July 1, 2009

Understanding Our Evolving Job Market

It's pretty safe to say that the future of the workplace is evolving significantly due, in part, to the ongoing recession. The days of a fat and happy career in one company (or even industry) are a thing of the past. To be successful in this changing work environment, you need to know where the winds are blowing. This will be especially helpful for those of you looking for employment right now, too.

In the CBS Moneywatch article "The New Job Market: Who Wins and Who Loses?," you will get a better idea of how the workplace is changing. It describes four main trends that you need be aware of:

  • Baby Boomers will delay retirement. We've already been seeing this happening as a result of a depressed stock market. However, this trend will continue as Boomers stay in their high-seniority jobs to make up losses in their portfolios. Furthermore, we'll see retired Boomers returning to the work force into low skill or pay jobs (i.e. those jobs more traditionally held by high school students).
  • Women will continue to ascend in the workplace. The last year of lay-offs have really hit male-dominated industries hard. According to the article, job growth will come from professions where the gender mix has been more balanced like health care, education natural sciences and services.
  • The Stimulus package will further drive changes in work force. Given the recent push for improvements in health care and environmental conservation, it should come as no surprise that these two industries will see significant growth. Government and natural science professions will also see a surge.
  • Long gone will be the days of generous wages and full-time work. According to Moneywatch, workers will see a 20% reduction in overall salaries for the next 20 years. Additionally, more and more people will go from full-time work to part time or freelance work.
Take a look at the full article here.

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