US Job Growth Expected To Slow In 2024 – Is Your Job Safe?

The after effects of the pandemic are still being felt in the US labor market. The shutdowns of 2020 caused many to reconsider their employment options and working from home became more popular.

This contributed to The Great Resignation of 2021, where 47 million Americans voluntarily quit their jobs leading to staff shortages across industries. 

The downtrend in job growth starting mid-2021 is set to continue into 2024, according to market analysts. Firms across the spectrum will look to cut labor usage, putting many roles at risk.

Let’s take a look at what’s causing this trend and what employees can do to protect themselves and their jobs.

Why is Job Growth Slowing?

The labor market hasn’t fully recovered from the effects of the pandemic, although it’s slowly returning to pre-2020 levels. Analysts predict a continuation of a slowdown in job growth next year, followed by labor market expansion in 2025 and 2026.

One key factor in this predicted slowdown is wage increases. As firms grapple with the need to offer competitive salaries amid rising inflation, they might become more cautious in hiring. This caution is likely to be reflected in a slower pace of job creation.

Add to this a banking crisis, instability and war abroad, and a lackluster economic outlook, and the uncertainty over the job market is understandable.

What Can You Do to Protect Your Future?

In these uncertain times, it’s crucial to be proactive about your career security. Here are some strategies to not only protect your job but potentially enhance your career prospects:

• Keep Your Resume Updated – Ensure your resume reflects your latest skills and experience. An up-to-date resume is essential for seizing new opportunities quickly.
• Continue Networking – Building and maintaining professional relationships can open doors to new opportunities and provide insights into industry trends.
• Stay Alert for New Opportunities – Even if you're currently employed, keep an eye on the job market. New opportunities might offer better compensation or more security.
• Enhance Your Skill Set – Consider upskilling or reskilling to make yourself more valuable in your current role or more attractive to potential employers.
• Utilize Job Boards – Regularly check job boards for the latest openings and be ready to jump on the best opportunities.

Keep An Eye Out For New Opportunities

The best way to protect yourself and even give your salary a boost is to be ready to take on a new role. Make the Benzinga Job Board your go-to resource for the latest positions in finance and fintech. 

Here are some top jobs to be aware of:

Finance Manager, Downtown Toyota, Oakland

This Finance Manager position at Downtown Toyota of Oakland offers a unique blend of responsibilities that cater to both customer service excellence and financial expertise. 

Key responsibilities for this role include aiding customers with finance options for their purchases, ensuring sales are structured for maximum profitability, and maintaining compliance with various regulations. 

The ideal candidate would bring a blend of eagerness to learn, knowledge of finance and insurance procedures, and excellent communication skills, while an interest in motoring won’t hurt. 

Finance Director, Heights Philadelphia, Philadelphia

Heights Philadelphia, an educational non-profit, is currently seeking a Director of Finance. This role comes with a salary range of $90,000 to $100,000 and is central to the organization's financial health and strategy. 

The role offers a great opportunity to work closely with the VP of Finance and Administration and will be primarily responsible for managing the day-to-day financial operations. Key duties include ensuring adherence to budgets and financial policies, conducting regular financial analyses, and generating reports for various stakeholders.

This position offers a unique opportunity for a finance professional to contribute significantly to the strategic and operational success of Heights Philadelphia while working in a dynamic and collaborative environment.

Account Manager, Plaid, New York

Plaid, a growing fintech firm, is seeking an Account Manager for their New York office, offering a salary between $105,800 and $158,800 a year. This role is integral to managing and nurturing relationships with some of Plaid's most strategic fintech clients, many of whom are long-term partners contributing significantly to the company's revenue. 

The ideal candidate will have over seven years of relationship management experience, preferably in financial services or technology industries, and will be responsible for driving customer satisfaction and growth. 

This includes managing technical and commercial initiatives, being a strategic advisor, and ensuring successful renewals and expansions. Plaid emphasizes building a diverse team and encourages applications from individuals with a wide range of professional and personal experiences.

Keep checking the Benzinga Job Board for the latest positions as they come up