Outlook: More Jobs,
be hard to find a bright spot for battered and
beleaguered workers in today’s
job market, but if you can look beyond current woes, you
may see rays of light in the not-so-distant
According to the Bureau of Labor Statistics, the number
of available jobs is projected to increase by more than
22 million jobs by 2010, a 15.2 percent increase- a
reasonable, possibly even conservative, estimate
considering employment increased 17% between 1990 and
2000. The civilian labor force is projected to increase
by 17 million people by 2010. This suggest we’ll
be about 5 million workers short of keeping up with job
growth over the next 10 years.
Where’s the Evidence?
Demographics are driving these shortage predictions.
Baby Boomers, who constitute a big slice of the labor
force pie, are getting closer and closer to checking out
of the office and into retirement, creating a major void
in the workforce.
stats point to an impending shortfall in skilled
workers. There are certain things that one knows about
the economy. You know that the
economy has grown at about 4% since 1948. That
trend line says certain things in
terms of demand for people. You at to that how
many people are born and
we know what mortality rates are, so we have a very good idea what labor supply is.
We know what typical retirement ages are. We can
make certain judgments on what Baby Boomers are likely
to do—when they’re going to retire, how many will
continue to work part-time and how many will be out of
the labor force all together. And you
build in immigration.”
Does This Mean for You?
predictions of an acute labor shortage are true, it
could wreak havoc for corporate America, but “it’s great
news for employees,” declares Roger Herman, author of
Impending Crisis: Too Many Jobs, Too Few People.
“There’s a severe labor shortage coming, and most executives don’t have a
clue about what’s going to happen…Employers are going to
be forced into offering stronger compensation packages,
and not just money – more flexibility, better benefit
plans, a lot of different kinds of things to entice
the Most of It
offers this advice for career-minded people who hope to
capitalize on the
shortage: “Build your skills. Now is the
time to be taking some courses, reading some books,
listening to tapes, and getting some other kinds of
experience to build your skills to become more
marketable. They key for people
is to be ready so they can sell themselves as the kind
of employees these companies want.”
lots of opportunity out there. It’s just that
people can’t get locked into the mentality that the job
I was doing last year is the job I’ll be doing next
year, whether it’s with the same employer or with
another employer. People have to be adaptive.