What are the top industries where employment numbers have increased?
Whether we are talking about the private or the public sector, the following industries continued the upward trend in 2018: construction, manufacturing, retail trade, education, health services, professional and business services.
From one year to another (December 2017 to December 2018), payroll employment (referring to the number of U.S. workers in the economy that excludes proprietors, private household employees, unpaid volunteers, farm employees, and the unincorporated self-employed) rose by 2.6 million (1.8 percent), compared with a gain of 2.2 million for the previous 12 months.
The employment growth has a positive effect on the economy. For instance, it affects large, multinational as well as small, regional organizations’ demand for talent and their ability to recruit the best candidates. In order to have an advantage in a competitive struggle for talent, organizations need to be aware of the current economic trends and the effect they have on the labor market.
High employment makes attracting and retaining the very best employees a little more difficult.
Organizations should think proactively and integrate workforce planning into their business planning process in order to stay ahead of talent shortages (if the case) and increased competition for talent.
Workforce planning can actually help organizations analyze their current workforce, and more importantly, determine future workforce needs, to identify the gaps between the current and future workforce.
Organizations are reaching out to recruitment solutions specialists, who are experts in recruiting and retaining people with the benefit of a consultative partnership. In that scenario, the provider acts as an extension of an organization’s HR department, helping to streamline the recruiting process (sourcing, assessments, in-depth interviews, and selection).
Forecast
Total employment is projected to grow by 11.5 million jobs over the 2016–26 decade, reaching 167.6 million jobs in 2026 and industry employment is projected to grow at a rate of 0.7 percent per year until 2026 (projections before 2016), faster than the 0.5 percent annual rate from 2006 to 2016 but much slower than rates seen during the decades leading up to the 2007–09 recession.
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