🎉 2024 Hiring At A Glance

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Read time: 2.5 minutes

Good Afternoon Party People! 🎉

Welcome back from Thanksgiving (if you celebrated). We’ve got a big ol’ fashioned party for you all today!

PARTY PLAN 🎉

🧑‍💼 2024 hiring expectations

✖️ X jobs launched

💸 Salary expectations by generation

And, of course, MEMES!

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HIRING

2024 Hiring Outlook

Year of the freeze?

According to an Indeed economist, the labor market heading into next year looks like a big question mark, but there may be some reasons to be optimistic.

Economists expect that the direction of the labor market will be dependent on companies implementing hiring freezes, not layoffs.

In a year dominated by tech layoffs, it appears the worst of the layoffs are behind us.

Other interesting info

• Job postings for in-person jobs seem to be the most resilient while remote job postings are down significantly.

• Even though it may not seem like it, layoffs have remained low by historical standards. In September, the overall layoff rate was just 1.0%, which would have been a record low prior to the pandemic.

• Workers are quitting less frequently than in past years, but the rate of job-hopping is near all-time highs.

• Demand for workers will also be highly dependent on the direction and advancement of generative AI. Even in fields that have nothing to do with AI, companies may prefer new hires to have some skills and/or experience working with it.

Read more on the 2024 hiring outlook here.

JOBS

X Officially Launches Job Search

X, soon to be “the everything app” officially rolled out job search functionality. Previously, the company rolled out a beta version, but now the features are live for all users.

Musk is setting up the platform to be a direct competitor with Microsoft’s LinkedIn. Here’s what Elon had to say about LinkedIn back in August:

Lol.

As of now, the Hiring function is only available to verified users. X Hiring will compete with other companies in the space such as Indeed and Monster.

Users will be able to search for jobs by keyword or location and will be able to filter for remote-only jobs (Elon has been vocally opposed to remote work so we don’t anticipate many of his companies will use this filter). The pay range will also be displayed next to the location if the employer lists it (this is now required in some states).

Despite being a little cringe, LinkedIn is still the top job network in town. But with 556M monthly active users, X could quickly capture some market share in the job department.

PAY

What Salary Do You Need to Be Happy?

According to a recent survey from Empower, 6 out of 10 Americans believe that money can buy happiness.

Who hurt the millennials?

Every generation surveyed (excluding millennials) reported needing a salary between $124,165 and $130,344 to feel happy. Millennials, on the other hand, reported needing (just) $525,947.

72% of millennials also agreed that money can buy happiness, which was the highest percentage of any other generation.

Net worth

When it comes to net worth, Americans would want $1.2M in order to feel happy. Millennials reported needing $1.7M (of course). Gen Z stated that $487,000 would suffice (they haven’t really hit the real world yet).

Of those surveyed (n = 2,034), the median salary was $65,000. At $95,000, respondents generally agreed that they would be “less stressed”.

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