A look at the job market trends that are shaping hiring across industries and regions.
The job market is showing signs of cooling, with a recent pullback in job postings and hires, and lower hiring rates in some key industries like leisure and hospitality, healthcare, and government. If these hiring indicators continue to decline, or even fall below pre-pandemic levels, this could signal a slowdown in economic activity and a tighter labor market.
Despite this, many jobs remain in demand, and a range of skills are growing in value. A shift to a “skills-first” hiring mindset is occurring, with 4 in 5 employers now prioritizing demonstrated abilities over academic credentials. This is a powerful trend, particularly in the tech sector, where nearly half of all job postings no longer require four-year degrees.
Frontline job roles are projected to grow the most in terms of volume, including farmworkers, delivery drivers and construction workers. Care economy jobs, such as nursing professionals and social work and counselling aides are also expected to grow significantly over the next five years, alongside education roles including tertiary and secondary school teachers. Technology roles are among the fastest growing, with positions such as Big Data Specialists, AI and machine learning specialists, software engineers and application developers being some of the most in-demand roles.
Benefits are becoming a more common feature of job ads, with the share of postings advertising a benefits package rising from less than 40% in 2021 to above 50% during the pandemic. This trend is likely to continue, as companies seek ways to attract talent in a tight labor market.