The labor market has drastically changed since the pre-pandemic days of early 2020. Over the last two years, professionals saw topsy-turvy shifts in the job market, with layoffs en masse in reaction to the pandemic, followed by a hot job market where candidates could land multiple offers with better pay and work-from-home opportunities.
The Great Resignation
Then in 2021, the Great Resignation emerged, which has taken on multiple names — the Great Reshuffle, the Big Quit — when more than 47 million professionals in the United States changed jobs, retired or took a break, according to the Bureau of Labor Statistics.
With all the enthusiasm for career movement among workers, it was anticipated job seekers could continue to call the shots at the negotiation table easily into 2023.
Cooling down period
But instead, hiring has cooled off across industries as businesses buckle down, reining in costs, faced with a recession, inflation and rising interest rates. Headlines reporting layoffs at major corporations enter the news.
Job vacancies remain unfilled
Interestingly enough, staffing shortages remain an issue. There are more openings than people to fill them, making it difficult for businesses to keep up with operations and customer demands — think: airlines, schools, health care, restaurants and hospitality services. Minnesota, for instance, has more than two open jobs for every worker. In June 2022, Minnesota ranked as the lowest in the nation in unemployment with a 1.8% rate. Nebraska came in at a close second at 1.9%.
Shifts vary by states, regions
In Montana, the number of people working has reached an all-time high. “Our economy continues to show strong signs of job growth, but, Montanans are paying higher prices for gas and groceries as inflation reached its highest level in 41 years,” Montana Governor Greg Gianforte said in a media release issued by the state’s Department of Labor and Industry.
The Bureau of Labor Statistics’ latest data on unemployment was recorded in June 2022 and shows the national average for unemployment is 3.6%, which translates to 5.9 million unemployed people.
A July 2022 report by the Missouri Economic and Research Information Center found the state’s unemployment rate is 2.8%.
The future of work arrives
For those seeking jobs, opportunities can be found with a little patience and ingenuity.
The advent of the internet has contributed to a massive shift in what skills are in demand. Future careers have emerged because of technological advances, so it’s a good idea to track what they are. Here are five careers with major growth potential.
An established career poised to evolve and grow. Geneticists analyze genes and DNA to predict what diseases a person might develop, helping to refine plans for treatment.
2. Sustainable farmer
Farmers can employ robots to pick produce and leverage big data to run more efficient operations.
3. Climate engineer
These professionals will help find ways to intervene on a large scale on the climate issues causing all sorts of natural disasters.
4. Man-machine teaming manager
Man-machine teaming is a new career. Machines will increasingly perform a range of tasks, supporting workers through automation.
5. Techy educators
Technology has turned information sharing into a low-cost endeavor. Educators will be able to scale with online platforms and tech tools. Tech-savvy educators will find a wealth of opportunities.