Job Market Trends To Watch In 2018, According To Glassdoor Chief Economist
Thursday, December 21st, 2017
Glassdoor's chief economist, Dr. Andrew Chamberlain, revealed five trends in the labor market that will disrupt the way companies attract, hire and retain employees in 2018, as well as the biggest job trends – from the power of whistleblowers to the demand for informed candidates – that shaped 2017. These insights are part of Glassdoor's, What's Ahead for Jobs? Five Disruptions to Watch in 2018, in which Chamberlain forecasts what lies ahead for the future of work and hiring, including the impact of new technologies, like artificial intelligence, on HR and finance; the sectors that are driving job creation; and how mobile is changing the way people find and apply for jobs.
"The U.S. economy experienced a landmark year, despite two major hurricanes and political challenges in Washington, D.C. – 1.9 million new jobs were added in 11 months and stock markets reached an all-time record high. The nation's unemployment rate plummeted to a 17-year low, fueling a talent war in tech, healthcare, e-commerce and professional services," said Chamberlain. "Although the nation's labor market is strong heading into 2018, average wages for many remain stubbornly flat and a stark divide remains in who benefits from continued job growth, with tech skills earning a premium and many other jobs facing significant changes with the rise of AI and automation."
Five Jobs Trends to Watch for 2018:
AI is Changing the Future of Work: AI and automation are poised to impact nearly every facet of the workforce in some way, but two industries that are ripe for big changes in 2018: human resources and finance. Revolutionary new AI tools are complementing people's skills in both HR and finance, upending many established and easy-to-automate roles.
Modernization of Mobile Job Applications: Most of existing applicant tracking systems were built in a bygone era, making applying for a job from a mobile device cumbersome. Mobile apply is ripe for overhaul in 2018, but has a long way to go.
Job Growth in Health Care, Tech, Labor-Intensive Roles: Job creation in 2018 is being driven not only by innovations in tech, which will continue to expand within traditionally non-tech industries, but by significant demographic shifts such as an aging population. Many traditional jobs like restaurant waiters and truck drivers that cannot be automated easily in the near term will continue to grow and be a core source for jobs.
Increased Transparency in the Application and Interview Process: While workplaces have increased their transparency in recent years, the online application process remains notoriously opaque. In 2018, job seekers can expect more visibility into both the application process and the status of job applications in real time.
Encouraging Employee Passions Through Role Experimentation: More companies are creating ways to support employee aspirations outside the common vertical trajectory within a company through role experimentation. By establishing clearer pathways for internal lateral job moves, companies can tap into the changing skills and passions of their workforce, help reduce turnover, and do a better job of matching proven talent with their most productive role inside an organization.
Chamberlain's background as a labor economist, along with the wealth of data publicly available on Glassdoor, gives him a unique view of the labor market. This includes millions of job listings alongside company reviews, salary reports, interview reviews and benefits reviews for more than 700,000 companies. Glassdoor data offers a look inside the job market from the perspective of job candidates, employees and employers – providing a pulse on what's happening in jobs, recruiting and company culture and offering clues on what's coming next for jobs.