Future Employment Trends - Every Job Seeker Needs To Know This
Understanding current job trends and future projections can make a huge difference in your job search. This article provides a brief summary of the current and future trends.
Finding a great job is always difficult, but it becomes even more of a challenge when the economy is in decline. Understanding the factors that effect the job market and how to deal with them is one of the smartest things job seekers can do. You do not have to be an economist to gain a basic understanding of the job market, and you do not have to be a financial wizard to understand how the trends of the wider world may affect your future pay check.
Bureau of Labor Statistics Report
The Bureau of Labor Statistics is one of the most widely used and widely respected organizations when it comes to career projections. Economists use the statistics they provide to project everything from the future level of unemployment to the estimated rate of inflation. The BLS recently completed a report that looks at employment trends and projections from 2010 to 2020, While the average job seeker may not need to read this report cover to cover, its a good idea to understand some of its key points.
Slower Labor Force Growth in Future
One of the key takeaways from the report is the impact of slower population growth on the overall job market and the growth of the labor force overall. The Bureau of Labor Statistics projects that the civilian labor force will grow at an annualized 0.7 percent each year for the period from 2010 through 2020, compared to a growth rate of 0.8 percent for 2000-2010 and 1.3 percent for the period of 1990-2000. This slowdown in the growth rate of the workforce could be a significant factor for anyone looking for a job.
Another important trend in the labor market is the aging of the huge baby boomer generation. By 2020, the entire baby boomer generation will be over 55, and that means the older age group is expected to account for more than one quarter of the workforce by that time. At the same time, younger workers aged 16 to 24 are expected to account for just over 11 percent of the workforce.
The report compiled by the Bureau of Labor Statistics projects that the total non-agricultural workforce will grow to just over 150 million workers by the year 2020. This is a jump of more nearly 20 million from the 2010 figure of 130.4 million.
The BLS projects that the health care segment will be the strongest in terms of job growth, with some 5.6 million job opportunities expected. Health care is followed by the professional business services, with 3.8 million jobs available, and construction, with some 1.8 million job opportunities expected.
It is important to note that the three top job categories - health care, professional business services and construction, are expected to account for some 25 percent of all new jobs created during the 2010 through 2020 time period. This is a significant statistic, and one that all job seekers need to be aware of. Matching available workers with needed skills is already a challenge for business, and this trend is expected to continue at least through the next decade. Workers who are able to anticipate these trends and get the right training are expected to do well in the coming years.