July 19, 2023

What Does Hiring Look Like Over the Next 18 Months?

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The job market continues to be wide open for candidates with in-demand skills and expertise, brightening the outlook for actively searching candidates. According to the U.S. Bureau of Labor Statistics (BLS), the U.S. economy is projected to add 8.3 million jobs by 2031. Jobs in information technology, business and finance are all expected to see notable gains in the next 18 months.

The economy has steadily added jobs since May 2020, with 339,000 new jobs in May 2023 alone. The job growth outpaced analyst expectations, with 149,000 more jobs added than expected.

For candidates who are currently employed in  IT, Accounting & Finance, HR, Marketing, and Corporate Support fields or who move into these industries, the following is a look at what to expect from hiring in the next 18 months.

Information Technology Jobs

Information technology (IT) jobs continue to see outpaced growth compared to all industries. The BLS projects about 418,500 new IT job openings each year in in-demand roles such as computer and information research scientist, computer network architect, computer programmer, web developer and database administrator.

Two IT-related roles landed in the top 10 fastest-growing occupations in the U.S.: data scientist roles are projected to increase by 35.8% by 2031, while information security analyst jobs are projected to increase by 34.7% in the same time period.

Across the board, IT-related roles will continue to be in high demand over the next 18 months. The June 2023 CompTIA Tech Jobs Report found many tech job postings in professional, scientific and technical services, administrative and support, finance and insurance, manufacturing and information industries. More than 50% of postings that month were for remote/hybrid positions, further expanding the field for IT applicants in the next year and a half.

Accounting, Finance & Financial Services Jobs

Employment for business and financial occupations should hold steady over the next 18 months, with new employment projected to grow 7%, according to the BLS. Business occupations saw one of the highest gains as of June 2023, with no signs of stopping.

There’s an expected annual job growth rate of 980,200 openings in business and finance roles, the BLS reports, with notable gains in positions including:

While most financial activity positions have held steady and are expected to continue over the next 18 months, the BLS reports a job loss of 6,000 positions in commercial banking in May 2023. Professionals who work in that sector can consider how they can translate their skills into more in-demand industries in the next year-and-a-half. Areas to consider include accounting, tax preparation, bookkeeping and payroll services, which increased roles by 11,000 jobs in May 2023.

Marketing, Digital & Creative

An increase in marketing, digital and creative roles is related to the growth in business occupations. The BLS reports that the job outlook for marketing, advertising and promotions managers is projected to grow 10% by 2031, which is much faster than average. There’s a projected growth of 35,300 openings each year in these roles, positively affecting projections for the next 18 months.

Other positions related to marketing, digital and creative are similarly in high demand. These include:

Overall, employment in media and communication occupations is projected to grow 6%  by 2031, with 115,800 openings yearly.

Human Resources

Professional and business services jobs are among the most in-demand roles in the U.S., with 64,000 new jobs added in May 2023 alone. That’s an increase of 17,000 additional jobs compared to May 2022 numbers. 

Employment in these areas has risen sharply since 2020 and is projected to continue in the next 18 months. Related to human resources (HR) and corporate support, employment services jobs added 9,000 new roles to previous jobs available in May 2023.

Overall, human resource manager and specialist roles outperform average job growth in other roles. According to the BLS, the human resources specialist job outlook is projected to grow by 8% by 2031, while the job outlook for human resources managers is similarly projected to grow by 7%. The job outlook for training and development specialists is also projected to grow 8% during the same time period, which is faster than average. Professionals in these areas should expect to be in high demand over the next year-and-a-half. 

Corporate Support

The BLS doesn’t track “corporate support” roles, but it does report that the 3.4 million administrative assistant jobs in 2021 are projected to decline by 8% by 2031. While the overall corporate support job outlook is expected to decline over the next 18 months, there are a projected annual 354,000 openings for secretaries and administrative assistants to replace existing workers.

Overall, office and administrative support occupations are projected to decline by 4% by 2031, though there are a projected 2.2 million openings each year for replacement needs. Two corporate support positions that won’t see a decline in positions over the next 18 months are information clerks and receptionists, which should be in similar demand as they were in the previous 18 months. 

Corporate support professionals can elevate themselves in the job market by mastering in-demand technology to make corporate support services more efficient for their employers. Because many of these workers are either retiring or switching industries, there are still open positions available in these types of roles for qualified professionals. 

Find Your Next Job with AccruePartners

If you’re actively searching for your next role, the future looks bright for job markets. AccruePartners has hundreds of open IT, finance, marketing, digital, creative, human resources and corporate support positions. Search our job bank to see open positions.

To connect with an AccruePartners recruiter, contact us

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