Looking forward to 2022 and beyond, job projections and economic forecasts are important factors students should consider when thinking about graduation, employment, degree pathways, and potential careers for their future. Current trends point to explosive job growth over the next year, with workers having more leverage to negotiate due to labor shortages and increased demand and recruiting, as businesses and industries continue to recover from the effects of the pandemic.
Explosive Job Growth
As the economy continues to open up progressively, there are projections of massive job growth this year. During the pandemic, we have seen the effects of supply chain issues on the global economy, which has led to opportunities and job creation to meet increased demands. Real gross domestic product (GDP) growth is forecasted to increase 3.5% as long as Omicron’s impact is limited. In addition, many workers are also choosing to leave their current jobs to seek early retirement or pursue new opportunities in a phenomenon dubbed “The Great Resignation”. This situation in tandem with the economic recovery creates an increase in demand and recruitment efforts while there is a labor shortage, giving workers leverage over employers seeking to fill positions. These conditions could provide hope for recent graduates. Labor shortages will continue to steer the job market, allowing recent grads the opportunity to enter the job force with vastly improved benefit packages and competitive wages compared to past years.
More Worker Leverage
With labor shortages predicted to continue into 2022, workers should have more leverage over employers, meaning more opportunities for first-time job seekers to land decent positions. Higher demand for workers in a labor pool short in supply should push employers to raise salaries to attract top talent. It is important that those seeking positions know their worth to leverage this position. Workers can use this position to negotiate wage growth, benefits, flexibility, and other enhancements. Beyond pay, employers will also focus on employee experience to attract workers. Schedule flexibility and remote working opportunities became a reality during the pandemic and workers are seeking to keep some of those newly implemented components in their workplace environments. With more leverage, workers can push to keep those elements or negotiate to have them available when hired for new positions. The hiring process should also speed up as employers move faster to secure talent in a tight labor market.
Uneven Growth Sector by Sector
While overall GDP is expected to increase, growth will be uneven sector by sector. Industries impacted by COVID will still struggle to get out of a hole, especially with COVID cases on the rise. Jobs in retail, passenger transportation, commercial banking, in-person customer service, business and facilities support, and personal services may not see growth compared to other industries. The Nevada Governor’s Office of Economic Development (GOED) releases an annual report on the state’s projected high demand occupations. Leading the way in demand are jobs in healthcare, production/manufacturing, construction, engineering, computer technology, education, and installation/maintenance/repair.
Students beginning to look for career opportunities in the future and plan their degree pathways, should use this information to make informed decisions about what classes to take and careers to pursue. The state has actively tried to push workforce development and education to focus on training in these high demand occupations and industries. Students who will graduate in the near future (from high school and college) can position themselves to find high quality jobs by acquiring skills and training through career and technical education or continuing on a degree path that leads to these occupations and industries.
Now that you are aware of the job market trends and the projected high demand occupations for Nevada, you can start researching career and degree pathways that align to your interests and ambitions! At Nevada State High School, you can enroll in courses and degree programs that lead to industry recognized credentials in high demand occupations. For more guidance on careers, contact NSHS Career Education Coordinator, Mr. Heit at email@example.com.
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