A fortune teller, a Magic 8 Ball, or flipping a coin would be just as reliable as me predicting 2024’s job market. Nevertheless, I am willing to write my predictions of the 2024 job market so that when mid-December 2024 comes around, you can say, “Nick was right on the money,” or “Nick was way off base!”
I will begin not with a prediction but with an under-discussed obvious: Artificial intelligence, no longer a buzzword in 2023, will continue its disruption of workplaces throughout 2024 and beyond.
Many see AI as a productivity tool; I see it as a human replacement tool. The New York Times, The Washington Post and The Wall Street Journal are now publishing AI-generated stories in the wake of mass layoffs of journalists and editors.
As AI adoption increases, inevitably, employees will find their productivity being compared to AI’s. Eventually, employers will view employees as a cost liability more than they do now.
For AI to create insightful, creative, and precise outputs such as research, problem-solving, artistic creations, decision-making, writing resumes and cover letters, and direct-to-publication content, to name just a few of the infinite tasks AI can do, effective prompting (communicating with the AI) is essential.
(Hand over heart, I did not use an AI tool to write this column.)
Therefore, my first 2024 prediction:
Prompting an AI with precision will become a highly desirable skill.
Regardless of how you feel about my belief that AI is intended to replace humans, as opposed to being a productivity enhancement tool, I hope you have the foresight to envision that employees who understand and are comfortable using AI will replace those who cannot.
Take away: Learn how to prompt effectively!
My other job market predictions for 2024:
Resumes will no longer be relevant.
AI tools such as ChatGPT, ClickUp, Copy.ai, Kickresume, et al., have made it easy for job seekers to create well-written and impressive resumes and effortlessly tailor them to a job description, which ironically makes a well-written and impressive resume not impressive. Employers know candidates can use AI to create a professional-looking resume and compelling cover letter, regardless of their writing ability.
In 2024 and beyond job searching and career management will require, more than ever, solid networking skills, a digital footprint that evangelizes your expertise, being a subject matter expert (SME), and having a proven track record. Interviews and reference checks will become more in-depth to determine if the candidate is as skilled as they claim to be.
2024 will be the year of ‘The Great Stay.’
While the economy avoided a recession in 2023, it is slowing down. The current global economic situation, the state of China and other major economies, the ongoing geopolitical conflicts, and a 2024 US presidential election that is shaping up to be a dog fight have economic and political ramifications that are far from positive. Therefore, recession talk will intensify, leading companies to focus on critical roles and postpone hiring for roles that are not “must-haves.”
With the fear of a looming recession and employers shoring up job openings, 2024 will be the year of ‘The Great Stay’ as opposed to the ‘Great Resignation’ when many people switched jobs/careers during the pandemic.
Employee-employer relationships will begin to reset in full force.
Employers have their self-interest, and employees have their self-interest. Baby boomers and Gen X employees were likely to support their employer’s self-interest, under the notion that keeping their employer profitable usually meant securing their income.
Millennials were the first to see the writing on the wall that employee loyalty is a concept that no longer exists, and they started making demands. Gen Z, born between 1997 and 2012, is rapidly dominating the workforce, almost outnumbering Baby Boomers, and is a force to be reckoned with when it comes to pressuring employers to “adjust” the employer-employee relationship.
You can expect Gen Zs to ratchet up on what they perceive as their “noble cause” of fighting for a saner, happier, healthier working life. In response to Gen Z’s Revolt, employers who do not take kindly to being told how to run their business will lean more on AI, robotics, automation, and freelancers to avoid dealing with Gen Z’s demands, which distracts from profits.
Job search and career success will still hinge on fundamentals and work ethics.
In 1849, French writer Jean-Baptiste Alphonse Karr wrote “Plus ça change, plus c’est la même chose.“ (The more things change, the more they stay the same.) Despite the seismic shifts and changes in the workplace since the mid-50s, what employers look for in a candidate has remained relatively the same.
Employers will keep looking for candidates who create undeniable value, not just put in clocked time, who have above-average communication skills, have a strong work ethic, will be reliable, possess the ability to think critically and above all, will fit their culture.
Despite all the uncertainty ahead, the key to creating job search luck in 2024 will be the same as it has always been: preparation and hard work. Ultimately, the best way to predict the future is to create it.
Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.
MONTREAL – Travel company Transat AT Inc. reported a loss in its latest quarter compared with a profit a year earlier as its revenue edged lower.
The parent company of Air Transat says it lost $39.9 million or $1.03 per diluted share in its quarter ended July 31.
The result compared with a profit of $57.3 million or $1.49 per diluted share a year earlier.
Revenue in what was the company’s third quarter totalled $736.2 million, down from $746.3 million in the same quarter last year.
On an adjusted basis, Transat says it lost $1.10 per share in its latest quarter compared with an adjusted profit of $1.10 per share a year earlier.
Transat chief executive Annick Guérard says demand for leisure travel remains healthy, as evidenced by higher traffic, but consumers are increasingly price conscious given the current economic uncertainty.
This report by The Canadian Press was first published Sept. 12, 2024.
Dollarama Inc.’s food aisles may have expanded far beyond sweet treats or piles of gum by the checkout counter in recent years, but its chief executive maintains his company is “not in the grocery business,” even if it’s keeping an eye on the sector.
“It’s just one small part of our store,” Neil Rossy told analysts on a Wednesday call, where he was questioned about the company’s food merchandise and rivals playing in the same space.
“We will keep an eye on all retailers — like all retailers keep an eye on us — to make sure that we’re competitive and we understand what’s out there.”
Over the last decade and as consumers have more recently sought deals, Dollarama’s food merchandise has expanded to include bread and pantry staples like cereal, rice and pasta sold at prices on par or below supermarkets.
However, the competition in the discount segment of the market Dollarama operates in intensified recently when the country’s biggest grocery chain began piloting a new ultra-discount store.
The No Name stores being tested by Loblaw Cos. Ltd. in Windsor, St. Catharines and Brockville, Ont., are billed as 20 per cent cheaper than discount retail competitors including No Frills. The grocery giant is able to offer such cost savings by relying on a smaller store footprint, fewer chilled products and a hearty range of No Name merchandise.
Though Rossy brushed off notions that his company is a supermarket challenger, grocers aren’t off his radar.
“All retailers in Canada are realistic about the fact that everyone is everyone’s competition on any given item or category,” he said.
Rossy declined to reveal how much of the chain’s sales would overlap with Loblaw or the food category, arguing the vast variety of items Dollarama sells is its strength rather than its grocery products alone.
“What makes Dollarama Dollarama is a very wide assortment of different departments that somewhat represent the old five-and-dime local convenience store,” he said.
The breadth of Dollarama’s offerings helped carry the company to a second-quarter profit of $285.9 million, up from $245.8 million in the same quarter last year as its sales rose 7.4 per cent.
The retailer said Wednesday the profit amounted to $1.02 per diluted share for the 13-week period ended July 28, up from 86 cents per diluted share a year earlier.
The period the quarter covers includes the start of summer, when Rossy said the weather was “terrible.”
“The weather got slightly better towards the end of the summer and our sales certainly increased, but not enough to make up for the season’s horrible start,” he said.
Sales totalled $1.56 billion for the quarter, up from $1.46 billion in the same quarter last year.
Comparable store sales, a key metric for retailers, increased 4.7 per cent, while the average transaction was down2.2 per cent and traffic was up seven per cent, RBC analyst Irene Nattel pointed out.
She told investors in a note that the numbers reflect “solid demand as cautious consumers focus on core consumables and everyday essentials.”
Analysts have attributed such behaviour to interest rates that have been slow to drop and high prices of key consumer goods, which are weighing on household budgets.
To cope, many Canadians have spent more time seeking deals, trading down to more affordable brands and forgoing small luxuries they would treat themselves to in better economic times.
“When people feel squeezed, they tend to shy away from discretionary, focus on the basics,” Rossy said. “When people are feeling good about their wallet, they tend to be more lax about the basics and more willing to spend on discretionary.”
The current economic situation has drawn in not just the average Canadian looking to save a buck or two, but also wealthier consumers.
“When the entire economy is feeling slightly squeezed, we get more consumers who might not have to or want to shop at a Dollarama generally or who enjoy shopping at a Dollarama but have the luxury of not having to worry about the price in some other store that they happen to be standing in that has those goods,” Rossy said.
“Well, when times are tougher, they’ll consider the extra five minutes to go to the store next door.”
This report by The Canadian Press was first published Sept. 11, 2024.
TORONTO – The U.S. Consumer Financial Protection Bureau has ordered TD Bank Group to pay US$28 million for repeatedly sharing inaccurate, negative information about its customers to consumer reporting companies.
The agency says TD has to pay US$7.76 million in total to tens of thousands of victims of its illegal actions, along with a US$20 million civil penalty.
It says TD shared information that contained systemic errors about credit card and bank deposit accounts to consumer reporting companies, which can include credit reports as well as screening reports for tenants and employees and other background checks.
CFPB director Rohit Chopra says in a statement that TD threatened the consumer reports of customers with fraudulent information then “barely lifted a finger to fix it,” and that regulators will need to “focus major attention” on TD Bank to change its course.
TD says in a statement it self-identified these issues and proactively worked to improve its practices, and that it is committed to delivering on its responsibilities to its customers.
The bank also faces scrutiny in the U.S. over its anti-money laundering program where it expects to pay more than US$3 billion in monetary penalties to resolve.
This report by The Canadian Press was first published Sept. 11, 2024.
