diversity, equity, and inclusion hiring practices. According to Forbes, Glassdoor has seen a 66% increase in users mentioning diversity and racial equity in their reviews. To support a more inclusive corporate community, Glassdoor has added additional tools to assess and rate companies for their abilities to deal with issues related to diversity, equity, and inclusion (DEI).
More Digital Work As a result of the pandemic, many companies have decided to work remotely to minimize in-person interactions and to create a safer work environment for everyone. In the beginning, many companies noted their remote work environment as temporary; however, as we head into 2021, more companies are considering taking their companies fully remotely (i.e. Shopify). So what does this look like for employees? According to Bloomberg, it would mean that people would work, on average, 48.5 minutes longer per day. Their days will also be filled with 13% more meetings and an average of 1.4 more emails a day. People are also having fewer personal connections and social interactions with their co-workers. Simultaneously, establishing and maintaining a genuine work culture has also become more difficult. However, remote work has many perks as well. To start, employees have a more flexible work schedule. They can save commute time and average yearly expenses of up to $5000. Businesses, on the other side, are saving on average $11,000 a year per half-time telecommuter.
Switching Career Paths With an increase in the unemployment rate and many industries closing their doors, people must consider switching their career paths (at least for the time being). There are still industries either unaffected or even booming! For example, the e-commerce platform. According to Forbes, as of 2020, e-commerce accounted for more than 14% of total retail sales and is expected to grow by an additional 8% by 2023. Online retailers also saw a 68% growth in revenue when compared to its 2019 revenues. Many customers have also stated that they much prefer shopping online than in person in 2020. In fact, in 2019, 61% of customers preferred in-person shopping, whereas, in 2020, only 41% of customers preferred in-person shopping. Other industries that are booming despite the pandemic include; the telecommunication, technology, household cleaning products, and healthcare industries. Therefore, it may be worthwhile to look into other industries while job hunting.
Upskilling Employees Upskilling is the process of selecting candidates that may not have the exact requirements for the job position but has high potential in completing and excelling in the role with a little support from training. According to Monster, over 87% of employers say that they are currently struggling to fill positions because of skill gaps. Many staffing agencies have shifted their focus in providing training programs to reskill candidates who, for example, demonstrate leadership and problem-solving skills into computer programmers. Many large companies have also noticed skill gaps in their employees and have decided to take it upon themselves to provide training for upskilling. An example of a corporation is Amazon, which will be upskilling more than 100,000 people in the next few years.
Professional Development Will Help Boost Your Chances in the Job Market Employers understand that it is difficult for new grads and job searchers to gain experience when not many companies are currently hiring. However, working on your professional development will likely boost your chances of obtaining a job. Why? It shows employers two things. The first is that you’re genuinely interested in your work, and you want to be better at your job. The second reason is that it shows that you’re a self-starter. You’re not just someone who sits around waiting for an opportunity to pop up. You take matters into your own hands and make the best out of the given situation. Therefore, if you’re sitting at home with nothing to do, achieve a certificate, learn a new code, do something that will add value to who you are as a person and what you can do for the company.
In 2021, more people are reaching out to agencies for professional career consulting support. Contact us at Alba inc. for a session that could potentially kickstart your career!