After years of bouncing between pandemic panic, quiet quitting, and widespread layoffs, experts are saying the job market may level out in the coming months. But that doesn't mean the demands of workers won't continue shifting, prompting employers to adjust their strategies for the future of work. Glassdoor's Economic Research team identified the following three trends for 2024 for company leaders to pay attention to and take steps to get ahead of.
The rise of Gen Z
From the late 1970s until 2011, Baby Boomers dominated the labor market. While they've gradually been trading their timecards for well-deserved retirement years, 2024 is expected to be the first year that Gen Z workers will outnumber Boomer employees.
What's next
Millennials currently make up the largest percentage of the workforce, and that will likely remain the case until the early 2040s. But as Gen Z workers increasingly enter the world of employment - an estimated 23% of the workforce in 2024 - emotional intelligence will be critical to leading effective teams. Forbes describes Gen Z as "the most diverse and tolerant generation in history," noting that this generation prioritizes collaboration over competition, and self-care over salary. Keeping those factors in mind could help employers excel with both recruitment and retention.
Layoff aftershock
By traditional measures, the U.S. economy is doing well, yet most Americans still have an unfavorable view of it. Glassdoor data shows a similar effect on a company's Glassdoor ratings after layoffs.
In the 30 days following a layoff, employers' overall rating drops 4 percent on average to 3.49 from 3.66. While employee ratings of career opportunities and business outlook may stabilize within a month after layoffs, Glassdoor economists Aaron Terrazas and Daniel Zhao note that ratings for Culture & Values and Work-Life Balance often suffer for six months due to the ongoing impact of burnout, weaker culture, and employee disengagement.
What you can do
While it's ill-advised to host pricey team-building events in the wake of cutbacks, companies can engage in low-cost employer branding efforts to show workers that they're valued. Even simple acts like reading and responding to employee reviews on Glassdoor or engaging with employees in a Glassdoor Company Bowl™ lets workers know that their feedback matters. Here are a few more ways to actively listen to and recognize your employees.
Navigating the RTO debate
Workers enjoy the flexibility of logging in from home, but many leaders are concerned that teams are missing the opportunities born of in-person collaboration. Large companies, like Google, Salesforce, Amazon, and Meta, are now requiring workers to return to the office at least part-time.
Terrazas and Zhao predict that bringing workers back from home will require a combination of carrots, (e.g. office perks like free meals), sticks (penalties for not going to the office), and carrot sticks, (increased opportunities for in-person workers).
Adjust your strategy
The carrot stick is the future of work. Think about ways to encourage face-to-face time, rather than mandating it. That might include offering in-person mentorship opportunities, social activities, and retreats.