Emerging Industries & SkillsEmerging Industries & Skills

STEM UPDATE*

STEM stands for Science, Technology, Engineering and Mathematics, four critical components of jobs and growth in the global economy.

  • 269,000 STEM-related jobs will need to be filled in New Jersey by 2018.
  • $74,958 is the average annual compensation of STEM occupations from 2005-2008.
  • 91% of U.S. STEM jobs will require some college or better by 2018.
  • ~68% of STEM occupations are projected to require a bachelors degree or higher by 2018.
  • U.S. Department of Labor predicts that jobs requiring science, engineering and technology training will increase 34% between 2008 and 2018.
  • Nationally, 8.5 million STEM jobs are forecasted through 2018.

*Sources:
http://www.usinnovation.org/state/pdf_Stem/STEMEdNewJersey2011.pdf 
http://www.cew.georgetown.edu

***************************

Change. It's the only thing you can really count on. In New Jersey, the skill requirements of employers are constantly changing due to technological and communications advances. Nowhere is this more true than in New Jersey's cutting-edge industries.

Economic experts identified five key industries that are likely to require new workers and new skills in the next five years (2003 - 2008).

These industries are:

  • biotechnology (including bioinformatics, bio-pharmaceuticals, medical devices, and diagnostics)
  • security (both data and physical)
  • e-learning
  • e-commerce
  • food/agribusiness

And what are the top skills employers look for in their job candidates?  Want a hint? Many are not listed in the job description, but instead make up the new “basic skills” for today’s economy.  The world of work is changing.  From more value being placed on knowledge exchange, to more responsibility being placed on front-line workers, to an ever-changing global regulatory environment and concerns about ethics and security in the workplace, several key trends are changing the skills that workers in nearly all jobs need to develop.
Across dozens of industries, employers agree that they look for these skills in new hires and current workers:

  • adaptability
  • business skills, especially project management
  • communication and teamwork skills
  • interdisciplinary skills

Especially in today’s tight job market, students and jobseekers must find creative ways to showcase these important skill sets to employers in resumes, cover letters, and interviews.