What will be the hot jobs in the next decade - Research Paper Example

?What will be the hot jobs in the next decade? Introduction Advances in technology, changes in consumer habits, an aging population and the increase in offshore jobs, among other factors, result in a dynamic labor market. Employment trends are constantly evolving and jobs that are popular today can quickly become obsolete as these changes occur. Consider the typesetter: the printing press has been around since the mid-1400s, and the people who knew how to work these types of machines enjoyed steady employment until the 1990s when desktop publishing came around. Thus the concept of “hot jobs”, which is used to describe the best selling jobs in the near future, is not only misleading but also difficult to define. Indeed, predicting the jobs or skills that will be in demand in the future is as tricky as is challenging. Fortunately, information abounds on the internet, literature and from career counselors that enable one to make a good-to-excellent choice. The richest source of job information is the United States Labor Department's 10-year forecast for demand, pay and competition for more than 300 jobs in 45 categories (Bureau of Labor Statistics. U.S. Department of Labor). The department's latest biannual compilation, published last month as the "Occupational Outlook Handbook," is great for sizing up the long-term outlook for most fields. The forecasts have often been prescient—accurately predicting this decade's fast growth in special-education teaching jobs and the widening range of hot health-care careers (Farr and Shatkin, Best Jobs for Your Personality 1; Farr and Shatkin, Best Jobs Without a Four-Year Degree 7; Farr and Shatkin 3). As helpful as the information in these sources may be, predicting the hot jobs for the next decade is still as daunting task. This is more so given that unquantifiable factors such as location, the people you are work with, work condition, and opportunities for growth are very important in job selection. In fact a recent survey by Nature in determining the factors that influence job satisfaction among scientist shows that money is not all that matter (Russo 1106). Indeed, the survey reveals that the “Degree of independence” at the place of work matters to scientist more than salary. Thus the concept of hot jobs based strictly on quantifiable parameters such as pay, employment outlook, and job openings may not work for all people (Smaglik 131). However, there is still room for generality. So the question is: generally speaking, what are the hot jobs of the next decade? Are these jobs really “hot”? This article is an attempt to answer this question. Discussion As unpredictable as the labor market is, figures from the United States Department of Labor can guide us in predicting the hot jobs of the next decade. In the coming decade, engineering, already known for paying college graduates some of the highest starting salaries, is expected to offer the fastest-growing area: biomedical engineering (Bureau of Labor Statistics. U.S. Department of Labor). A job in this field, which centers on developing and testing health-care innovations such as artificial organs or imaging systems, are expected to grow by 72% and offers an annual median salary of $115,270 (Bureau of Labor Statistics. U.S. Department of Labor). This is closely followed by network systems and data communications analysts with a projected growth rate of 53.36% and an annual median salary of $112, 000. In fact, Farr and Shatkin (2010) ranked network systems and data communication analytes higher than biomedical engineering given that the network systems and data communication analytes has more annual job openings than biomedical engineering (Farr and Shatkin). Network systems and data analytes perform a number of tasks in relation to data communications systems, like the Internet, including designing, analyzing, testing, and assessing systems and their performance. Analysts might also supervise computer programmers and work as specialists who handle the interfacing of computers and communications equipment. In large part, the demand for analysts is due to the increasing use of computers and information technology. The rise from 262,000 employees in 2006 to 402,000 in 2016 represents a 53.4 percent increase over that span - that's 140,000 new jobs Among other professions, job opportunities for physicians looks promising as health care-related jobs dominates the list of the fastest-growing jobs, capturing 11 of the top 20 slots (Bureau of Labor Statistics. U.S. Department of Labor; Folger). Their excellent annual median places them among the best in the labor market (Farr and Shatkin). While more attorneys and architects will be needed, competition for these jobs will be intense (Shellenbarger). Psychologists will be in demand, but their demand will be highest in industrial and organizational psychology field. Biochemistry and biophysics is among the hot jobs based on the Bureau of Labor Statistics. Environmental engineers will also be needed at a rate of 30.62% (Bureau of Labor Statistics. U.S. Department of Labor). Substance abuse and behavioral disorder counselors offers counseling and advice to people dealing with problems such as alcohol, tobacco, drugs, gambling, and eating disorders will also be sought after. Some counselors work at therapeutic communities where people with addictions live while being treated. The number of counselors needed will increase by 34.3% over the 10-year period (Bureau of Labor Statistics. U.S. Department of Labor). The increasing number of people suffering from depression and other serious mood disorders has helped create a demand for counselors. That growth, coupled with the need to replace people leaving the field, make this a solid choice for those who seek a stable, rewarding career. Financial analysts, financial examiners and sales agents in the securities and commodities as well as financial services will be in demand. There is a projected 41.16% growth for financial analyst while their annual median salary is as high as $99,000 (Bureau of Labor Statistics. U.S. Department of Labor). Financial analysts and personal financial advisors share their expertise on investment strategies with businesses and individuals. Financial analysts generally focus on a specific industry, region, or type of product. Personal financial advisors assess individual clients' assets, liabilities, cash flow, insurance coverage, tax status, and financial objectives to develop sound money strategies The Bureau of Labor Statistics also reveals that physical therapist assistants will be in demand. In fact, a projected increase of 36.29% over ten years is given. Physical therapists assistants help physical therapists in treating victims of accidents or people with disabling conditions. The job involves working to improve patient mobility, relieve pain, and prevent or alleviate physical disabilities. A physical therapist might prepare physical therapy equipment, assist with exercises, or apply hot and cold packs while recording and reporting patients' responses to treatment. The main reasons for the projected demand for physical therapist assistant is the increasing number of elderly population, a baby-boom generation entering the prime age for illness, and an improved survival rate for trauma patients. There were 60,000 employed in 2006, and that number is expected to rise to 80,000 in 2016 (Bureau of Labor Statistics. U.S. Department of Labor). How “hot” are the “hot” jobs? Limitations of the Department of Labor forecast The Bureau of Labor Statistics’ projections have its limitations. The forecast is based on a macroeconomic model that works on two noteworthy assumptions (Bureau of Labor Statistics. U.S. Department of Labor). First, that the economy will rebound to long-term growth, and second that there won't be any more economic recession like that experience in 2007-2008. Thus its forecasts do not predict dynamism in the labor market that is characteristic of a volatile economy. The implication of this is that you could pick a job based on the Labor Department's projected figures when you enter college, only to find the field in a slump by the time you graduate. For example, a 2006 high-school graduate eyeing the government's 2004-2014 forecasts for nursing at that time would have read about excellent job prospects, with "thousands of job openings" predicted because experienced nurses were expected to retire. Furthermore, the forecast is indeed predicting the hot jobs for the next decade. Thus the labor market for students graduating from college this year is headed in the opposite direction. Thousands of experienced nurses who had been inactive or retired have been re-entering the work force because of the recession. Similarly, a high-school grad in 2000 might have picked computer programming (No. 8 at the time on The Bureau of Labor Statistics of fast-growing, high-paying jobs (Bureau of Labor Statistics. U.S. Department of Labor)) only to graduate when the computer has become obsolete and the market for computer engineers has collapsed. Finally, no economic model can forecast growth in jobs that are still evolving (Bureau of Labor Statistics. U.S. Department of Labor). While the Department of Labor’s latest projection contains information on "green occupations" in emerging industries such as biofuels and wind energy, it has no data on many of the jobs these industries are creating, such as fuel-cell technologists. Conclusion A lot of factors influence the labor market. Technological advances as well as changes in consumer and employer needs create a continuously evolving labor market. As helpful as projected figures from the Department of Labor is, rely on them can be deceptive and lead one into problem. The solution is to remain on top of current trends and gain the necessary schooling and/or experience. Indeed, this will help one to secure a job when the time comes and also to become competitive in an ever evolving labor market. Works Cited Bureau of Labor Statistics. U.S. Department of Labor. Occupational Outlook Handbook, 2010-11 Edition . 02 February 2010. 16 May 2011 . Farr, M and L Shatkin. Best Jobs for the 21th Century. Indianapolis: JIST Publishing, 2009. Farr, M. and L. Shatkin. Best Jobs for Your Personality. Indianapolis: JIST Publishing, 2009. —. Best Jobs Without a Four-Year Degree. Indianapolis: JIST Publication, 2009. Folger, J. 12 Hot Careers And How Much They Pay. 03 August 2010. 17 May 2011 . Russo, G. "For Love and Money." Nature (2010): 1104-1107. Shellenbarger, S. What Will Be the Hot Jobs of 2018? 26 May 2010. 17 May 2011 . Smaglik, P. "Surveys on careers in academia get mixed interpretations." Nature (2008): 131. Read More