Job seekers in 2020 should see strong hiring and rising wages, if the low unemployment rates seen in late 2019 continue, and if confidence is reasonably high among both consumers and business leaders.
As of 2019, The U.S.
was enjoying very robust economic growth, and the unemployment rate was extremely low.
Wages were responding by rising in virtually all industries, and there were significant shortages of workers in fields ranging from trucking to retailing to computer technology.
Job seekers who want good positions with good pay must be extremely well prepared for the process of seeking a job.
A large part of the preparation requires meaningful research into prospective employers and the industries in which they operate.
The fact remains that several million Americans consider themselves underemployed, and many of them will be looking for better jobs.
Competition for the most desirable positions will remain fierce.
Many companies receive hundreds or even thousands of resumes for every job opening.
Simply sending in a resume and hoping for the best is nowhere near enough for a successful job search.
The good news is that a select set of employers and growth companies will offer superb job opportunities.
Sectors such as cloud computing and health care will continue to grow and hire.
A few companies with exciting new technologies or cost-saving services will see terrific growth.
Salesforce.com, a highly innovative provider of online business
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Job seekers in 2020 should see strong hiring and rising wages, if the low unemployment rates seen in late 2019 continue, and if confidence is reasonably high among both consumers and business leaders. As of 2019, The U.S. was enjoying very robust economic growth, and the unemployment rate was extremely low. Wages were responding by rising in virtually all industries, and there were significant shortages of workers in fields ranging from trucking to retailing to computer technology.
Job seekers who want good positions with good pay must be extremely well prepared for the process of seeking a job. A large part of the preparation requires meaningful research into prospective employers and the industries in which they operate. The fact remains that several million Americans consider themselves underemployed, and many of them will be looking for better jobs. Competition for the most desirable positions will remain fierce. Many companies receive hundreds or even thousands of resumes for every job opening. Simply sending in a resume and hoping for the best is nowhere near enough for a successful job search.
The good news is that a select set of employers and growth companies will offer superb job opportunities. Sectors such as cloud computing and health care will continue to grow and hire. A few companies with exciting new technologies or cost-saving services will see terrific growth. Salesforce.com, a highly innovative provider of online business services, has been a good example.
Solid companies that do a terrific job of providing the day-to-day needs of consumers and business will continue to hire—Costco, Amazon.com and Southwest Airlines are good examples. Other industry sectors that fall into this category include insurance firms, such as USAA and The Progressive Corporation, along with online services and apps that provide efficient or new ways for consumers and businesses to make purchases, gather data or view entertainment and news.
Growing numbers of consumers prefer to buy from firms that sell goods and services online, offering savings of time, money and car travel. This boosts companies like Amazon.com that offer low prices combined with deep selections and great customer service. Virtually all major retailers, including giants like Wal-Mart and Home Depot, are working hard to provide better online services and choices to their customers. Even major supermarkets are enabling online ordering and many offer home delivery.
The travel industry has been enjoying tremendous growth in revenues over the past few years. Airlines are in much better financial shape than they were in the recent pastHotels are enjoying high occupancy rates. Meanwhile, travel has become one of the most successful sectors at selling products and services via the internet, creating vast numbers of new job opportunities.
Americans who find themselves in the market for a job will need to understand the changes surging through the economy in order to determine which companies to pursue and which to avoid. The U.S. employment market has evolved dramatically, and job seekers must be both knowledgeable and nimble in order to position themselves to find promising careers. There will be excellent opportunities for those who are diligent in seeking top employers in most business sectors.
Economic Factors Affecting the Job Market
Business Productivity: Productivity growth has been positive in recent years, but the increases have been very modest. That is, business can be produced—whether it is goods or services—by utilizing fewer workers than before. This will be extremely beneficial to the U.S. economy in the long run. Productivity is boosted by new technologies (such as the use of robotics or artificial intelligence), improved management methods and other factors, sometimes as simple as reorganizing the staff and redesigning the workflow to increase output. (It can also receive a quick boost from restrained corporate hiring.) If rising productivity occurs along with rapidly rising sales and profits, then the job market improves.
Corporate Revenues: A trend of rising revenues encourages hiring.
Corporate Profits: When profits increase sharply, companies are inclined to increase both investment and hiring. Hiring is strongest when corporate revenues, and accompanying profits, show significant growth, encouraging executives to forecast an extended period of increased demand for their products and services.
It is vital for the job seeker to use the best reference tools possible in order to seek out employers that offer a reasonable balance of financial stability, opportunities for advancement and good pay. Excellent job opportunities always exist if you know where to look.
Thousands of companies will need significant numbers of new hires. In particular, companies that offer products or services that save time and/or money will prosper—for example, many types of companies that offer services that help businesses operate more efficiently, will be hiring. Meanwhile, large companies that are not increasing their overall numbers of employees will nonetheless be hiring on a regular basis due to normal attrition—that is, the loss of employees due to retirement, relocation or other personal circumstances. Massive companies like Walgreen’s or Kroger typically need to hire tens of thousands of workers yearly due to normal attrition. At the same time, hiring will be fueled by the massive numbers of Americans who are turning retirement age and either quitting work or reducing their hours through part-time work. This trend boosts the need for new hires.
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