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The 4-Day Workweek May Be Coming
Thriving Markets, 4-Day WorkWeeks, and Career Adaptability
Spiggle Law
May 03, 2024
Hey there, Career Pros.
Gear up, get ready, and let’s unravel the career cues that are shaping the 'now' and the 'next' in the working world from this week:
Job Market Trends This Week:
Most Americans think it's an excellent time to find a new job
According to Gallup's State of the Global Workforce 2023 report, 71% say it's a good time to find a job. By job level, more managers think it's a prosperous job climate compared to lower-level workers. By age, 75% of people over 40 believe it's a good climate, while only 66% of people under 40 believe it's a prosperous climate.
Fort Myers, Florida, was the least competitive city to get hired without a degree – while New York City was the most competitive
According to Payscale's salary data, between April 2022-24, the most in-demand jobs without higher education were construction superintendent, manufacturing production manager, and journeyman plumber, with median salaries ranging from 61k to 84k. Each job saw at least a 16% increase in openings this past year, with construction superintendents seeing the most significant uptick in demand, with openings growing more than 128%.
High-paying, fast-growing industries – from construction to plumbing
According to Payscale's salary data, between April 2022-24, the most in-demand jobs without higher education were construction superintendent, manufacturing production manager, and journeyman plumber, with median salaries ranging from 61k to 84k. Each job saw at least a 16% increase in openings this past year, with construction superintendents seeing the most significant uptick in demand, with openings growing more than 128%.
Few Americans have an intent to leave their jobs in 2023
Of those working, 47% of workers are watching or actively seeking a new job. Lower than the global rate, with around 50% looking for new work, many Americans remained in their current roles in 2023. By age, 56% of those under 40 are looking for a new job, while for those above 40, only 40% are actively looking. However, by gender and job level, there is an equal level of intent to look for a new job.
The 4-Day Workweek: A Year of Promising Results
A transformative experiment in the U.K. has revealed compelling benefits of the 4-day workweek, one year after its inception. Initially a six-month trial involving 61 companies, the initiative aimed to maintain full productivity with reduced hours, ultimately finding extensive support among participating organizations.
Key Outcomes of the 4-Day Workweek:
Continued Adoption: 89% of the companies have chosen to continue with the 4-day structure, with 51% making it permanent.
Workplace Benefits: Companies report increased efficiency, improved employee happiness, and reduced turnover rates.
Impact on Well-being and Recruitment: Positive changes were noted in staff well-being (82%) and recruitment (32%), highlighting the broader implications for workplace culture.
These results underscore the potential for the 4-day workweek to redefine professional environments. As more countries and companies explore similar trials, the global momentum for shorter workweeks grows, suggesting a significant shift in traditional work patterns may be on the horizon.
📉 U.S. Job Market Shows Resilience
The U.S. job market remains a beacon of resilience amid high interest rates and inflation, with unemployment claims holding steady at historically low levels. Last week, jobless claims remained unchanged at 208,000, reflecting a robust labor market. This steadiness suggests a strong foundation, yet the economic environment remains dynamic.
Professionals can draw valuable lessons from these trends:
Adaptability is Key: Even as the Federal Reserve continues to hike rates, the economy has adapted without spiraling into a recession, supported by strong consumer spending. This adaptability is crucial for professionals in all sectors to emulate, particularly in times of economic uncertainty.
Stay Prepared for Volatility: The low number of job openings and rising layoffs in sectors like technology and media signal potential volatility. It's essential for professionals to be proactive, updating resumes and networking actively, readying themselves for industry shifts.
Opportunities Amidst Challenges: Despite the economic pressures, significant job growth last month underscores that opportunities still exist. Professionals should stay alert to new openings and possibly consider fields less affected by current layoffs.
Understanding these dynamics is vital for any professional looking to navigate their career path successfully in unpredictable times. The job market's current stability, coupled with signs of softening, reminds us of the importance of being prepared and adaptable.
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