Labor Market Trends For The Next Decade.

With the recent shifts in the economy and the job market, many people have grown fearful for their careers during the next decade. “Our offices have been flooded with calls,” says Richard Bayer, Chief Operating Officer of The Five O’ Clock Club, a national career counseling organization. “People are afraid they may be in the next downsizing, and that their skills may no longer be in demand. Everyone wants to know what to expect in the next decade.”

What’s to come? “We have a good idea of what to expect.” Bayer added, “Our research has definitely helped us predict what’s on the horizon.”

· The labor shortage will continue- “The balance of power has definitely shifted from employers to employees,” said Bayer, “and it will stay that way.” According to Bayer, although the job market suffered visibly during the first two quarters of this year, it has sped up in recent weeks. “There’s no reason to panic. Unemployment is still at 4.5%, and that’s lower than most people thought it could ever be.”

Can a labor shortage have drawbacks? “Absolutely,” says Bayer, “work is much more stressful during a time of labor shortage. To put it simply, people are handling a greater workload because there are fewer employees.”

According to Bayer, the job market of the last two years was “too hot.” “When companies were frantically hiring, many people were put into positions that were inappropriate for them. And it wasn’t good for young people. They could show up in jeans and flip-flops. They really got an inaccurate picture of a job search, and now they are unprepared.”
–more–
Labor Market Trend for the Next Decade -Page 2

· Where the jobs are- What skills do you need to keep yourself marketable? “Interpersonal skills will always be the most important.” Bayer asserted, “It’s important to settle into a new position and form relationships right away, build rapport with your boss, your peers, and your subordinates.”

The fields with the highest growth rates are hospitality and retail sales. There will be growth in the number of entry-level positions that require very low levels of education.

According to Bayer, growth can be expected in the professional world as well. Bayer listed some specifics, including accountants, desktop publishers, paralegals, and healthcare administrators. “In addition, there will be a lot of demand for almost anyone with an MBA.”

“Relating your current field to something in technology is a great way to keep yourself marketable,” Bayer added. “For instance, I know of a copyright lawyer who now specializes in internet-copyrighting. Even though the dot.coms sank, internet related-fields are still growing.”

· Changes in the Workforce- “The average American has been with his or her present company for less than four years,” Bayer noted. “This means that when a company downsizes, the negotiated severance package is generally a lot less than it used to be. Furthermore, if a company has a revolving door, simultaneously hiring and firing, the company needs to remember to downsize ethically.” Bayer stressed the importance of a company having a good name in the job market because it can affect the company’s ability to attract new talent.

“Finally, most people are unaware of the consequences of the aging job market,” Bayer warned. “Changing demographics and tighter economics will soon combine to increase both the number of older workers on the job and the length of time they stay in the workforce.”

For more information at http://www.fiveoclockclub.com