It is very difficult to imagine a worker shortage, especially now with the employment numbers the way they are. If you do any research on the future of employment there are many experts that say there will be a shortage due to retiring baby boomers. But is the upcoming worker shortage going to help older workers, especially those unemployed and over fifty?
The way that companies are laying off right now it is very hard to even consider a worker shortage. The jobs that are being eliminated seem to be permanent with little or no chance of coming back.
So what businesses will be hurting for employees?
As you might imagine the health industry will continue to grow and the demand for personnel will be great especially for nurses which is the largest numerical growth area according to the Occupational Outlook Handbook. The health industry looks like a good field to get into but it usually requires specific education and training. You would have to look at whether the training time would be worth it especially if you only have a few years before retiring. Another possible setback is whether a hospital would hire someone who they thought would only work a couple of years. If they are desperate for workers they just might.
As for the growth in retail and fast food, that’s believable since young people usually work at these types of jobs and there will be less teenage workers in the years to come. But it would be difficult to make a living working in a store or flipping burgers since they hire a lot of part time employees and their wages are usually pretty low.
Computer support in areas such as network systems and data communications analyst are going to be the top percentage growth area occurring to the Occupational Handbook. But once again you will need training in this field just like the health industry.
But keep in mind that these numbers are estimates; the economy could unexpectedly change and throw all these numbers off.
Feel free to comment and please subscribe to my RSS Feed
Sunday, November 15, 2009
Subscribe to:
Post Comments (Atom)
2 comments:
When you use the phrase "labor shortage" or "skills shortage" you're speaking in a sentence fragment. What you actually mean to say is: "There is a labor shortage at the salary level I'm willing to pay." That statement is the correct phrase; the complete sentence and the intellectually honest statement.
Employers speak about shortages as though they represent some absolute, readily identifiable lack of desirable services. Price is rarely accorded its proper importance in their discussion.
If you start raising wages and improving working conditions, and continue doing so, you'll solve your shortage and will have people lining up around the block to work for you even if you need to have huge piles of steaming manure hand-scooped on a blazing summer afternoon.
Re: Shortage caused by employees retiring out of the workforce: With the majority of retirement accounts down about 50% or more, most people entering retirement age are working well into their sunset years. So, you won’t be getting a worker shortage anytime soon due to retirees exiting the workforce.
Okay, fine. Some specialized jobs require training and/or certification, again, the solution is higher wages and improved benefits. People will self-fund their re-education so that they can enter the industry in a work-ready state. The attractive wages, working conditions and career prospects of technology during the 1980’s and 1990’s was a prime example of people’s willingness to self-fund their own career re-education.
There is never enough of any good or service to satisfy all wants or desires. A buyer, or employer, must give up something to get something. They must pay the market price and forego whatever else he could have for the same price. The forces of supply and demand determine these prices -- and the price of a skilled workman is no exception. The buyer can take it or leave it. However, those who choose to leave it (because of lack of funds or personal preference) must not cry shortage. The good is available at the market price. All goods and services are scarce, but scarcity and shortages are by no means synonymous. Scarcity is a regrettable and unavoidable fact.
Shortages are purely a function of price. The only way in which a shortage has existed, or ever will exist, is in cases where the "going price" has been held below the market-clearing price.
thanks for the comment!
Post a Comment