Where the jobs are . . .
by Winifred DeSouza

This economy is both the best and the worst of times.We are in a recession. You will have to work harder than ever to keep your current job --- or get another if you are caught in the cross fire. But while corporate downsizing is making for a bleak future, there are still career opportunities to be found.

More than 350,000 workers lost their jobs in mass layoffs last year. That figure helped push the number of unemployed Americans to 7.7 million-- a 2.2 million increase in just one month. The current 5.7% unemployment rate is the highest it has been in five years.

While things can always get worse, many experts see enormous growth potential in several sectors, particularly technology, healthcare, and research.

Ollie Stevenson, author of Career Success Is Color-Blind: Overcoming Prejudice and Eliminating Barriers in the Workplace says "Any restructuring, whether it's a reorganization, merger, or downsizing, will result in a wealth of new opportunities. In spite of the potential offered by such changes, the majority of people within an organization may focus on resistance and occupy themselves with pointless speculation, gossip, fear, and work-avoidance." With the Bureau of Labor Statistics (www.bls.gov) predicting the creation of more than 5.8 million new jobs by 2008, negativity is not required.

Following are some of the fastest-growing industries and occupations with the greatest job growth, according to the Bureau of Labor Statistics (BLS):

* Technology (analysts, engineers, database administrators); the demand for computer technologists and data-processing services is also expected to increase 117% by 2008, adding 1.9 million jobs.

* Health (residential caregivers, registered nurses, and researchers); residential care positions, for example, will jump 57% and provide another 424,000 jobs.

* Office workers (administrative support); personnel services will expand 43% and put 1.4 million people in administrative positions.

* Education (high school and college-level educators) is expected to increase by 36%, partly due to retiring educators and growing student population.

* Security (guards, private detectives, and investigators); airports, real estate firms, and hospitals will require more than a 36% increase in security services.

* Securities and commodities (financial services); the BLS projects a 41% increase, to add 255,000 new jobs in the financial industry.
Technology Returns

Salary: $45,200-$70,800 (starting salaries for electrical and electronics engineers)

Education required: Bachelor's, at minimum, in computer science or engineering. Master's and Ph.D.s command higher-starting salaries.
Because of the war on terrorism, there will be an increase in the need for technology experts, particularly engineers, systems analysts, and scientists. Roughly 10% of the Department of Defense's budget, $25 billion allotted, is expected to be spent on counter-terrorism efforts, which would also include security technology and software development. Corporations also, will be aiming to protect their records, information systems, and intellectual properties with advanced hardware and software applications. Tools such as antivirus programs and security software, such as firewalls, will be in high demand as the adoption of handheld hardware and home networking is expected to rise.

"Government and small business contracts will definitely increase," says Vincent L. Lewis, an information technology consultant in Washington, D.C. "There will be a strong demand for individuals with math and science backgrounds."

Currently, more than 1.5 million people work as systems analysts, engineers, and scientists; and the BLS projects a 36% (or greater) increase in such jobs over the next six years.

Positions such as computer programmer, systems analyst and database administrator already have more demand than bodies, according to the BLS.

Health Concerns

Salary: For registered nurses (median income for 1998 was $40,690); for home healthcare workers ($27,600 median income); for chemists and researchers (salaries range from $46,900-$67,300)

Education required: For registered nurses and home healthcare workers (associate's degrees); for chemists and researchers (bachelor's, at minimum)As with technology, the demand for professionals in healthcare and research fields is expected to increase exponentially. The nursing shortage, deemed a "crisis" by the medical community, offers an unparalleled opportunity for many career seekers. According to the BLS, nursing (the largest healthcare occupation with more than 2 million workers), will have the most new jobs of those occupations projected to see growth.

As the aging population increases they will require more medical care, at the same time older, more experienced nurses are retiring, further contributing to the crisis.

Employment in home healthcare is also expected to increase, spiking the number of jobs for caregivers (nurse's aides, home-health aides, physician's assistants) in residential care facilities and hospitals. The pressure on hospitals to release patients sooner spurs a boon to the $123 billion long-term care industry. An American Association of Retired Persons (AARP) study finds that 22 million people in this country now care for family members--a job for which they are ill prepared.

Baby boomers--all 76 million of them--say they want to live longer, healthier lives, and they're willing to pay good money for it, hence the demand for scientists in the areas of pharmaceuticals and biotechnology. Pharmaceutical companies spend at least $116 billion annually researching, testing, and developing drugs to treat and cure diseases. Careers in research and testing of drugs are ripe. The strong competition among drug companies will contribute to the search for innovative scientists and researchers.

Temporary Solutions

Salary: Secretaries averaged $25,500 a year in 1998; the median salary for legal secretaries was $30,050

Education required: High school diploma with basic office skills

Despite the trend toward downsizing, temporary and outsourced work will grow. A quarter of the workforce is already composed of "free agents" or temporary contract workers, reports Kelly Services, a Colorado, placement agency. "That figure will undoubtedly increase. Downsizing only cuts costs, not work; so, a wise option is to hire temps to complete projects," says Victoria Lowe, president and CEO of Alert Staffing in Culver City, California.

"Temps are not just secretaries. Managers, credit analysts, and paralegals all temp to test out a new industry without making a formal commitment," explains Patricia Troy, president and CEO of Advanced Staffing Inc. in New Castle, Delaware. "Besides, after a recession the staffing industry is one of the first to rebound from any slowdown we may encounter," she adds.

For those thinking about changing careers, temping might be the answer. "Even if it is outside of your current field, the skills are transferable," adds Troy.

Safety Concerns

Salary: Guards ($16,240 median salary); investigators ($49,300 annually)

Education required: There are no formal education requirements for most guards, private detective and investigative jobs, although many private detectives have a college degree.

Security encompasses many fields, from guard and investigative services to technology to biotech. Employment of guards is expected to increase 21% to 35% by 2008. Those with advanced training and knowledge of technology will be in high demand from security firms, corporations, and government agencies, in light of the increased emphasis on antiterrorism and corporate data security.

Managing Your Money

Salary: Median annual earnings of financial managers ($55,070); security brokers and dealers ($95,100)

Education required: A bachelor's degree in finance, accounting, or related field is the minimum academic preparation, but many employers increasingly seek graduates with a master's degree and a strong analytical background.

Following the September 11 terrorist attacks, American investors pulled $29.5 billion out of the stock market, reports the Investment Company Institute in Washington, D.C. Despite that, brokers and financial planners will be in demand, according to BLS statistics.

"We will soothe investors' nerves," explains Joyce Muse, a certified financial planner and broker in Oakland, California. "One way we're succeeding is by making attractive portfolios that offer a more defensive position; we definitely do not want our investors to take their money out of the market and hide it under a mattress."

Though the industry has taken a hit due to the economic downturn and the events of September 11 (particularly in New York City), Wall Street is calling up another quarter million brokers who are currently studying for the General Securities Registered Representative Examination (Series 7 exam), the standard test that licenses stocks and commodities brokers.

While there are several factors affecting the securities industry (competitive climate, large firms downsizing), a renewed increase in investing will spur employment in the industry. Why? Consumers will still seek the advice and service of qualified professionals, particularly when the economy seems bleak.

Although many consumers and businesses have become more savvy about their finances, investment products have become more plentiful and more complex. Add in the increased interest in global markets and the introduction of new products, you have a field that should expand significantly beyond the current 303,000 employment estimate from the BLS.

Some indications point to the scarcity of jobs over the next six years, at the same time 5.8 million new employment opportunities will be open in several fields nationwide. This is as good a time as any to start preparing yourself for those jobs. Do you have the right skills, education, or the talent? Are you in the right field? Or are you thinking about making the switch?

Whether or not you see a silver lining amid the dark clouds of a depressed economy will depend on several factors: how prepared you are to take on new opportunities; where these opportunities are; and how long this recession lasts.

If you need help funding your training for a new career, log onto www.servicelocator.org where you can find employment training centers, grants, financial aid services and more, in your area.