From AI to cooling job demand, 5 labor trends shaping the 2024 HR outlook

The 2024 jobs and hiring trends report from Indeed's Hiring Lab was recently released, providing insights into the shifts in job postings, labor force participation, quit rates, wage growth, and the role of generative AI in 2023 and its potential impact on 2024. 

While the U.S. experienced positive labor trends in 2023, including reduced quit rates and robust workforce participation, the outlook for 2024 remains uncertain. Nick Bunker, the economic research director for North America at Indeed Hiring Lab, and the report's author, suggests cautious optimism for 2024, emphasizing the need to avoid overstating the potential outcomes. 

The report highlights five key trends, including a cooling demand for workers, indicated by a 22.5% decrease in the Indeed Job Postings Index from its peak in late December 2021. Additionally, the report emphasizes the prominence of "high remote" sectors, which are characterized by a significant concentration of remote work opportunities.  

AI is everywhere in 2023, so it’s no surprise that companies across the country are shelling out big bucks for workers in AI roles. Now a new survey from Biz Report, titled AI Influence on U.S. Workforce Salaries, reveals just how much more companies are paying for AI-related roles and which states have the highest salaries for AI jobs.

Some key details from the survey:

  • AI-related jobs offer over 77% higher salaries on average than other occupations.
  • In 2023, AI-related jobs are starting with salaries as high as nearly $450,000 per year.
  • Over 30% of all computer science jobs this year are AI-related.
  • From 2022 to 2023, computer science job salaries saw an average increase of over 45%, which is directly attributed to the demand for those who can fill AI roles.

But when it comes to companies splurging on AI-related salaries, where you are located in the country can have a huge impact on the salary you can expect. According to the survey, these are the states and territories in the United States that offer the highest annual average salaries for AI-related jobs:

  1. Connecticut: $176,775
  2. South Carolina: $155,819
  3. Louisiana: $154,312
  4. California: $154,310
  5. Minnesota: $151,792
  6. Puerto Rico: $151,706
  7. Rhode Island: $148,509
  8. New York: $148,501
  9. Pennsylvania: $144,791
  10. Illinois: $143,707

Even better news for those currently studying computer science in college with a focus on AI: Biz Report found that the number of AI jobs is likely to increase for the next several years, going from 87,071 available positions in 2023 to 105,753 available positions in 2026.

For its survey, Biz Report analyzed data from eight of the most popular job posting platforms in 2023.

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