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.