job market trends 2024

Job and Market Trends to Anticipate in 2024

Welcome to 2024 – the Year of the Wooden Dragon, a symbol embodying strength and adaptability; in other words, an era of significant change, mirroring the anticipated shifts in the job market. Preparing for these changes and understanding the evolving career trends is crucial for individuals to stay competitive and thrive in the job market.

On December 12, 2023, Yu Ming Chin, the Founder and Executive Director of Viventis Search Asia and an esteemed job expert, appeared as a guest on CNN Final Word, hosted by the equally renowned senior anchor Rico Hizon. In the exclusive interview, they delved into the anticipated job trends in 2024, addressing the pressing concerns of both employers and employees.

Navigating Unemployment and Growth Sectors

Rico Hizon opened the conversation by highlighting the persistent challenge of a high unemployment rate exceeding 4%, leaving nearly 3 million people jobless. Yu Ming Chin expressed hope for a robust pickup in growth sectors, particularly in hospitality, retail, and construction, aiming to cover the infrastructure backlog from the past three pandemic years.

The Dynamics of Tourism and Retail

As Rico Hizon pointed out the growth in the tourism sector due to an influx of tourists in the Philippines, Yu Ming Chin acknowledged the need for more manpower. However, he emphasized the counterbalance caused by Filipinos leaving these sectors to work abroad, creating a complex scenario akin to a zero-sum game.

Strategic Investments and New Growth Industries

The current administration’s efforts to attract investments were highlighted by Rico Hizon, with Yu Ming Chin shedding light on emerging growth industries. He expressed optimism about strategic investments in electronic vehicles (EVs), urging the Philippines to tap into this sector that is gaining traction in neighboring Southeast Asian countries.

The Future of Work: Hybrid Setup and Remote Opportunities

The conversation shifted to the evolving nature of work, with Rico Hizon discussing the preference for hybrid setups—a blend of working from home and the office. Yu Ming Chin acknowledged the ongoing struggle for work-life balance and the growing influence of remote work opportunities, citing examples of Filipinos earning in dollars while working from the Philippines.

Viventis Search Asia’s Impact on Job Placement in 2023

Rico Hizon inquired about Viventis Search Asia’s contributions to job placement in 2023. Yu Ming Chin revealed their success across diverse industries, including call centers, retail, real estate, construction, and hospitality. He highlighted their ability to place candidates from entry-level positions to top management roles.

Overseas Opportunities and the Zero-Sum Game

While acknowledging job creation, Yu Ming Chin discussed the flip side: the departure of Filipinos for overseas employment. He identified the Middle East as a region actively seeking Filipino talent in hospitality, retail, and construction.

The Rise of Artificial Intelligence and Future Job Markets

Rico Hizon raised concerns about artificial intelligence (AI) replacing jobs. Yu Ming Chin acknowledged the validity of these fears but emphasized human control over technology. He identified new job opportunities in AI-related fields, with a demand for roles like prompt engineers and AI architects.

The Call for Government Action on AI Policies and Skills Development

In closing, Rico Hizon discussed the need for government policies to embrace AI and upskill the workforce. Yu Ming Chin affirmed the necessity for the Philippine government to adapt to the changing landscape of high-tech jobs.

Final Thoughts

As we step into the unknown terrain of 2024, it’s evident that the job market is rapidly evolving, from economic shifts to technological advancements. The insightful perspective throughout the interview reminds us of the delicate balance between embracing innovation, particularly in fields like artificial intelligence, and preserving the human touch in the workforce.

In facing the challenges of unemployment, the ebb and flow of sectors, and the inevitable rise of AI, it’s crucial for individuals and the government alike to be proactive. As we move forward, as our Executive Director puts it, let’s keep in mind that amidst the advancements in technology, we, the people, remain the masters of our destiny.

The future of work in 2024 is a canvas awaiting our collective strokes of adaptability, resilience, and innovation. It’s not merely about anticipating trends but actively participating in shaping them. May we embrace the evolving job market with open minds, fortified skills, and a commitment to harness the power of technology while preserving the essence of human expertise.

In 2024 and beyond, Viventis Search Asia remains steadfast in its commitment to spearheading the redefinition and transformation of the work landscape.

Our unwavering dedication is not just a commitment but a journey reflected in the continuous growth of our holistic and innovative services, along with upcoming projects meticulously crafted for the benefit of both employers and employees.

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