Is it time to venture into a new sector?

Is it time to venture into a new sector?

Last year was a rollercoaster ride for all of us. The pandemic took a toll on every aspect of our lives, especially on the way we work. For some, who are unfortunately among the millions that were laid off, the prospect of job seeking can be a daunting one. However, by taking our experiences and things we learnt from 2020, we can become more efficient and more productive in 2021.

The pandemic has affected industries differently – while some suffer losses others are seeing an increase in success. It’s time to consider whether you should step out of your comfort zone and venture into a new industry, especially if you want a higher chance of landing a job.

Here are some key industries that are predicted to be booming in 2021:

Technology

It is no surprise that tech industries fared much better compared to other industries during the pandemic. Research consultancy IDC projects that the technology industry is on pace to reach $5 trillion in 2021 signalling a 4.2% growth. With businesses viewing technology as an essential need, the demand for tech roles has also been a hot commodity. LinkedIn reported an increase in technical roles like Oracle Specialist, User Interface Designer and Cloud Engineer last year.  


Healthcare and health tech

As tech industries continue to rise so does the need for health care as the pandemic continues to make society more health-conscious. In Asia, healthcare deals recorded the strongest growth in the past year, up 148.6% and once the vaccine rolls out this number will continue to grow. This means that the demand for jobs in the healthcare industry will continue to increase in 2021, not only for doctors, nurses and medical practitioners but for roles in pharmaceuticals and medical technology as well.


Fintech

Prior to the pandemic, the financial services industry was trending toward online banking. COVID has accelerated digitalisation and therefore we are seeing a rapid increase in fintech services. World Bank mentioned that “fintech innovations are helping reduce the cost of providing services, making it possible to reach more people and reducing the need for face-to-face interactions, essential for keeping up economic activity during the pandemic. Despite COVID-19, FinTech continues to grow globally. On average, fintech firms reported a year-on-year increase in their transaction numbers and volumes of 13 per cent and 11 per cent respectively in Q1-Q2”. You can expect jobs in the banking and fintech sector to increase as demand grows. 

E-commerce

With the COVID restriction in place, our ability to shop physically at stores has reduced. E-commerce has always been on the rise but the pandemic has quickly accelerated the use of it. Revenue in the eCommerce market is projected to reach US$1,623,264m in 2021 and user penetration will be 53.3% in 2021 and is expected to hit 68.2% by 2025. Companies that were previously only selling their products in physical stores are now moving online. We are seeing a lot more diverse services and products being made available online so you can expect jobs in this industry to grow.


Customer Service

LinkedIn reported that customer service jobs surged during the holiday period last year. It was reported that ‘the role of Food Specialist saw the single greatest spike in demand over November, growing by almost 7x’. This should translate into increased demand for customer service representatives across a variety of industries as more businesses rely on meeting their consumers demand virtually.


Sustainability

In recent years sustainability has been a concern but the pandemic has caused an increased awareness of it. In a Global Sustainable Investment Alliance report in 2018, sustainable investing assets totalled $30.7 trillion worldwide, a 34% increase from 2016. Over the next 10 years this number will continue to grow. Governments around the world are starting to make policy change and investment into renewable energy especially in the Asia Pacific region where electric vehicles are set to become a growing market. It’s not only governments that are making sustainability the focus, but consumers are becoming more eco-conscious in recent years as well, demanding more products from brands that align with their values. A 2019 survey led by Hotwire found that 47% of internet users worldwide had ditched products and services from a brand that violated their personal values. This demand for sustainable eco-products and services means that businesses will put more emphasis on making sure that their company protects those values. Look around for company within the renewable energy sector or those who are providing sustainable service/product. 


With this in mind, you should determine whether you can remain in your current industry or if it is time to change direction. The list above is not an exhaustive industry list; many other industries have the potential for growth in 2021, so it’s a good idea to research your industry and see if it is expected to continue growing in 2021. If the industry you’re currently in sees promising growth, focus on making yourself the strongest candidate possible. Ways to improve yourself as a potential employee include taking on projects to keep your skills sharp, learning new skills, increasing your networking efforts or polishing up your resume. However, if your work experience is in an industry that’s been negatively affected by the pandemic, like hospitality or tourism, you might want to consider looking for a job in a new space where many of your skills would translate.

Monroe Consulting Group offers creative solutions to workforce challenges and has partnered with various multinational and local companies to cultivate careers and build businesses across all industries, including consumer goods, health, industrial, professional and technology. For expert advice on hiring or your career contact us at Monroe Consulting Group Offices

window size: toggle grid