Indeed’s 2024 US Jobs & Hiring Trends Report: Reasons for Cautious Optimism | Economic Research by Indeed

Talent Acquisition Workforce Trends

As organizations fine-tune their 2024 hiring strategies, Indeed’s Hiring Lab’s latest report provides valuable insights to shape these plans. The report delves into five key trends, including the decrease in job postings, stabilization of wage growth, potential impacts of an aging population on labor force participation, and a noticeable upswing in AI-related job listings. Regarding job postings, the Indeed Job Postings Index, which tracks the percentage change in job postings, is down 22.5% as of Nov. 3, 2023, from its peak on Dec. 31, 2021. Software Development, in particular, has seen a significant 51% decline, attributed partly to reduced stock valuations. Conversely, industries reliant on in-person services, like restaurants, hotels, and hospitals, show robust hiring demand. While overarching trends offer guidance for hiring and workforce strategies, individual organizations must consider various factors, such as economic growth, labor market conditions, and new technologies, among others, which disproportionately impact their specific operations, supply chains, and demand. As such, organizations can benefit from scenario planning— where they consider both external and internal factors to anticipate and prepare for potential future scenarios they may face. In this context, I am resharing three resources aimed at assisting business and HR leaders in anticipating potential shifts in worker demand based on different business scenarios.