Welcome to the year 2019! The New Year is a great time to take a break from your busy schedule, and daily routines to reflect, to look back, and evaluate how you did and resolve to do better moving forward. Maybe you find yourself working a job where there is no opportunity for growth, or you are looking to change careers. Getting a new job is a fun, exciting adventure and a great way to ring in the New Year. Before your job hunt, it is essential to assess the job market to see what you are facing concerning competition. Here are 5 changes to expect from the job market this year.
The increased labor trend is likely to continue through 2019. It is projected that hiring among employers will reach highs not seen since the 2008 Recession. To put it in perspective, the US has 7 million job openings and not enough laborers to occupy them, according to MarketWatch. The quit rate has also increased since the economy is so strong, workers feel confident leaving their jobs to begin new ones. Companies have been forced to offer higher pay and better benefits in order to find skilled workers or keep experienced ones.
As technology continues to evolve it changes how we work and creates a shift in the type of jobs that become available. These newly created job positions and titles introduce new skill-sets and requirements to effectively carry out these roles. In 2018, tech companies were focused on data scientists, back-end development, and developers to build organizations’ infrastructures. Fortunately, for those who do not have a strong technical background, in 2019, the focus is to bring on new front-end people to manage accounting, operations, project management, human resources and more.
Due to America’s aging workforce, there has been a significant increase in retirement dated back to 2011. This is a result of the first wave of Baby Boomers. It is expected that millions more will follow in the coming years. This creates a high demand for healthcare workers. Based off of a report, it is estimated that nearly 11.6 million healthcare workers will be needed nationally between 2019 and 2026 to fill 3.5 million jobs and replace those who leave the occupation or retire.
In order to prevent employees from seeking out new job opportunities, companies are encouraging employee passion by experimenting with different roles. This is accomplished by developing ways to create jobs outside the traditional structure to satisfy employees’ needs to grow and prosper within the organization and not search for it elsewhere.
There has been elevated turnover since 2014 and it continues to be in the upswing heading into 2019. With the tight labor market, organizations are being forced to compete against one another for skilled talent that is already employed. Although the workers may not be actively seeking new employment, it is unlikely they would turn down a great opportunity that offers higher compensation and takes them to the next level in their career.
It is never easy to uphold a New Year’s resolution. Many give up after the first month, if not sooner. However, if your New Year’s resolution in 2019 is to find a new place of employment, the odds are in your favor.
Scale Funding is an invoice factoring company dedicated to helping staffing agencies with their accounts receivable financing. Rather than waiting around for customer payments, Scale Funding will purchase companies receivables in exchange for instant cash.