Many clients, especially young professionals just starting out, often ask about future trends for employment and opportunity. My answer is that it depends on current supply and demand. Population and population trends are the biggest contributors to determining supply and demand of employment opportunities for the future.
With automation and advancing technology some industries have slowed while others have exploded and new ones are developing daily. Any new industries and the ancillary careers that emerge from them are a good place to start. The industry shift tends to be toward more skilled positions so an education or formal training is a must for today’s young adults.
As our younger generation grows up we will need more educators to teach the children, and as baby-boomers move into their retirement years, the need for more healthcare jobs becomes necessary. These population shifts alter the demands that will determine future trends in employment. Although projections show increases of 14% from 2002 to 2012 in the American workforce, the demographics change considerably.
According to Bureau of Labor Statistics (BLS) in the next half dozen years the fastest growing industries will be Technology at 35.8%, Healthcare at 34.5%, Nursing industry increasing 27.3%, Human Resources at 26.2%, and Criminal Justice and Education/Teaching both at 24.7% rounding the top five growth industries. So, when looking into industries with largest potential for available jobs in the above industries are the top contenders.
Now if my clients are looking strictly at income opportunity then I would suggest looking at a different index also released by the Bureau of Labor Statistics which shows the largest salary and wage changes for the next decade. Occupations listed below are expected to provide the largest earnings potential increase, starting with Software Publishing leading with a whopping 68% increase followed by Computer System Design and Related services and management, Scientific and Technology Consulting services both increase earnings by 55%, Employment services come close at 54% and Social Assistance (except child day care) at 47% and finally Motion Pictures and Video increasing by 31%.
While many of the advancing growth industries are dissimilar from the highest income candidates, the computer related industries and health care still look most promising in terms of both opportunity and income potential. But before my clients run to change their career goals I try to remind them that although income and opportunity are important if this is their planned career field for the next 20, 30 or 50 years they should make sure it is one that will offer them appeal, interest and enjoyment for many years.
