The International Labor Organization (ILO) has released a report predicting that global unemployment will increase by 3 million in 2023, bringing the total to 208 million due to the global economic slowdown. The report warns that the quantity and quality of jobs will deteriorate, working conditions will worsen, and wages will decrease, with low and middle-income countries being affected the hardest.
Furthermore, the cost-of-living crisis will push more people into poverty, widening the gap between rich and poor. The informal sector, where around 2 billion people work, is also in jeopardy, according to the document.
Real Research, an online survey app, conducted a survey on the state of the job market in 2023-24 to explore potential solutions to the crisis in the job market in 2023-24, which has been exacerbated by numerous layoffs, three years of the pandemic, a struggling economy, and ongoing political turmoil. The current employment rate is the lowest it has been since May 1969.
- 89% are aware that the employment market has slowed drastically since the pandemic.
- Entry-level employees would be impacted the most by the job market crisis, say 27.66%.
- 35.97% haven’t been impacted by the economic crisis but know of someone who was.
Respondents’ Awareness and Predictions of the Job Market in 2023-24
The COVID-19 pandemic has had a profound impact on the global job market, with many individuals experiencing job loss, reduced hours, or difficulty finding employment. As we look towards the future of the job market in 2023-24, it is important to assess the current state of employment and understand how it has been impacted by the pandemic and other economic factors.
A recent survey asked respondents if they were aware of the slowdown in the job market in 2023-24, and the results shed light on how widely this issue is understood. According to the survey results, the vast majority (89%) are aware that the job market in 2023-24 has experienced a significant slowdown since the COVID-19 pandemic. Only 11% are unaware of this situation.
According to ILO statistics, the unemployment rate hit a 53-year low in 2023. We asked the respondents if the global unemployment rate would further deteriorate in 2023. The results indicate most of the respondents (74.2%) predict the employment rate will further burst in late 2023, compared to 16.72% who disagreed.
A Look Into the Potential Cause of Increase in Unemployment Rates in 2023
According to the survey results, if the unemployment rate continues to rise in 2023, 23.79% of respondents believe the likely cause will be the global economic fallout. This could be due to a variety of factors, such as a recession, changes in government policies, or global trade disputes.
Another significant concern is the rise of AI and automation, with 20.13% of respondents indicating that this could lead to job losses and increased unemployment. This trend has already been seen in various industries and is expected to continue in the coming years.
The COVID-19 pandemic remains a significant factor in the job market, with 13.75% of respondents attributing the potential rise in unemployment to its ongoing repercussions. This includes the continued impact on certain industries, ongoing travel restrictions, and the potential for further waves of the virus.
Additionally, 13.2% of respondents believe that more job-seekers entering the labor force could contribute to the rise in unemployment as competition for available positions increases. Finally, 12.89% of respondents pointed to the Russia-Ukraine conflict as a potential factor, highlighting the potential for geopolitical issues to impact the global economy and job market.
Negative Impacts of Rising Unemployment Rates
In the following poll, the respondents were asked about the negative aspects of the increasing unemployment rates. Results indicated that 32.98% of the respondents predicted a further drop in economic growth, followed by increased crime rates (18.82%), increased income inequality (18.72%), reduced quality of standard of living (12.25%), social unrest and instability (12.17%), and 1.54% reported no negative impacts.
Respondents Predict the Conditions of the Job Market in 2023-24
When we asked our respondents about their predictions for the job market in 2023-24, the results were on par. However, 30.58% predicted that it would stay stagnant. 27.95% predicted little growth, and 22.83% predicted significant growth.
On the other hand, 18.64% predicted a further decline from what it was in 2022-23.
Nevertheless, the impact of rising global unemployment rates has been felt by many individuals around the world. According to the poll results, 31.36% of respondents reported being personally impacted by this issue, likely through job loss, reduced hours, or difficulty finding employment.
In addition, 35.97% of respondents reported knowing someone who has been impacted by rising unemployment rates, highlighting the widespread impact of this issue on communities and social networks.
However, it is also worth noting that a significant portion of respondents, 32.67%, reported not being impacted by rising unemployment rates themselves or knowing someone who has been.
Similarly, 27.66% reported that entry-level employees would be affected the most by the job market crisis, followed by employers (25.97%), middle management level employees (19.79%), management-level employees (13.94%), and senior-level employees (12.64%).
Possible Steps to Overcome the Skyrocketing Unemployment Rates
As the global unemployment rate continues to rise, employees may be left wondering what steps they can take to protect their careers and livelihoods. According to the survey, 28.82% of respondents believe that creating other sources of income is a potential solution. This could include starting a side business or taking on freelance work in addition to their primary job.
Upskilling and upgrading skills were seen as key strategies by 14.63% of respondents, highlighting the importance of staying competitive and relevant in an ever-changing job market. Taking up temporary employment opportunities was also viewed as a viable option by 14.55% of respondents, as this can provide short-term income and valuable experience.
Exploring different job roles was viewed as a possible solution by 13.8% of respondents, highlighting the need to remain open to new opportunities and flexible career paths. Networking and associating with executives in similar fields were also viewed as a strategy by 11.53% of respondents, as this can help to build connections and increase the chances of finding new job opportunities.
|Survey Title||Survey on the State of the Job Market in 2023-24|
|Duration||April 15 – April 22, 2023|
|Number of Participants||10,000|
|Demographics||Males and females, aged 21 to 99|
|Participating Countries||Afghanistan, Algeria, Angola, Argentina, Armenia, Australia, Azerbaijan, Bahrain, Bangladesh, Belarus, Benin, Bolivia,… Brazil, Brunei, Bulgaria, Burkina Faso, Cambodia, Cameroon, Canada, Chile, China, China (Hong Kong) China (Macao), China (Taiwan), Colombia, Costa Rica, Croatia, Czech Republic, Ecuador, Egypt, El Salvador, Ethiopia, Finland, France, Gambia, Georgia, Germany, Ghana, Greece, Greanada, Guatemala, Honduras, Hungary, India, Indonesia, Iraq, Ireland, Israel, Italy, Ivory Coast, Japan, Jordan, Kenya, Kuwait, Kyrgyzstan, Latvia, Lebanon, Libya, Lithuania, Malaysia, Maldives, Maluritania, Mexico, Moldova, Mongolia, Morocco, Mozambique, Myanmar [Burma], Namibia, Nepal, Nicaragua, Nigeria, Oman, Pakistan, Palestine, Panama, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Serbia, Sierra Leone, Singapore, Slovakia, South Africa, South Korea, Spain, Sri Lanka, Tanzania, Thailand, Togo, Tunisia, Turkey, Turkmenistan, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Uzbekistan, Venezuela, Vietnam, Yemen, Zimbabwe.|
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