Man in chair at dentist office communicating .width .jpg

Ranked: The 3 Best Industries to Pivot to After a Layoff

Man in chair at dentist office communicating with dental professional.

Image source: Getty Images

The unemployment rate is just 3.7% right now, but that doesn’t mean all job sectors are doing well. Many large companies announced significant staff reductions recently, and in 2023, there was a 98% increase in layoffs compared to the previous year.

The hiring boom that began during the COVID-19 pandemic is clearly over in many industries, and if you’ve lost your job recently, you may be looking for an entirely new career. The good news is that there are lots of growing industries that will add 4.7 million new jobs over the next decade.

Here are a few that may be worth considering if you want to pivot in an entirely new direction.

1. Healthcare support

10-year job growth: 15.4%

The Bureau of Labor Statistics (BLS) says healthcare jobs will multiply over the next decade because of America’s aging population and the prevalence of chronic conditions. This will cause a projected 15.4% spike in demand for healthcare support jobs between now and 2032.

Healthcare support jobs include everything from nursing assistants to occupational therapy aides, as well as medical and dental assistants. Pivoting to some of these careers may take less time than you’d expect.

For example, according to Indeed, many dental assistant programs can be completed within one to two years and require only a GED or high school diploma. BLS says the national average dental assistant salary is $44,710, and you can find accredited programs through the Commission on Dental Accreditation website.

2. Computer science

10-year job growth: 15.2%

Computer science is, admittedly, a broad category, but the BLS data drills down to some specific areas of growth in the “computer and mathematical” segment that includes web and software developers, computer programmers, and data scientists.

Jobs in this category are projected to grow by 15.2% by 2032, which may seem odd considering that many recent layoffs have come from tech companies. But the recent pullback in tech jobs does not indicate the broader industry is slowing down. The BLS notes that demand for these jobs will grow thanks to an increase in demand created by artificial intelligence, robotics, and machine learning.

One potential way to pivot to a job in this field is to go through a coding boot camp. Some camps last several weeks to months and teach you a specific computer coding language. The average computer programmer’s salary is $89,190, and some coding boot camps even help you find a job once you complete the program.

3. Community and social services

10-year job growth: 7.8%

Another category that’s expected to see above-average job growth over the next 10 years is community and social services jobs. Examples of these positions include counselors, therapists, and social workers.

Some jobs, like therapists, will likely require a significant time and financial commitment to achieve. For example, marriage and family therapists often require a Master’s degree. But other jobs in this category, like a social and human services assistant, have on-the-job training, according to the BLS.

The social work assistant jobs require only a high school diploma or GED and earn an average salary of $38,520 annually. While the pay isn’t high, helping others in the community can provide significant personal satisfaction.

A few tips when making a career change

Knowing how to make a career change after a layoff can be challenging. But finding a mentor could make the process a lot easier. Search your existing network for people already working in the field you want to get a job in. Hiring a career coach may also help you create a concrete plan for switching careers.

Additionally, it’s probably a good idea to assess your personal finance situation before making a switch. Some jobs may require a financial investment to pay for a degree or certification, but depending on their cost and your debt situation, it may not be a good idea.

Finally, consider talking to a financial advisor if you’re serious about switching careers. They can help you navigate your current financial situation and guide you on how to save and invest your money to meet your career goals.

Alert: our top-rated cash back card now has 0% intro APR until 2025

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts