12 Jul Is Your Career Aligned to a Growth Industry? Boom or Bust Industries.
Career management 101 – don’t align to a submerging industry or one that is too slow to evolve.
Obvious yes, however many of us are slow to change, this of course can lead to redundancy at a time of career-life where we are ill equipped to react to the market.
Recent employment statistics have shown that Australia has been on a hiring surge over the past 12 months, adding a significant 230,000 jobs. Most of those have arrived in the last month. Certainly quite the turnaround to what was seen last year. Whilst the numbers indicate an obvious employment growth, it is not seen across all industries, with sharp hiring and firing in some industries.
The chart below (courtesy fo CBA) using data released in the ABS’ detailed labour force report for May 2017, released it shows the total employment change by sector over the past 12 months.
Providing vital guidance for those considering a career change, smart career management or looking to enter the workforce in a sustainable industry.
According to the Australian Bureau of Statistics (ABS), employment growth in professional services soared by 62,000 over the past 12 months.
That outpaced equally impressive gains in accommodation which grew by 43,000, as well as education (42,000), healthcare (33,000) and construction (22,000). They’re largely services-orientated, a sector that already employees around two-thirds of all Australians.
Michael Workman, senior economist at the Commonwealth Bank, suggests that the growth in services is not only being driven by local demand, but also from abroad given the slide in the Australian dollar in recent years.
“A considerable amount of new demand for our services sectors is not local,” he says. “Foreign demand for our services, like tourism, education and health, continues to grow at reasonably brisk rates.”
With record numbers of short-term visitors and foreign students studying in Australia, it’s hard to disagree that it’s been a factor in spurring on employment growth in services.
The good news is that Workman expects that trend will continue, presuming the Australian dollar doesn’t “complicate” Australia’s economic transition as the RBA has previously warned.
“We expect that to continue, especially if the AUD stays between 70 to 75 cents, in coming years,” he says.
However, while Australia’s tourism, healthcare and education sectors are benefiting from the lower Australian dollar and increased wealth across the Asian region, not every industry is doing well from this surge in foreign demand.
Take the retail sector, the second-largest employer in Australia behind healthcare, as a prime example. Employment in retail fell by 20,000 over the past year, providing it the unwanted title as the largest “firer” of all sectors monitored.
A combination of weak household income growth, increased levels of indebtedness, fierce levels of competition and an increasing preference by Australians towards consumer experiences rather than goods has clearly had an impact.
Given the trend in the chart above, fuelled by ageing demographics and increased wealth across the Asian region, among other factors, it’s clear where the jobs are likely to be found in the future, and which skill sets will be required.
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article inspiration: https://www.businessinsider.com.au/the-australian-industries-that-have-been-hiring-and-firing-over-the-past-12-months-2017-6#X7052B5AkxqmEk77.99image: https://edge.alluremedia.com.au/uploads/businessinsider/2017/06/Jobs-growth-percentage-of-employment-june-2017.jpg