Job Market Insights & Trends for 2019
The Tight Job Market
Why is the job market tight?
46% of employers in the U.S. report difficulty recruiting talent. If job searchers or career changers were not successful in their search to date, how did they position themselves? Did prospects hear any of the talent shortage drivers below as reasons why they were not hired?
Relevant drivers of Talent Shortage:
- Lack of experience
- Applicants lack required hard skills
- Applicants lack required soft skills
- Applicants expect higher pay than offered
- Applicants expecting better benefits than offered man
“The first quarter of 2019 will continue to be tight labor market; it is strong despite uncertainty with Tariffs and trade.”President of Manpower Group North America.
These trends are sometimes overlooked, hidden in the unemployment figures.
- The Baby Boomers will continue to work. They’ve been told for 30 years that Social Security will fail, and they’ve seen the values of their 401(k)’s plummet overnight several times, along with property values.
- The Millennials (and now Gen Z) are radically changing the definition of jobs in general, and are ignoring traditional employment, as well as owning cars or houses, or marrying and having children.
So how does this affect those in pursuit of a career or job change?
It’s somewhat counterintuitive: The media tells them there are millions of jobs waiting to be filled, but many career or job changers were either rejected as “not qualified,” or they didn’t want the jobs as advertised.
The Executive Job Market
The executive level jobs in corporate America are either already held by someone who refuses to move on, or, when they do, they are not replaced, as the 40-hour workweek, salaried executive position no longer fits the fixed costs averse, bottom line operational mentality.
Opportunities for executive career or job changers are not that common; but there is hope: The Barrett Group has an excellent track record of finding them.
As the executive job market is a rarified target, those looking for a job will need to “be everywhere at once, all the time, in order to be in the right place at the right time.” That is part of the service The Barrett Group provides.
The Bureau of Labor lists these Fastest Growing Management Occupations from now to 2026, growing at an 8% rate with average median wage of $102,590:
- Administrative Management (Plan, Direct & Coordinate)
- Marketing Management
- Compensation / Benefits Management
- Computer Information Systems Management
- Construction Managers
- Emergency Management
- Financial Managers
- Food Service Managers
- Human Resources Managers
- Sales Managers
- Top Executives
With the “Top Executives” growing at 8%, it seems unlikely that there are enough qualified people ready to move into these emerging opportunities – which is good news for executive career or job changers.
Fast Growth Regions
The area with highest job growth continues to be the Sunshine State of Florida. The strongest growth industries are Hospitality, Transportation and Utilities.
The fastest growing job regions in 2018:
- Reno Nevada 5.9% increase
- Midland, Texas 5.7% increase
- Colorado Springs, Colorado 5% increase
- Orlando, Kissimmee Florida 4.8% increase
- Phoenix, Mesa, Scottsdale Arizona 4.2% increase
Bureau of Labor 2018 Past Data
Occupations employment & Wages for Executives
- General & Operations Managers is one of the top ten leading employment categories
- General & Operations Managers wages increased to: $123,460 on average
Alternative worker arrangements
- Out of the four major alternative to W2 employment (Independent Contractors, On-Call Workers, Temporary help agency workers and Workers by provided by contract firms)
- Independent Contractors is the largest category with 10.6 million of them which is 6.9% of the workforce
Bureau of Labor 2019 Outlook
The top occupations projected new jobs by numbers and median salary are:
|Software Developers / Applications||225,000 New Jobs||$101,790 Median Salary|
|General & Operations Managers||205,200 New Jobs||$100,410 Median Salary|
|Accountants / Auditors||139,900 New Jobs||$69,350 Median Salary|
|Marketing Analysts / Specialists||138,300 New Jobs||$63,230 Median Salary|
|Management Analysts||112,500 New Jobs||$37,630 Median Salary|
References: ManpowerGroup Employment Outlook Survey United States, Q1 2019, U.S. Bureau of Labor
The Barrett Group is a boutique career management firm for executives with a basic service philosophy focused on serving each unique client employee uniquely. We do not believe in a cookie-cutter, one-size-fits-all approach. Our service delivery is designed around this belief.