From fast-food workers making $10.64 per hour to anesthesiologists making $128 per hour, businesses like yours all had to hire, pay and retain employees in 2019 despite many labor-market challenges. Using data from Emsi’s Labor Market Analytics, below is what we learned from this low-unemployment year and tips on how can you can prepare better for 2020.
Next gen employment
Whether you’re hiring for the summer or need a full-time post-grad employee, it’s time to pay attention to the next set of workers: Generation Z, born between 1996 and 2010. These teenagers and young adults make up 27 percent of the population and are slated to become the largest consumer population in the next few years.
In 2019, about 4.3 million 19- to-24-year-olds were employed as fast-food preppers, cashiers, retail sales associates, waiters and laborers. While these titles aren’t surprising for this age range, the way these young workers utilized their cash might be.
Even at $10.64 to $14.91 per hour across these titles, Gen Zers made financially savvy moves from a young age and prioritized a healthy savings account.
Hiring this cohort in 2020 and beyond will require businesses to understand the emotional needs of a generation raised during the Great Recession, while focusing on consumer aspects that are valuable to them, like product quality, commitment to social issues and environmental impact.
Diversifying your workforce
In 2019, gender roles were still at play when we looked at data showing which occupations employ the highest number of women versus men. Office clerks, registered nurses and assistants were the biggest job roles majority-occupied by women, while laborers, truck drivers and general managers were majority male-occupied roles.
However, gender gaps are closing in the top 10 occupations predicted to see the most growth in 2020, with one notable exception: software development. It’s the highest paid role of the top 10 high-growth roles (see below), with a median salary of $103,325. Still, women are expected to comprise just over 20 percent of software developer roles next year.
Occupations that are shrinking or growing
The new year is predicted to bring job losses across titles that include secretaries, assistants, farmers and mail carriers, to the tune of 2,300 to 6,200 positions per occupation.
On the brighter side, the top five occupations predicted to gain the highest number of jobs include personal care aides, food prep and fast food, laborers and movers, registered nurses, and general and operational managers. Percentage changes may sound small at 2 to 5 percent, but the actual number of jobs gained starts at 48,000 for general and operations managers and increases up to 132,000 for personal care aides.