No one knows exactly how many people the United States Bureau of Labor Statistics (BLS) has decided are “no longer looking for work.” That is important, because the unemployment rate is calculated, based on the number of people actually looking for work. As we have said so many times, we have millions of people who are perfectly trained and qualified to handle jobs that no longer exist.
In spite of these challenges, there are “Pockets of Prosperity,” as we discussed in last week’s Herman Trend Alert.
Not too long ago, Deloitte and Touche reported that there were 5,000 open jobs in the manufacturing sector. Having industrial skills makes you very employable today. In a recent study issued by the Society of Human Resource Management (SHRM), 68 percent of employers said that they experienced a shortage of “qualified new hires” to replace people retiring from the skilled trades (electricians, carpenters, welders). There are also increases in industrial hiring in logistics, supply-chain management and plant management.
“Life Sciences and Biotech” is another pocket of prosperity. Big Pharma as well as biotech start-ups are hiring. Experts expect an up to 40 percent increase in job openings for research scientists between now and 2018.
We have also noted before a significant lack of professional salespeople. In the past, selling was close to being a recession-proof career; this prolonged recovery has been no exception. According to 72 percent of SHRM’s responding employers, they cannot find enough good salespeople.
Moreover, accountants and finance professionals are in short supply. Around the world, demand for accountants, particularly forensic accountants and compliance specialists, has been growing steadily. Colleges and universities are simply not graduating enough accounting and finance majors to fill the open positions. The SHRM survey found that 54 percent of employers would hire more accountants and financial people — if they could find them.
Discount retailers are in one of the few categories that has “flourished during this recession." Most of these retailers are looking to hire managers, as well as in-store personnel.
Finally, private equity firms are “actively seeking management talent for their portfolio companies — across all industries and all functional areas." If you have the experience and a track record, you will be in-demand.
