Here’s what you should do

The new year may be full of new resolutions and rich opportunities, but what will 2024 hold for those looking for a new job?

Three career experts and coaches spoke to FOX News Digital about how to navigate a market where competition is “fierce,” layoffs looming and the impact of the Federal Reserve's interest rate trajectory pending. .

“It's going to be a complicated situation for job seekers as the labor market continues to be tight. And that's driven by the fact that there aren't enough people to do all the jobs,” said Red Balloon CEO. said Andrew Crapuchets. “There are many people who are not participating in the labor market… [and] Employers are focusing on a 'wait and see' approach this year and want to be very careful with their resources. ”

Ken Coleman, personality at Ramsey Solutions and author of From Pay to Purpose, says, “I've seen this ebb and flow. Companies are changing their balance sheets and what they think they are doing. “It's a contrast between what the current economy is going to look like,” he added.

“This year will be more competitive than ever,” said Andrew McCaskill, career expert at LinkedIn. “Last year, LinkedIn was considering every applicant for his two open positions. This year, he is considering two applicants for each open position.”

The big three automakers, Google, Disney and other media and tech companies have already seen layoffs since December, and other grim statistics are weighing on the labor market. The latest employment figures show an all-time high, with 8.6 million people now holding multiple jobs to make ends meet. The labor force participation rate is at a historically low 62.5%.

“We looked at a lot of big tech companies, and they were hiring in a big way. They spend the money and see if they can take advantage of the opportunity. And then when stock prices drop or the economy becomes a little more uncertain, they quickly turn to a public company strategy of cutting costs. We're transitioning, and it starts with our employees,” Coleman explained.

Red Balloon's January Free Economy Index, which surveys more than 70,000 U.S. small businesses each month, found that 80% of companies surveyed said they did not plan to invest significant capital this year, and 65% The company reports that it has no plans to lay off or hire employees.

“These employers are saying: Until we see how the economy settles down, until we see what the outcome of the election is, until we see what the Fed does, we're not going to hire at scale. They don’t want to make even small-scale jobs, much less… They’re very interim,’ and interim is not good for the economy,” Klapchetz said.

“I'm not an economist, but what I can say is that I truly believe that the pressures that are in the market right now are going to cause more people to seek opportunities to make more money,” McCaskill said. . “A record number of Americans are considering leaving their current jobs, and the No. 1 reason is money. The No. 2 reason is work-life balance. I think we're going to see a big movement in the market. Masu.”

Coleman stressed the importance of taking care of one's mental health while facing the possibility of job loss or layoffs, and Klapchetz and McCaskill encouraged people to hone their skill sets.

“Losing a job is just as bad for you emotionally as losing a loved one. And when I give advice to someone about this, if you've been recently laid off, it's important to remember that you're dealing with a big problem that just happened.” “It's very important to understand that it's an emotional shock and you have to understand that you have to recover from it,” Coleman said.

“We have a lot of emotions…let's let it all out. It's not over. But we got them out. Let's do something fun. Then, let's get it all out.” Let's practice communicating,'' Coleman continued. “Let's just let everybody know, 'Hey, I'm fired.' I'm ready to get back in the game, or I'll be right back.” And then he let the words out. . And finally, if you contact me, I will actively look for something in the short term. ”

“It's an opportunity to learn new skills, but you can't learn new skills at the expensive college level. I don't think there's any point in going back to school. Get in-demand skills for [does]” Klapchetz said. “Every disruption creates opportunities. And if you take advantage of those opportunities, you just might be able to put yourself, and your family, on a better trajectory. That's my encouragement. Find out what jobs are in demand and find skills that will help you for the rest of your career.”

“Don't panic, pivot. Take a look at your skills. Understand what your superpower is and how you talk about it every day.” Mr. MacAskill added. “Let people in the professional community know what you're looking for.”

Career experts cited “resilient” occupations such as manufacturing, trade, retail, government, education, health care and hospitality as places where jobs are likely to be found.

According to the latest report from the U.S. Bureau of Labor Statistics, the economy There are 8.79 million job openings – But before the coronavirus disease (COVID-19) pandemic began in early 2020, the all-time high was 7.6 million.

“After the pandemic, we reached the peak [at] There are over 10 million unfilled jobs in the economy. And the US economy remains at unprecedented levels. “Americans in general have short memories, but it wasn't that long ago that the number of job openings in the business world was in the spotlight and was exploding, and we're now used to it.” he pointed out.

“But I still think there will be more demand than supply of labor. So job seekers will continue to be in the driver's seat.”