Workforce trends: 9.3 million hourly jobs added by 2024
2016 is approaching fast and so are changes in the hourly employment industry. The U.S. Bureau of Labor Statistics (BLS) just released employment projections to predict workforce trends for the next decade. The forecast is based on assumptions of a 5.2 percent unemployment rate in 2024 and labor productivity growth of 1.8 percent annually over the projected period. The following projections offer great insight on workforce trends and what’s to come in the hourly hiring landscape.
The service-providing sectors are expected to see the largest volume of growth with a whopping 9.3 million new jobs added by 2024. Healthcare and social assistance will have the fastest employment growth and account for approximately 3.8 million of those jobs. However, occupations in the restaurant, retail and hospitality industries will all see gradual and steady increases. The service-providing sectors are projected to capture 94.6 percent of all jobs added between 2014 and 2024. A promising number for the hourly-paid industry.
Labor Force Projections
The civilian labor force is projected to grow at an annual rate of 0.5 percent, reaching 163.8 million in 2024. With a forecasted five percent decrease in youth (ages 16 to 24) participation, a rise in the number of older workers is to be expected. The BLS anticipates workforce participation for ages 65 and older to climb and represent eight percent of the total civilian labor force by 2024. This shift is accompanied by a heightened median worker age of 42.4 compared to the current 41.9. Overall, labor force participation is predicted to drop from 62.9 percent to 60.9 percent in 2024.
These BLS employment projections indicate an aging and slowly growing labor force. However, the slowdown in workforce growth will catalyze Gross Domestic Product growth of 2.2 percent annually resulting in a boost in the number of available jobs.
With an expectation of strong growth in the service-providing sectors, having a hiring strategy in place is critical. This is the prime time to evaluate yours or create one before the new year. The combination of increased job openings and decreased labor force participation means finding stellar workers is more important than ever. You’ll want to stand out to job seekers in order to recruit and retain high quality talent. Also, be prepared for older, more experienced applicants with the shift in age among the workforce. Snagajob research has shown that older workers value promotion opportunities so highlight internal growth in your job postings to attract that audience.