Hispanic Enterprise - June/July 2008 - (Page 50)

Special Advertising Feature 120 100 80 60 40 20 0 104.6 106.1 69.1% 64.6% U.S. Labor Force, 2006-2016 The U.S. labor force is projected to increase to 164.2 million by 2016, a growth rate of 8.5 percent from 2006 to 2016. Latinos will be leading the surge, with the Hispanic workforce increasing at a whopping 29.9 percent rate, while the non-Hispanic labor force increases at a rate of 5.1 percent. 26.9 20.7 16.4% 13.7% 2006 2016 % of labor force 20.1 17.3 12.3% 11.4% 6.7 4.4% 8.7 5.3% 3.5 2.3% 4.7 2.9% Million White non-Hispanic Hispanic Black Asian Other Source: U.S. Bureau of Labor Statistics Where the jobs are With rapidly changing demographics and an increasingly global economy, where will Latinos ﬁnd the most opportunity? And what can they do to prepare? The latest BLS report indicates that service-oriented professions will provide more than three-quarters of all jobs in the United States over the next decade. In fact, the 10 industries with the largest projected wage and salary employment growth—led by management, scientiﬁc, and technical consulting services; employment services; and general medical and surgical hospitals—are all in the service-providing sector. The good news is that private-sector companies are hungry to hire qualiﬁed applicants. According to CareerBuilder.com’s Job Forecast 2008, nearly one-third of more than 3,000 hiring managers and HR professionals in private-sector companies surveyed said they plan to increase their number of full-time employees in 2008, particularly in the pro- fessional, business, IT, transportation, utilities, and ﬁnancial services industries. But take note: a college degree is essential. According to the BLS, for 15 of the 30 fastest-growing occupations, a bachelor’s or higher degree is the most signiﬁcant source of postsecondary education or training. This is where the Latino population comes up short: In 2006, with the Hispanic civilian work force numbering 20.7 million, only 3.1 million (12 percent of) Hispanics aged 25 and older had a bachelor’s degree or higher, although that number is increasing. Of these, only 839,000 had an advanced degree (master’s and up), according to the U.S. Census. The upshot is that if you are one of the few who can claim a university education, ﬂuency in two or more languages and cultural know-how, you are deﬁnitely in the catbird seat. Skilled talent will be highly coveted, and with a shrinking workforce as baby boomers retire, those with the right education, experience and skills sets look to reap competitive salaries and beneﬁts. Hiring by Industry Percentage of private-sector employers planning to increase their number of full-time, permanent employees in 2008, by industry: 50 40 30 20 10 0 Percent 41.5% 44.9% 37% 33.7% 32.3% 28.4% 27.8% Professional & Business IT Transportation Financial & Utilities Services Hospitality Healthcare Retail Source: CareerBuilder.com Job Forecast 2008 http://CareerBuilder.com http://CareerBuilder.com

Table of Contents Feed for the Digital Edition of Hispanic Enterprise - June/July 2008

Hispanic Enterprise - June/July 2008 Contents Briefcase: BIZBUZZ: Business Briefs Briefcase: Dynamic Trends Briefcase: Q&A Briefcase: Trendsetters BizLife: BizTech BizLife: Travel Feature: Target: Hispanics Cover Story: A Legend in His Own Time Feature: Top 25 Franchises Success & Motivation: The Talent Scout Education: Success by Degrees Finance & Investing: A Tough Sell Social Events: Emerge Dallas Politics & Government: The Accidental Americans Managing: Deconstructing Networking

Hispanic Enterprise - June/July 2008

For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.