20 Fastest Growing Professions in 2024
In this article, we will look at the 20 fastest growing professions in 2024. We will also discuss the latest layoffs and developments in the employment sector. If you want to skip our detailed analysis, head straight to the 5 Fastest Growing Professions in 2024.
In January, announced job cuts increased to 82,307, with a 136% increase from December's 34,817, as revealed by outplacement firm Challenger, Gray & Christmas. This number represents the highest monthly total since March 2023. On a yearly basis, job cuts decreased by 20% from January 2023. Important, the financial sector was largely impacted, with 23,238 job cuts, more than double the previous year's number. These layoffs can be attributed to the broader economic trends, and a shift towards increased automation and AI adoption, with cost-cutting being a primary motivation. Speaking of automation and AI, see industries being revolutionized by automation and AI technologies.
As the financial and technology sectors dominated January's job cuts, companies frequently cited restructuring and the closure of plants, units, or stores as the driving reasons for layoffs. During the earnings reporting season, top companies like United Parcel Service, Inc (NYSE:UPS), Amazon.com, Inc (NASDAQ:AMZN), Alphabet Inc (NASDAQ:GOOG), and Microsoft Corp (NASDAQ:MSFT) announced job reductions. For instance, PayPal Holdings Inc (NASDAQ:PYPL) revealed a 9% reduction in its workforce, with a focus to "right-size" operations in a memo published on January 30.
Speaking of job cuts, Salesforce Inc (NYSE:CRM) has announced a workforce reduction of approximately 700 employees, constituting less than 1% of its total workforce globally. Notably, a year ago, Salesforce Inc (NYSE:CRM) had already reduced its workforce by 10%. The company had 70,843 employees as of October, according to a securities filing.
During the 2023 holiday season, global online sales, as reported by Salesforce Inc (NYSE:CRM), increased to an $1.17 trillion with a 3% year-over-year growth. The average discount rate across the entire season reached 21%, the highest since 2020.
On the other hand, jobs in 2024 in the UK, are experiencing a major demand for skilled professionals across different sectors. According to a report by Hays, over half of British workers are considering changing jobs this year, while more than three-quarters of employers plan to hire. The most sought-after roles are qualified social workers, with starting salaries ranging from ￡26,000 ($32,846) to ￡33,500 ($423200, making them the top priority for employers.
Engineering-based positions, such as multi-skilled maintenance engineers and quantity surveyors, took the second and third positions on the list. Furthermore, the report highlights the increasing importance of "soft" skills, like communication and problem-solving, as well as the rising significance of AI skills. Despite 71% of companies expecting to use AI in the future, only 25% currently have access to the required AI skills. To read more about the most in-demand skills, see 15 Skills Employers Look for in Candidates.
It is also interesting to note that Walmart Inc (NYSE:WMT) is embarking on a massive revamp initiative, set to remodel 650 existing stores and open over 100 new ones in the next five years. The company plans to kickstart this transformation with two smaller-format Neighborhood Markets in Santa Rosa Beach, Florida, and Atlanta, Georgia, this spring. Additionally, 12 new projects, including the conversion of a smaller location to a Walmart Inc (NYSE:WMT) Supercenter, are in the pipeline for construction this year.
The overhauls will feature new layouts, expanded product selections, and innovative technology, with Walmart Inc (NYSE:WMT) aiming to enhance both customer convenience and employee support. Furthermore, Walmart Inc (NYSE:WMT) is expanding its pharmacies, updating vision centers, and introducing corner displays for customer interaction. The company plans to incorporate "digital touchpoints" throughout the stores to offer additional information on products and services.
Most importantly, Walmart Inc (NYSE:WMT) is increasing compensation for high-performing managers, offering the opportunity to earn over $400,000 annually. Eligible Walmart Inc (NYSE:WMT) Supercenter managers may receive $20,000 in stock starting April. With an increased average salary of $128,000 and potential bonuses, managers can now achieve an annual income of $404,000.
A view of bustling offices in Greenwich, Connecticut with professionals working.
Our Methodology
To list the fastest-growing professions in 2024, we used a consensus-based approach by relying upon three primary lists of fastest-growing jobs. We relied on reports from the World Economic Forum, Linkedin, and the Bureau of Labor Statistics. Based on consensus between three lists along with our internet research, we assigned each job a score out 60. The list is presented in ascending order of high scores.
Here is a list of the fastest growing professions in 2024
20. Veterinary Technologist and Technician
IM Score: 15
Veterinary Technologists and Technicians have a median salary of $38,240 annually ($18.38 hourly) and typically require an associate's degree for entry. No prior work experience or on-the-job training is necessary. The field is expected to see rapid growth, with a projected 21% job outlook from 2022-2032, creating 25,200 new positions.
19. Actuary
IM Score: 17
Actuaries are essential in managing financial risks by using mathematical and statistical methods to assess and predict future events. Top US companies hiring actuaries are AON PLC (NYSE:AON) and Willis Towers Watson PLC (NASDAQ:WTW). It is also one of the most mentally stimulating jobs.
18. Computer and Information Research Scientist
IM Score: 19
Computer and Information Research Scientists have a median salary of $136,620 per year or and typically hold a master's degree for entry-level positions. The role is expected to grow much faster than average, with a 23% job outlook from 2022 to 2032, resulting in 8,300 new jobs.
17. Operations Research Analyst
IM Score: 24
Operations Research Analysts earn a median salary of $41.21 per hour and usually enter the market with a bachelor's degree. The role is projected to grow with a 23% job outlook from 2022 to 2032, resulting in 24,700 new jobs. In 2022, there were 109,900 jobs in this field.
It is one of the fastest-growing jobs by 2025.
16. Solar Photovoltaic Installer
IM Score: 22
In May 2022, Solar Photovoltaic Installers in the United States had an estimated employment of 27,760, with a mean hourly wage of $23.06. The industry's top-paying sectors include Building Finishing Contractors with an hourly mean wage of $45.58. Michigan is the highest-paying state, offering Solar Photovoltaic Installers an hourly mean wage of $30.85 and an annual mean wage of $64,180.
15. Home Health and Personal Care Aide
IM Score: 24
With a projected job outlook of 22% growth from 2022 to 2032, the field anticipates an employment change of 804,600, bringing the total number of jobs to 3,715,500 by 2032. It is one of the best jobs to consider for 2024 graduates.
14. Taxi Driver
IM Score: 26
Nevada has the highest concentration of taxi driver jobs with 24.98 location quotient, employing 3,300 drivers at an hourly mean wage of $15.52. Washington is the highest-paying state, with an hourly mean wage of $19.24
13. Occupational Therapy Assistant
IM Score: 28
Occupational therapist assistants collaborate with occupational therapists to help patients regain independence in daily activities. They guide individuals through therapeutic exercises and teach them adaptive techniques. It is one of the hospital jobs with high school diploma.
12. Physical Therapist Assistant
IM Score: 29
??Physical therapist assistants work under the supervision of physical therapists to help patients recover from injuries or illnesses. They perform exercises and provide treatments while educating patients on rehabilitation techniques. It is one of the healthcare jobs that don’t require medical certification.
11. Medical and Health Services Manager
IM Score: 30
Medical and health services managers earn a median salary of $104,830 annually and mostly hold a Bachelor's degree. As of 2022, there were 509,500 jobs in this occupation, and it is projected to grow at a rate of 28% from 2022 to 2032, resulting in an employment change of 144,700 positions. It is one of the fastest growing careers in the world.
10. Information Security Analyst
IM Score: 33
In 2022, information security analysts had a median annual salary of $112,000. These analysts usually require a bachelor’s degree and less than five years of related work experience. According to BLS, the field is booming, with a 32% job outlook from 2022 to 2032 which is way faster than average and will open 53,200 new positions. In 2022, there were 168,900 such jobs. This high demand confirms the growing importance of cybersecurity across industries. It is one of the top 10 fastest-growing occupations.
9. Physician Assistant
IM Score: 36
Physician Assistants (PAs) earn a median annual salary of $126,010. In 2022, there were 148,000 PA jobs, and the profession is projected to grow by 27% from 2022 to 2032. This anticipated expansion is expected to bring about 39,300 new job opportunities for physician assistants during the same period. It is one of the fastest-growing jobs in the next 10 years.
8. AI and Machine Learning Specialist
IM Score: 37
According to WEF’s Future Jobs Report of 2023, the demand for AI and machine learning specialists is projected to increase by 40%, creating approximately 1 million jobs, driven by the pervasive adoption of AI and machine learning technologies which is catalyzing industry transformation. Research on Generative AI suggests a major impact on total worker tasks, particularly in higher-wage roles and professions with higher entry barriers. Specialized roles in AI and big data are expected to grow by 30-35%, with big-data analytics ranking as the third-most likely technology for widespread adoption by 2027.
7. Financial Analyst
IM Score: 39
Financial analysts in high demand across the United States, with key opportunities in sectors such as investment banking, asset management, and technology. Top companies known for hiring financial analysts are JPMorgan Chase, Goldman Sachs, and Amazon.com, Inc (NASDAQ:AMZN). It is one of the top 10 fastest growing professions in 2024.
6. Statistician
IM Score: 41
The top organization recognized for hiring skilled statisticians in the US are the National Institutes of Health (NIH), where statisticians play a pertinent role in analyzing health-related data to inform research and policy decisions. The United States Census Bureau is another prominent employer. Then, the tech giant Alphabet Inc (NASDAQ:GOOG) is also known for employing statisticians to extract meaningful insights from vast datasets.
Click here to see the 5 Fastest Growing Professions in 2024.
Suggested Articles:
Disclosure: None. 20 Fastest Growing Professions in 2024 is originally published on Insider Monkey.