According to the U.S. Bureau of Labor Statistics (BLS), employment in business and financial operations is projected to grow by 8% from 2020 to 2030. That said, numerous trends may impact that projection for careers in business and finance, from the aftershocks of the COVID-19 pandemic to rising economic instability.
The University of Phoenix Career Institute™ was founded to research such problems and help identify potential solutions. For the past two years, the Career Institute has released a Career Optimism Index™, a national survey of American adults who currently work or who wish to be working that digs deeper in employees’ career perceptions. This survey attempts to assess the employment landscape amid unique, contemporary challenges.
Perhaps the most significant challenge is the COVID-19 pandemic, which profoundly affected the way in which businesses and financial organizations operate around the world. In the context of supply-chain disruption, lockdowns and economic turbulence, the outlook for business and financial careers becomes a more complicated story.
According to the 2022 Career Optimism Index™, 40% of American workers surveyed say the pandemic has negatively impacted their careers, with 56% of those surveyed living paycheck to paycheck. According to the McKinsey Global Institute, “jobs with the highest physical proximity” experienced the greater share of this disruption.
The good news for people pursuing careers in business and finance is that many of the industry’s job functions can be done remotely, a revelation that numerous companies have taken advantage of. From virtual conferences to work-from-home policies, new tactics have allowed businesses to adapt to chaotic circumstances.
Data from the McKinsey Global Institute bears this out, with the institute noting there is “four to five times more remote work than before the pandemic.”