With Labor Day upon us, I thought we would do a post highlighting the job market and industry outlooks- specifically for the healthcare and IT sectors, industries that we know inside and out! If you are reading this blog, you are likely a candidate searching for placement, or an employer looking to fill some staffing needs. Either way, the outlook is phenomenal for the healthcare sector as a whole!
The retirement of aging Baby Boomers will reshape the job market over the next decade, leading to the smallest portion of Americans employed or looking for work since the mid-1970s, barely six in 10, a new Labor Department forecast predicts.
As Boomers retire, the labor force participation rate — the portion of all Americans available to work who have a job or are seeking one — is projected to fall to 61.6% by 2022 from 2012's 63%, according to Bureau of Labor Statistics (BLS) projections.
This doesn’t sound great for job seekers in general, right? But consider this- elderly Boomers will need more health care as they live longer. The health care and social assistance industry will grow an average 2.6% a year and comprise nearly a third of the 15.6 million U.S. job gains by the year 2022, the BLS estimates.
New employment opportunities in health care will be plentiful, as retiring Baby Boomers reshape the job market over the next 5-7 years, according to the Labor Department. New employment opportunities = millions of new jobs will likely be created.
Nearly half of the 30 fastest-growing occupations from 2012 to 2022 will be health care-related, BLS estimates. Among them: home health aides, physician assistants, occupational therapy assistants and dental hygienists.
The BLS also predicts:
• Construction will be the second-fastest-growing sector, also expanding at a 2.6% yearly rate. Yet despite adding an anticipated 1.6 million jobs during the 10-year period, construction will still be 440,000 workers below its peak employment of 7.7 million in 2006 before the real estate crash.
• The next fastest-growing sectors in order will be educational services, followed by professional and business services and mining.
• Several sectors are expected to shrink by 2022. They include the federal government, by 1.6%, or 407,000 jobs; utilities, by 1.1%, or 56,000 jobs; and manufacturing, by 0.5%, or 549,000 jobs.
Not all of the predictions are universally accepted. The Boston Consulting Groupexpects manufacturing to add several million jobs by 2020 as rising Chinese wages and a U.S. natural gas boom that has lowered energy prices, among other factors, increase the advantages of U.S. production.
By 2020, employment in all computer occupations is expected to increase by 22%, but some IT fields will fare better than others, according to the BLS. The expansion of healthcare IT and mobile networks will increase demand for software developers, support technicians and systems analysts.
Jobs that typically require post-high school education had median wages of $57,770 last year and are projected to grow by 14% from 2012 to 2022. By contrast, jobs that generally demand a high school diploma or less had median wages of $27,670 and are projected to grow 9.1%. (Information obtained from BLS and Paul Davidson, USA TODAY.)
If you think you’ve got what it takes to #JoinTheSquad, please contact us! We’re here to help you find that win-win!