8 Industries Still High On Jobs Despite Downward Spiral Of Economy

economy

Technologies have brought digital transformation and changed the way we work also the main culprit behind creating a substantial rift in the employment sector. The increase of automation in the different sectors has brought greater productivity, improved efficiencies, safety, and convenience but also dragged down the opportunities for young people. Whether they’re skilled or non-skilled due to this there is stagnation of income in a large part of the population.

The question arises in everybody’s mind is whether there will be enough jobs in the future to employ everyone with a significant margin of profit. This difficult question has been in public forums and many economies around the world and became a thorny political issue. Many processes that involved human engagement have been taken by machines and others will be swiped off in the future. As the doors of opportunities are closing on our faces, there are still few sectors left which are keeping the hopes alive for the better times. The following are the industries that are thriving and employing workforces to release some pressure from the economy.

  1. Transportation

The major impact of automation that is seen in any industry is the automobile sector. A single machine can do the job of 10 humans and in the future, the manufacturing and designing of these vehicles might not require human assistance as well. The jobs in the automobile sector dropped considerably due to this. The same technology which has taken the jobs out of the system will create opportunities in the future.

The autonomous cars, electric transmission, and vehicles running on renewable fuels will bring new opportunities in the market. This positivity also forecasted in the employment of transportation and material moving occupations as it is projected to grow 4% from 2018 to 2028, about as fast as the average for all occupations, adding 483,100 new jobs.

  1. Real Estate

As per the latest research, the forecasted job growth for the real estate industry in the next decade is promising. Besides this is the sector irrespective of technological growth always requires human assistance. The rise of online design and other real estate tech has improved the opportunities for young developers to find jobs in this sector. No matter how advanced machines can get creativity is still out of their reach. Buildings are just not brick and mortar, it needs homely feelings and designers can make that possible.

  1. Fin-tech

Fin-tech is a combination of technology and financial services. Companies in this sector are leveraging new technology to create better financial services for customers. The technology infused with financial services will create new jobs in the future as new skills going to be needed to solve the sophisticated problems of the sector. The jobs such as blockchain developer, app developer, financial analyst, product manager, compliance expert, and the quantitative analyst will rise as fin-tech grow strong in the industry.

  1. Hospitality

As jobs are disappearing in different industries, hospitality is a sector that still depends on people. It provides a viable option for young people to earn a livelihood. The jobs of the industry are well-segmented from dishwasher to concierges. Students after college can pursue careers according to their knowledge and skills.

The hospitality sector is diverse and requires service for the people by the people. The industry has a strong prospect of growth over the next 10 years. People who are already engaged in different services in hospitality are in for huge growth in remuneration and those who are willing to give it a shot also have good potential for development.

  1. E-commerce

The concept of e-commerce has changed the way we buy stuff. This has driven the employment opportunities in electronic shopping firms to the next limit. The rate of job creation is great but it is still behind compared to department stores, warehouse clubs, and grocery stores.

Major Job opportunities in e-commerce are in urban or semi-urban areas, the rural areas are still untouched by these e-commerce giants. This all might change as technology is getting involved in every aspect of life and in the future all remote places will get under the umbrella of e-commerce.

  1. Media and communication

The jobs in the media and communication sectors are expected to grow at 4% from 2018 to 2028. This will generate approximately 27,600 new jobs. The specialized jobs of editing, translation and disseminate information will rise. The yearly benefit for a normal employee in media and communication was 57,530 US dollars which were higher than the median annual wage of all other jobs in different sectors. The recent rise in jobs in media and communication is a great example of the centrality of media in the business world.

  1. Energy

The job in renewable energy is growing exponentially across America, creating a stable employment environment with good remuneration which is eco-friendly in every manner. Building new renewable energy is better and economical than working in an existing coal plant. The transition from coal to clean can create new opportunities in the economy and employment in the sector grew at a rate of 6% for the year 2019. Renewable energy is the fastest-growing source of electricity in the US and this is a great sign for the people looking forward to working in energy.

  1. Health and medicine

The jobs in health care are supposed to grow at the rate of 18% which is unprecedented compared to other sectors that are struggling. Healthcare is an important generator of jobs in the US even after the slowdown of the economy. It is expected to enhance job opportunities for the young generation in the coming years. The rapid rate of growth in health care jobs might be directly correlated to an increase in household consumption of healthcare services. The overall growth of healthcare will continue to spur because it is less sensitive to business cycle fluctuations.

 

Source:

https://www.mckinsey.com/featured-insights/employment-and-growth/technology-jobs-and-the-future-of-work

https://www.ibisworld.com/united-states/industry-trends/fastest-growing-industries/