Nobody can anticipate the future but we can always lay the groundwork to outdo any crises headed our way. Similarly, the unheralded global crises might dominate the health, economic as well as political sectors. But, if we stay on guard, we might be seen through by our narrow foresight. As we are surrounded by the Covid-19 crises, there are uncertainties prevailing on a large scale. As per the recent studies laid by the Reserve Bank of Australia (RBA), there are high chances for GDP deflation by 6 percent, fall in the business investment by 17 percent, decrease in the household consumption by 7 percent, and the unemployment rate might reach 10 percent. However, the pattern and intensity of these uncertainties might change over time.
In this hard economic environment, there are a few sectors that have been fortuitous during the whole year (2020) and those sectors include healthcare as well as financial sectors. On one hand, the growing healthcare and aged care demands have made the healthcare sectors THE STRONGEST in 2020. While on other hand rising property prices came with glad tidings in the financial sector. At the same time, it would be wrong to assume that the construction section would also be profited by the rise in property prices. This statement must have left you baffled, right? To take away this confusion, let us explain to you how the conditions are tougher for construction sectors. It is simply because of a great fall in the project pipeline. And this condition is not going to be better in the foreseeable future.
Does the marketing workforce have the potential to expand in the future?
Marketing has always been a major part of business calculus as it is never seen standing alone. One way or the other it has been integrated with different parts of the business, sometimes with product designs and sometimes with data analytics. It is quite apparent that as long as this integration is rising, the demands for the new skillset like digital literacy in the employees working in marketing areas will also rise. The IT and marketing industries have been in cahoots due to increasing engagement through online channels. With this rise, there is a high probability that the demand for digital offerings and the integration of IT and marketing industries will keep on increasing in the near future as well.
Over the coming five years, it is believed that the expanding marketing sector will result in an increase in the marketing workforce as well. According to the reports shown by Deloitte Access Economics, there will be a 2.2% increase in the marketing workforce annually. Which means, the workforce will gradually increase from 269,000 persons in 2016-19 to 299,000 persons in 2022-22.
What will be the trending marketing occupations?
As we can see the marketing sector growing over the coming years, it is obvious that the number of marketing workers will also increase. Here comes the main question, which occupations would represent the best job opportunities in marketing sectors? After studying thoroughly a number of Australian economic reports, it has become evident that these roles would be more suitable for the postgraduates rather than entry-level employees. It is because the entry-level employees might have less set of marketing skills as compared to the postgraduate employees. According to the Australian and New Zealand Standard Classification of Occupations (ANZSCO), we have noted down a few of such occupations: Advertising and Marketing Professionals
Public Relation Professionals
Information and Communication Technology (ICT) Sales Professionals
Advertising and Sales Manager
Technical Sales Representatives
So, it is quite clear that the students getting enrolled in the courses related to the above-mentioned occupations are assuredly going to have a glittering future. Also, we should not forget that these occupations should not be considered as the only jobs for marketing graduates. These are just a broad pool of potential employment.
Further Study might lead to higher income possibilities
It is highly expected that if today’s generation decides to continue their further studies, they might boost their chance of getting high wages in the near future. Education has always been perceived as the strongest factor for increasing the productivity of labour. The more they attain education, the more they are able to show their efficiency in the labour market, consequently, they will be remunerated with high wages. The employers of today and of future simply believe or will believe that the students who have attained more education by doing further studies, have the most desirable skill-sets and are more capable of performing the best in the labour markets.
There are some specific areas of study which might prove to be very helpful factors in letting the students get the best wages in the future. Those areas of study are Commerce and Management fields. It is highly believed that students from these study areas have the chances of getting 48% wage premiums as compared to the students belonging to different study areas or non-post-graduates. In accordance with the recent studies, the average annual income of the labours belonging to above-mentioned study areas was $129,004 in 2016-17, which is straight 37% higher than the labour belonging to other areas of study.
What are the trending skillsets forthcoming?
Future employers, clients, or businessmen are going to expect certain skillsets from potential employees so that they could utilize those skills to the fullest for the growth of markets. Talking about the marketing roles, the skillsets expected by the employers are communication, critical thinking, teamwork, analytics, the understanding of information technology, etc. as we have mentioned earlier, marketing and IT industries have set alliance so having the knowledge of both the industries is imperative for the future employees if they want to make a good space for themselves in the ever-growing economic market.
In the end, we can say that the pace of change in our markets will remain uncertain and the factors affecting our industry, workforce, and regions will continue to reshape themselves.