If you’ll be graduating soon, it’s important to know what the job market looks like to ensure you’re prepared. Here are a few trends in particular to be aware of this year.
1. Fewer Employers Are Hiring
Grads in 2024 may find jobs harder to come by than they would have in previous years. After significant increases in hiring in 2022 and 2023, fewer employers are looking for new workers this year. The good news, though, is the job market is still stronger than it was in 2021.
2. Higher Salaries
Employers who are hiring are likely to be offering higher salaries for university graduates. Only a small number of employers say they are lowering salaries for new hires with degrees, whereas a large number say they intend to increase salaries for workers with bachelor’s degrees and master’s degrees. This shows a recognition of the value graduates bring to the workforce.
3. The Impact of AI
A major technological development in 2023 was generative artificial intelligence. Since it came onto the scene in the latter half of 2022, it is this year that it will likely have an impact on the job market. For instance, some employers may be looking for candidates who know how to use generative AI, whereas others may be looking to replace certain job duties with AI, which could reduce the need for workers.
4. Demand per Sector
Some sectors are less affected by the above trends than others. In particular, the healthcare and education sectors are seeing a high demand for new workers. The aging population in Canada and heavy involvement from the public sector in these industries means they are likely to remain strong even if there is a recession.
On the flip side, new jobs in many tech fields (including in software development, information design, and IT operations) are decreasing. This may be due, at least to some extent, to the growth of generative AI. Recent years have already seen a decline in tech, as well as in marketing, human resources, and banking, but the decrease in new jobs may be more pronounced this year due to the further development of AI tools.
Other sectors that are seeing a decline in jobs include driving, stocking, and food service. However, this is less likely to be a concern for recent grads, as many of the jobs in these sectors don’t require a university degree.
To improve your chances of finding a job after you graduate, it’s important to work hard while you’re still at university. This means making it to your classes on time and ensuring you dedicate enough hours to studying to gain good grades. Both of these things are easier when you have your own room in an apartment near campus. You’ll find Kingston student housing rentals located less than a 10-minute walk from campus at Foundry Mack. In addition to using the desk in your fully-furnished bedroom, you can take advantage of our bright study rooms — there’s lightning-fast fibre internet throughout the building, meaning you can study from anywhere. Contact us now to secure your spot.