According to the Bureau of Labor Statistics, (at this writing) a total of 15.1 million people are out of work, bringing unemployment to an astounding rate of 10.2%. Of all ethnic groups, African Americans suffered the worst with a jobless rate that skyrocketed to 15.7%.
Although experts say that our economy is in recovery, the effects of such will not be felt in the job market for up to 24 months. Despite the loss in jobs, there are industries that show promise and offer prospects. Our year long series Where the Jobs Are will direct you to those opportunities and growth areas with details about trend projections and potential earnings.
To kick off our series, we talked to Joe Watson, CEO of consulting and executive search firm Without Excuses and Strategic Hire in Reston, Virginia. Watson, a proponent of proactive career strategies, is also author of Where the Jobs Are Now (McGraw-Hill; $18.95), in which he stresses the importance of rethinking the approach to today’s job market. “The economic downturn that we just went through is not just a temporary thing. It has fundamentally changed the very core of our economy and the way our economy works,†he explains. “The reader needs to understand that the workforce and their careers are part of the economy and therefore, the way they manage their career must change to be reflective of the new reality.â€
John Challenger, chief executive officer of outplacement consulting firm Challenger, Gray & Christmas Inc., explains that an industry is classified as growing when “there is a strong demand for the goods and services of that industry from businesses and consumers,†which, for job seekers also creates attractive prospects. “In a growth industry, you have many opportunities and room for advancement as your career progresses.†Challenger further explains that as the industry and companies within the industry grow, they will need more leaders. Understanding where the growth will occur helps professionals better enhance their experience or transition into a new area.
Watson’s book fully outlines a variety of growth areas and offers advice at the end of each chapter on how to make the transition into a selected industry. The following are among those featured:
Biotechnology: 248,000 projected jobs available in 2016
An aging population and its demands for drugs related to preventive or routine healthcare, and for ongoing research and manufacturing of new products to combat diseases such as cancer and Alzheimer’s, will drive the biotech industry, writes Watson. “Biotech is the newer version of pharmaceutical,†comments Christopher Raymond, senior research analyst of biotechnology for Robert W. Baird & Co., a wealth management, c
apital markets, asset management, and private equity firm. “Most of the companies in biotech are small and are at the beginning stages of their growth in sales with products that are disease altering.â€Watson concurs: “Most of the activity in biotech is about developing methods to keep you healthier longer.â€Â He writes that there will be a double-digit percentage growth in just about every role in the industry. For instance, marketing and sales managers are expected to grow by 26%, industrial machinery mechanics by 44.9%, and industrial engineers by 53.1%. The industry employs more than 200,000 and this number is projected to increase by 24% by 2016. Raymond notes there are various job opportunities in the industry, ranging from sales to research scientists to business. Other nonscientific skills are useful such as recordkeeping, management ability, and a willingness to travel.
Information Technology: 872,000 projected jobs available in 2016
Technology is, of course, the focal point for all that we do. Watson writes there are a number of factors propelling the industry, specifically, demand for integrating new hardware, customized applications, and for mobile technologies and devices such as Wi-Fi, Blackberries, and iPhones. Not only that, but IT is needed to address the global marketplace. “IT allows companies to design, manufacture, market, and communicate with partners around the world. The relevance of IT will only accelerate as emerging markets grow to become a larger component of the economy,†notes Jayson Noland, senior analyst of IT hardware for Robert W. Baird & Co. The industry is comprised of numerous semi-independent fields, such as database administrators, computer software engineers, network systems, and data communication analysts; combined, 872,000 new jobs are projected in the next six years according to Watson. To work in the industry, you must be willing to and capable of adapting to the
rapid changes it experiences. The level of education and type of training varies based on an employer’s needs, but employers are demanding skill and expertise in other fields, particularly business concentrations such as sales or finance.Education: 479,000 projected jobs available in 2016
As of Sept. 30, more than $67 billion in education Recovery Act formula grants have been awarded and in turn, 325,000 education jobs were retained or created. It is estimated that 479,000 new jobs will be created by 2016, making education an attractive sector. There is a particular demand for primary and secondary school teachers, especially in urban school districts. But the opportunities in education aren’t just limited to educating children. Teaching positions are in demand for adults who need assistance in updating their skills. In this sector, candidates must have patience, the ability to motivate students, good communication skills, plus creativity and understanding to meet the various needs of students and to apply different teaching methods.
Security: 120,000 projected jobs available in 2016
Due to increased efforts to protect the country from drug trafficking, illegal immigration, terrorism, and even cyber threats, job prospects in law enforcement, defense, aerospace, and homeland security are plentiful. In fact, the departments of Defense and Homeland Security are expected to offer more than 83,000 new jobs, states Watson. Additionally, more than 15,000 new customs and border control agents, and 22,000 Transportation Security Agency airport screeners will be hired during the next few years. Other employers include the
Nuclear Regulatory Commission, Government Accountability Office, Securities and Exchange Commission, NASA, and the Department of Justice. Generally, most of what one needs to know is acquired on the job, but candidates must be U.S. citizens, at least 20 years old, and are subjected to screenings and background checks. Specific skill sets are based on the selected role but overall, candidates should enjoy working with people.In his book, Watson also examines several sectors that tend to do well even when the economy isn’t. Here are a few that continue to show promise:
Accounting: Because financial firms are under intense scrutiny, Watson estimates thousands of new jobs being created due to an increase in auditing firms. Employment in accounting positions is expected to grow 15% annually over the next decade.
Customer Service: There is still a demand for customer service reps to interact with customers on a company’s behalf, according to Watson. This industry is expected to grow 25% by 2016, adding 545,000 new jobs.
Engineering: Engineers are still needed to design, build, test, and improve products and there will be significant growth under individual engineering occupations, such as environmental engineers (25% growth), biomedical engineers (21% growth), and civil engineers (18% growth).
Finance: Investors still need assistance on how to preserve their money and make it grow. Employment of personal finance advisers is expected to add 72,000 jobs to the industry by 2016.
This article originally appeared in the January 2010 issue of Black Enterprise magazine.