Inflation has been alarmingly rising at higher rates than we have seen in the past decades, especially with the sudden increase in consumer spending due to the impact of the post-pandemic, as well as the ongoing war between Russia and Ukraine. Although inflation will return to normalcy this year as many experts predict, how will it affect workers and businesses today?
With the gradual approach to the New Normal brought by the COVID-19 Pandemic, lifting several pandemic-related restrictions and regulations, residual effects such as inflation remain. The majority of consumers, worldwide, had managed to save because they have fewer places to visit and fewer reasons to spend especially during the early implementation of lockdowns where, at that time, businesses had temporarily (even permanently) closed due to the coronavirus pandemic. Now that we are living in the post-pandemic period, people then tend to spend more resulting in an increase in the demand for goods.
But how does it affect employers and the job market in general?
Historically, inflation has been inversely related to higher employment rates. With the increase in the demand for goods and services, especially during this post-pandemic period, businesses tend to increase output, hence, employ more workers.
The pandemic also played a significant role in the current job market. It had brought new significant trends to the general job market, especially in terms of people’s behavior and technology. Most job seekers, nowadays, tend to show more preference for occupations that are manageable in a Work-From-Home environment, which challenged most leading businesses – making employers change their ways from a traditional standpoint of hiring. This also changed the demand for the following emerging occupations:
The Future: Fast-Growing Occupations
1. Nurse Practitioner
A nurse practitioner manages patients' overall care. Compared to regular registered nurses, a nurse practitioner is authorized to prescribe medications and other treatments. They do the ordering, performing and interpretation of diagnostic tests such as lab work and x-rays. They diagnose and treat acute and chronic conditions such as diabetes, high blood pressure, infections and injuries. These people make more money than registered nurses since their position will require a higher level of education, more clinic hours, and certifications. Employment rate can rise up to 46% with an average salary of $120, 680 a year.
2. Wind Turbine Service Technicians
Wind Turbine technicians inspect the exterior and physical integrity of wind turbine towers. They climb wind turbine towers to check or repair wind turbine equipment. They perform routine maintenance, test and troubleshoot electrical, mechanical, and hydraulic components and systems. Growth rate from this line of profession is predicted to increase up to 44% with an average income of $56,260 per year.
3. Data Scientist
A Data Scientist is a professional who uses analytical, statistical, and programming skills to collect large amount of data sets. They develop data-driven solutions explicitly tailored toward the needs of an organization. With income averaging to $100, 910 a year and continued advancement in information technology, employment rate may rise up to 36% within the decade.
4. Information Security Analyst
The information security analyst monitors computer networks for security issues. They investigate security breaches and other cybersecurity incidents. Installs security measures and operating software to protect the computer systems of a company from cyber attacks. Average income for employees on this profession is $102, 600 and rate of employment may go up to 35% in ten years time.
Statisticians are professionals who apply statistical methods and models to real-world problems. They gather, analyze, and interpret data to aid in many business decision-making processes. Statisticians are one of the most valuable employees nowadays. They are in demand in a range of industries, and are often needed in areas such as business, health and medicine, government, physical sciences, and environmental sciences. Employment rate on this profession may rise to 33% within the decade and salary averages up to $95, 520 a year.
6. Web Developers
A web developer is someone who creates websites and makes sure that these websites look good and function well. They work in collaboration with website and graphic designers, monitor website traffic, troubleshoot problems when they arise, and update websites as necessary. He is also responsible for planning and developing software solutions and web applications to support and maintain the company's websites and digital products. The day-to-day work of the web developer highly depends on constantly evolving internet innovations. Rate of employment may rise up to 30% within the decade with income averaging $77, 030 per annum.
The scope of the job description of logistician is quite broad. And growth on employment rate is expected rise up to 28 % within this decade. From overseeing activities which include purchasing, transportation, inventory, warehousing, and movement of a whole range of products from the supplier to the customer. They analyze and coordinate an organization's supply chain and uses software system that moves a product from supplier to consumer. They plan, direct, and manage the entire life cycle of a product, which includes how a product is acquired, allocated, and delivered. Their yearly salary averages up to $77, 000.
8. Athletes and Sports Competitors
These people participate in sport competitions as a means to earn income. This profession can be an opportunity to good money, especially if athletes win these competitions and join other competitions on a higher level. As a professional athlete, they undergo rigorous exercise and training; follow special diets to be in the best shape and fit for the sport and competition. They take and carry out instructions regarding strategy and tactics from their coaches and other sports staff. Some of the team sports that they usually engage and compete are basketball, baseball, soccer, and hockey. For individual sports, they go for tennis, golf, skiing, and running (track and field) to name a few. Growth rate on this profession is running up to 36% with income averaging $77, 300.
9. Physician Assistants
Employment rate on this profession is expected to rise to 28% in a span of 10 years with average income of $121, 530 per annum. A Physician Assistant, or PA, is a medical professional in charge of examining, diagnosing and treating patients with the guidance of a Medical Doctor. Their duties include prescribing medications to cure illness, recording patient vital signs and running diagnostic tests to determine the source of the patient’s symptoms. They monitor the patient’s progress to determine if adjustment on treatment is needed, documents and update patient records, and refers them to specialists as needed.
10. Medical and Health Service Managers
These professionals are also referred to as healthcare executives or healthcare administrators. They play a very important role in the healthcare industry as they work to ensure top-quality care is delivered to patients, general operations run efficiently, and staff are motivated and satisfied. They plan, direct, and coordinate medical and health services. The scope of their responsibility may range from managing an entire facility, a specific clinical area or department, or a medical practice for a group of physicians. Employers usually will require a degree in healthcare management, public health, or healthcare management system. Having a Master’s degree specializing on healthcare is definitely a plus. Average income for this type of occupation is a bit more than $100,000 per annum and employment rate is expected to rise by 28% on within this decade.
Conclusion: The High Demand for Computer and IT Career Opportunities.
Most of the fast-growing occupations mentioned earlier are in the field of Computer and Information Technology. But why? Well, according to the Bureau of Labor Statistics (2022), the fact that technological advancements had been growing exponentially for the past decades, it had driven large businesses to employ new and innovative employees equipped with the latest skills and practices to enter the workforce. In fact, occupations in this field are expected to grow 15 percent between 2021 and 2031.
Furthermore, with how working from home becoming a popular option for workers nowadays, Information Technology provides better work flexibility. You may be able to find completely remote jobs in this field if you have the necessary qualifications and training.