Top 5 occupations in demand

The saying that the most important thing is to do what we love is certainly one of the wisest and noblest pieces of advice we can receive during our own business career. But equally, whether we are just starting our career or want to complete retraining, one of the basic criteria when choosing a profession is certainly the rule of supply and demand. The labor market is changing more and more rapidly, both at the local and national level, and along with it, new trends, needs, quotas and forecasts of the most sought-after occupations are emerging in a certain time period. Although economic growth is a prerequisite for the creation of new jobs, it is also important that growth occurs in sectors that have the potential to absorb the unemployed workforce to a large extent, which contributes to the stabilization and general improvement of the labor market, and thus the economy.

The total demand for employees in a certain economy, as well as the requirements of any specific industry, the relative level of education and training of workers and a number of other factors can cause an increase or decrease in the demand for labor, and thus changes in the labor market. When the unemployment rate increases, the supply in the market also increases, which gives employers the opportunity to be more selective in their selection and offer fewer benefits. When the unemployment rate drops, employers have to compete for the best workers who, due to direct competition between competitors, get higher wages and, as a rule, better working conditions.

It is estimated that almost 40% of all employees continuously review other active vacancies and think about new employment opportunities and changing jobs. Bearing in mind the rapid growth of the gig/share economy as well as the inevitable flexibilization of the labor market, anything but an additional strengthening of the mentioned percentage would be a real surprise. As we can see, the maxim "constant is the only change" can be freely transferred to business processes and the creation of trends that dictate working conditions and become dominant features. CareerCast compiled a list of the most in-demand jobs based on data from the Bureau of Labor Statistics, global employment trends, university quotas and available job postings. Take a look at the jobs for which the forecasts indicate a rapid growth in the volume of business, and thus the growth of the required workforce.

1. Health, and medicine

Estimated growth rate: 30%
The age structure of the population of the developed world has undergone several significant changes. For example, in the USA, Great Britain and most of Europe, in each decade since 1930, life expectancy has increased by approximately 2.5 years. While the average life expectancy in these regions was 60 years for someone born in 1930, for example, that average has now risen to over 80 years. 

The obvious implication of the aging population in terms of the labor market is that the baby boomer generation is aging and gradually preparing for retirement, and thus the large number of prime-age workers - that is, those between the ages of 25 and 49 who are the most productive - is also decreasing. 

The aging of the population of developed countries shows no signs of stopping, and such a trend will definitely have consequences that will be felt in the coming periods. The medical sector logically continues to grow, and the position of medical technician is still one of the most sought-after jobs in the industry. It is projected that the US alone will need to hire 2.3 million new healthcare workers by 2025 to adequately care for its aging population. 

As we can see, the permanent shortage of qualified workers - from nurses to doctors to laboratory technicians will mean hundreds of thousands of positions that will remain empty and necessarily have to be filled, and it can be freely stated that there are few other industries that are running a race against the clock to find work strength as is the case with medicine. 

A positive aspect of the strong demand for labor is certainly the relatively easy process of retraining that requires less training and a general level of education, so it is to be expected that due to market modifications, a satisfactory quota of employees will be reached so that this extremely important sector can continue to function smoothly.

MOST DEMANDED POSITIONS: caregiver, medical technician, physical therapist

2. Information technology (IT)

Estimated growth rate: 22%

Technology is rapidly spreading through the market, bringing with it a handful of opportunities for advancement, and the demand for IT professionals is constantly growing. Specialists with advanced knowledge of Java or programmers with one to two years of experience now have an average salary of 20% higher compared to a few years ago. Java, a programming language widely used by interactive websites, is often cited as the most searched keyword by employers. A decade ago, smartphones and tablets barely existed, and many companies still haven't clearly defined where they should focus their digital efforts, suggesting there's still room to grow demand. IT jobs are sure to be among the fastest growing in the next decade, with recruiters saying that skills in cybersecurity, cloud, data analytics, the Internet of Things and converged infrastructure are the most in-demand. These modern technological branches have drawn another group of occupations that belong to the so-called creative industry. These are graphic artists, designers, illustrators, photographers, copywriters, producers and artists of all kinds who participate in the creation of visual products and in all tasks related to visual communication. Forecasts, especially those related to jobs with technology, are often controversial because they cannot take into account rapid market change and technological disruptions, but despite these inhibitors, it is quite certain that the need for highly qualified specialists in the field of IT will continue its rapid growth. If we look at which industries the biggest (technological) companies in the world are focused on, we can conclude that the future really brings the virtual reality revolution, the incredible progress of artificial intelligence, electric cars that will be controlled by computers, and who knows, maybe we can really control our thoughts and consciousness simply upload to computer.

MOST DEMANDED POSITIONS: software developer, cybersecurity, machine learning designer

3. Accounting and finance

Estimated growth rate: 17%

A recent survey showed that half of adults in developed countries claim that they are in dire need of financial counseling in certain segments of their lives. Although at first glance this huge demand for financial personnel seems contradictory as part of mass digitization and automation, the fact is that there is a large percentage of people in society who are not adequately educated in the form of financial planning. 

The growth trend of the workforce in the financial sector has been strengthening since 2014, and by all accounts, it has no intention of stopping its upward trajectory so soon. A big item in the whole story is certainly the change of generation - the Baby Boomers are slowly retiring and will need assistance when transitioning to a new life phase. 

Generally speaking, the most frequently unsatisfied needs of the average citizen for advice fall on long-term planning and pension planning. As we can see, there are significant opportunities for planners and advisory service providers to effectively meet these needs. From an industrial point of view, the position of financial advisor has a growth perspective of 30%, well above the average of the financial sector itself. 

Considering the dynamic market, the fast-paced lifestyle and the fact that we live in turbulent and changing times, a large part of the population tries to plan their financial resources more intensively in order not to ease themselves into a future full of uncertainty. There is an increasing demand for accountants and bookkeepers, and a considerable number of employers want to employ graduates in qualified positions in order to cover the current shortage of candidates. 

The positions in question are much less exposed to job insecurity and business risks than, for example, sales or business development, and even if employees decide to move into another profession, the skills are transferable to a wide range of industries and organizations, including law and advertising. To better manage periods of extreme market volatility, some advisory firms are already ramping up the number of financial advisors to improve their automated services and client investments.

MOST DEMANDED POSITIONS: financial advisor, accountant, business analyst

4. Engineering

Estimated growth rate: 13%

The choice of education and career of many students today falls precisely on certain subgroups of engineering. And for good reason: employment opportunities for many types of engineers are expected to grow significantly over the next decade. Furthermore, engineering is often one of the more financially rewarding careers out there, as experts work on cutting-edge technology and thus receive relatively generous salaries. In addition to the above, it is interesting to note that 7 out of the 10 best-paid employees who graduated from college are employed in engineering! Ironically, the two fastest-growing engineering professions also have the two largest shares of older workers nearing retirement: biomedical engineers and petroleum engineers. In both cases, 25% of currently employed workers are 55 years or older, which puts additional pressure on finding an adequate workforce to keep up with the market's needs. The petroleum engineer example stands out for its combination of the highest salary, the fastest growing industry, the oldest workforce, and the least amount of applications for existing jobs. When we look at the overall numbers, engineering boasts a continuous growth rate of 10.3% in the period from 2008 to 2018. Despite current market changes, engineers will always be in demand, and certain specific skills that are currently at a premium are easily subject to external factors of supply and demand, which are no exception in the case of engineering. There are currently more than 40 different engineering positions in 5 different categories, and the field of engineering itself will continue to evolve due to the post-recession boom and technological innovation.

MOST DEMANDED POSITIONS: Petroleum Engineering, Software Engineering, Biomedical Engineering

5. Human resources (HR)

Estimated growth rate: 9%

Human resources is an economic branch that today turns over billions of euros annually, and it can be safely stated that it is a booming industry full of opportunities. Although in the past it was considered an administrative function within companies, human resources have evolved, and people employed in this sector achieve dynamic, diverse and creative professions with a focus on people and career development. But that's not all: the HR field is almost as ubiquitous as it can be in practice - it intersects with all possible branches, starting from retail, technology, and ending with healthcare and manufacturing. As part of social and business changes in which technology plays an increasingly important role, HR is becoming more diverse and strategically important than ever in the past. Now more than ever, companies are looking to hire the best people with the best ideas and skills, and this is when human resources enter the story in a big way. Depending on the company, the scope of work in human resources can include everything from recruitment to training to outplacement. While smaller organizations usually have only one generalist or human resources manager, in large corporations human resources management is divided into several areas, including employment mediation, temporary employment, psychological assessment, career development and HR consulting. A major trend that supports the strengthening of the need for human resources is the inevitable adaptation to flexible working conditions and workplaces. The traditional work framework is slowly being retired and new, atypical market models are emerging that imply frequent job changes, working relationships for the duration of a specific project and the inclusion of the gig/share economy. In order to continue to be effective and maintain the predicted growth of 9%, professionals from the domain of human resources will have to adapt and meet the needs of reorienting the workforce to the new market conditions.

MOST DEMANDED POSITIONS: recruiter, HR manager, training and development specialist