Global economic recession effects this job the most in 2024

Changing perspectives and ideas are also changing the work order in the modern world. The effects of the global economic recession on the labour sector are numerous. Enterprises and startups will have to work hard to achieve sustainability. Dropouts and breakups have become common. Along with technology, job skills have become important factors for job security.

Estimates suggest that the number of people staying in the same occupation will decrease in 2024. Less than 12 percent of people in the world are employed in the field of education. Postgraduate studies and research are also changing in undergraduate subjects. Candidates are ready for sustainable employment anywhere in the world. But a question arises as to what percentage of students who get placements on campus continue in the job they got. Continuous career change is more common among young people. Post-Covid, this trend is increasing across the country. There are many reasons for this. Lack of communication leads to uncertainty in work from home, hybrid mode and offline mode. Doubts about getting a permanent job make them look for other jobs. This results in reduced performance.

The global job recession is prompting us to think about job security. Those who work in career fields that are not of interest try to switch to careers that match their aptitude, attitude, and purpose. While low-paid employees try to change careers in search of better pay, better-paid people want to change to a career of their interest. Career change is more common among the younger generation or youth under 24 years of age. They constitute 37 percent of the total recruitment. Ignorance about future job opportunities is more among them.

Those who are employed are more likely to leave their jobs for higher studies. More than 60 percent of them go to foreign universities for higher studies. Then they try to immigrate to countries like America, Canada, Australia, New Zealand and Germany. But companies that provide good management, leadership and technical training have lower attrition rates.

There is a huge gap between what is required and what is available in the field of employment. So candidates need reskilling and upskilling. English proficiency, computer knowledge, coding computer language and general knowledge are essential. New and unknown skills or new age skills will be required.

The impact of technology on the workplace is increasing. Many people today are willing to do online part-time courses to improve their educational qualification along with employment. Today there are great online technology platforms for them.

Studies show that candidates do not get the best jobs based on their qualifications. Emphasis should be placed on knowledge, attitude and employability skills when employment oriented higher education is promoted. Strategies to attract highly skilled workers with higher salaries will also gain momentum in 2024. IT job opportunities will increase in GCC countries. But there will be a slowdown in the construction sector.