Generally, business services are a subset of economic services. They are concerned with providing value to customers and delivering service systems. In addition, businesses are also concerned with building service systems.
Occupational outlook
Among the myriad professions and businesses that exist, the business services industry is one of the fastest growing sectors in the country. In fact, the Department of Labor predicts a good job outlook for the industry. With that in mind, here is a look at some of the most promising career opportunities in this arena.
Getting a job in the business services industry requires an aptitude for people skills, technical knowledge, and the ability to work in a team. In fact, many of the positions in the industry require a college degree. That being said, there are many opportunities for those with an associate’s degree or lower level of education.
Job outlook by industry
Changing economies can affect the availability of job opportunities in different industries. The Occupational Outlook Handbook (OOH) from the Bureau of Labor Statistics provides an overview of job prospects in various industries.
The Professional and Business Services industry sector includes specialized services, administrative support services, and research and development services. This sector employs full-time workers and provides a variety of services to clients in many industries. This industry is highly competitive, and can offer jobs with high pay and benefits.
The Professional and Business Services sector is expected to see growth over the next ten years, with job growth expected to be 17% for corporate controllers, more than the national average. Other job outlook estimates include 32 percent growth for healthcare administration jobs, and 14% for management analysts.
Salary ranges
Generally, you will find that salary ranges in the business services industry are published in job descriptions and job postings. The ranges vary depending on the type of role being performed and the company or organization in question. Some positions are quite specific while others may be more general. For example, a business analyst or associate consultant may be in the low six figures, while a retail manager may be in the high three figures.
While some positions may only require a high school diploma, others may require a bachelor’s or master’s degree. Typical salary ranges for business services jobs can range from a few thousand dollars to upwards of a few hundred thousand dollars.
Demand for business services in emerging markets
Several emerging markets have been identified as growth drivers. However, the growth pattern and trajectory will vary for different markets. In addition, the speed and extent of change will depend on the country’s competitive and regulatory landscapes.
Many of these markets are in rapid economic development. However, the risks associated with the transition may offset the lucrative potential of these markets. Therefore, firms need new guidance on how to transition to these markets. A significant overhaul of conventional marketing thinking is required to address these challenges. Moreover, firms need to identify and apply differentiated approaches for different markets.