How to Prepare for the Future of Work in 2024, According to Indeed’s Chief Economist

Last updated on January 4th, 2024 at 07:14 am

The labor market is constantly evolving, especially in the wake of the COVID-19 pandemic and the subsequent recovery. 

To understand the current and future trends that will shape the world of work, Fast Company spoke with Jed Kolko, the chief economist at Indeed, the leading online job site. Here are three key insights he shared:

1. Remote work is here to stay, but not for everyone. Kolko said that the pandemic accelerated the shift to remote work, but it also revealed the limitations and challenges of working from home. 

He said that remote work is more feasible and desirable for some occupations and industries than others, and that workers’ preferences vary depending on their personal and professional circumstances. He predicted that the future of work will be more hybrid, with some workers returning to the office, some staying fully remote, and some choosing a mix of both.

2. Skills gaps will widen, but not in the usual ways. Kolko said that the pandemic disrupted the supply and demand of labor, creating mismatches between the skills that employers need and the skills that workers have. 

He said that these skills gaps are not only about technical or digital skills, but also about social and emotional skills, such as communication, collaboration, and adaptability. He said that workers will need to constantly update their skills and learn new ones and that employers will need to invest more in training and development.

3. Diversity and inclusion will become more important, but not without challenges. Kolko said that the pandemic exposed and exacerbated the inequalities and disparities in the labor market, affecting workers of different genders, races, ethnicities, ages, and locations differently. 

He said that diversity and inclusion are not only moral and social imperatives, but also economic and competitive advantages, as they can help attract and retain talent, foster innovation, and improve performance. He said that employers will need to take concrete actions to promote diversity and inclusion, such as setting goals, measuring progress, and addressing biases.