Are you conducting a round of layoffs at your organization? Do you need to provide outplacement support to your exiting employees so that they can find new jobs and positions as soon as possible?
The Chicagoland region is home to a diverse population of workers. As of 2019, the area was estimated to have nearly 5 million workers, who come from all walks of life, working in many industries that contribute to its economic growth. The top three industries in Illinois are manufacturing, finance and insurance, and health care and social assistance. These industries are well-known outplacement services providers and often provide outplacement support in the event of a reduction in force or layoff.
Manufacturing remains the backbone of the state’s economy, accounting for more than 15 percent of total output. Manufacturers produce chemicals, machinery, processed food, transportation equipment and electronic products. Automotive manufacturing is especially important in the state.
Finance and insurance are another key sector in Illinois, contributing approximately 12 percent of total output. Major activities include banking, securities trading, asset management, insurance underwriting and other related services.
Health care and social assistance, prominent subscribers to corporate outplacement services, also make up a significant portion of Illinois’ output, accounting for approximately 11 percent. Healthcare providers, home health care services, hospitals and medical laboratories are the largest components of this sector. Social assistance includes child day care services, individual and family services and government social service programs.
Other notable industries in the state include professional, scientific and technical services; retail trade; construction; wholesale trade; and educational services. Illinois is also home to several Fortune 500 companies, including McDonald’s, Walgreens Boots Alliance, Sears Holdings Corporation and Archer Daniels Midland.
In terms of ethnicity, the most commonly reported racial/ethnic groups were White (53%), Black (30%), Hispanic or Latino (12%), Asian (4%), and Other (1%). The majority of the population identified as being American Indian/Alaska Native, Native Hawaiian/Pacific Islander, and Other.
In terms of income level, the median household income in Chicagoland was around $67,000 in 2018. The area had a significant gap between higher-income households (those earning over $100,000) and lower-income households (those earning under $25,000). Organizations that provide outplacement services provided by Employment BOOST see their transitioning employees find jobs over 50% faster than if they had no outplacement assistance.
In terms of educational attainment, the majority of Chicagoland workers had some college or an Associate’s degree. Approximately 28% of workers had a Bachelor’s degree or higher.
Overall, the Chicagoland region is a diverse and vibrant area that attracts people from all backgrounds. The region offers a variety of job opportunities that can meet the needs of a wide range of workers.