We always get so much out of attending CareerBuilder events alongside other industry leaders, and the recent Staffing and Recruiting Executive Summit was no exception. During the course of a couple days we discussed some of the leading issues and opportunities facing staffing today, and we wanted to share what we learned and heard with our team, as well as HD talent to better equip your search for meaningful employment.
Here are a few key points from the annual summit and an update on the labor market which is generally good information to know.
A mixed job market recovery
CareerBuilder CEO Matt Ferguson reviewed the current status of the job market and outlined the mix of recovery by industry. Health care and energy industries, for example, grew substantially over the last five years, while jobs in construction and real estate continued to decline. This makes sense given that jobs in health care and energy are considered recession-proof right now and that real estate and construction is still recovering from the busted housing bubble.
Quality versus quantity
U.S. workers often lament the quality of jobs available today, and true, some low-paying industries such as fast food where the annual average pay is less than $22,000 are growing. But so are some high paying sectors that are considered knowledge industries, such as consulting, computing and biotech.
Where the jobs are … and are not
Manufacturing jobs have bounced back, adding 362,000 jobs since the recession ended. But the recovery has been slightly conditional. Labor-intensive industries that face global competition (such as clothing manufacturing) advanced to a lesser degree while higher-paying jobs in export-heavy industries (such as aerospace and medical equipment) have done better.
According to CareerBuilder, the digital revolution is the recession’s successor. Bookstores, printers and publishers of newspapers and magazines have lost a combined 400,000 jobs since the recession began. Internet publishers (including web search firms) added 75,000 jobs, but this offset only a fraction of the losses. Online shopping and auctions, however, made up the fastest growing industry, tripling in employment over the last 10 years.
The medical job market is faring well. The middle wage industries that have added jobs are overwhelmingly in health care. Labs, home-care providers and dentist offices pay between $18 and $29 per hour on average – and all have grown.
We are putting people to work every day and keeping track of the big picture is not only interesting but matters in what we do. But what are your stories in all this? What have been your personal experiences since the economy has started its recovery?