Undoubtedly, seeking a job can be challenging and even stressful, especially for those eager to choose the best-fit job. Thus, job-seekers should look up information about their dream career. One of the most important things they need to find is to answer the question, “What does job outlook mean?”
What does job outlook mean?
Job outlook is the expected growth of the number of people employed in a particular occupation at a certain period. Job outlook can be interpreted as the projected vacancy number for a specific career, determined by economic conditions, sociological and demographic elements over time.
The Bureau of Labor Statistics (BLS) experts compare expected employment change between a job and all other jobs over 10 years. The result will show you that the job outlook is positive or negative. Based on it, you can make the right career choice.
You can refer to the information below:
If the expected growth rate is over 14%, it shows that the job is increasing faster than average. This is good for you.
If the expected growth rate is between 9% and 13%, job opportunities are also growing but slower.
The expected growth rate between 2% and 8% shows an even lower level of growth.
If the expected growth rate is lower than 2% or is gradually decreasing, this is a piece of bad news for you. You may have difficulty in getting a job with a negative or low expected growth rate.
According to College Raptor, 2019, the expected job growth rate of some fields is as follows:
- Nurse Practitioners: An expected growth increase of 32% from 2016 to 2026
- Geographers: An expected growth increase of 13% from 2016 to 2026
- Agriculture Engineers: An expected growth increase of 8% from 2016 to 2026
- Photographers: An projected growth decrease of 11% from 2016 to 2026
- Solar Photovoltaic Installers: A current highest job growth rate of 104% from 2016 to 2026
To know more about what promising jobs are, you can look at the following video.
Why is it essential to know job outlook?
Understanding “What does job outlook mean?” is essential because it provides valuable insights into occupations and job trends in the labor market. From that, you can know if you can build a promising career from this job. It is beneficial to graduates who typically do not have much understanding of the labor market.
Furthermore, job outlook helps you compare different jobs. If your current occupation gets stuck, you may think about giving it up and embarking on another field.
For example, according to the job outlook data from the BLS and IBIS World, the expected growth of information security analysis is 32%, higher than that of global respiratory ventilator manufacturing, which is 13.3%. Based on that, the former has more potential for long-term career security to base your career on. Therefore, you can minimize the risk of being made redundant and ensure a more stable income.
Tips for career choice based on job outlook
- Choose the job in an industry which has the expected outlook at a high or medium level. Simply because it indicates your higher chance of getting a job in that industry.
- Choose the job which may be your dream one because, as Mark Twain said: “Find a job you enjoy doing, and you will never have to work a day in your life.” Your dream job can make you forget that you are working. You will feel happy and comfortable with everything you do.
- Choose the job which matches your interests, style of work, experience, and skills. This may help you to adapt to that job quickly.
- Choose the job which may bring a high salary as it can help you pay for all the subsistence expenses and lead a comfortable life. You won’t have to be worried about a bunch of outstanding bills each month, so you can focus on only one thing: doing a great job. In fact, for most people, a low-salary job makes them discouraged and less motivated to work effectively.
However, what are your options if the career you are interested in has a poor outlook? If you stick to that career choice despite its poor outlook, you’ll be more prone to stress and pressure. Simply, it can be challenging to live comfortably, especially for those having a family. It’s also stressful for those appreciating career development to make up their minds about a job with a poor outlook.
Therefore, you can think about other careers. There are many potential jobs with a good outlook that you can do. You needn’t worry that you have not had enough experience and skills in other new fields. You can cultivate yourself step by step to adapt to these jobs.
Limitations of job outlook figures
Whereas evaluating whether the outlook for an industry is positive or not is essential, it cannot provide you all the useful information to make this important call. Moreover, it may be impossible to enter some fields with their challenging requirements despite their great outlook.
Besides, the predictions of job outlook can change unexpectedly despite economists’ careful analysis and research. Employment growth can speed up or slow down. It relies on economic, sociological, and demographic changes when several graduates enter that occupation. For instance, if many candidates are applying for a job vacancy, your chance is slim.
Besides, the job outlook can change when an industry recession or boom occurs. For example, the aviation sector’s slump due to the outbreak of the Covid-19 pandemic has a significant impact on airline outlook. According to Reuters, at least 13,000 staff at airports are laid off in 2020, and another 1000 layoffs are expected in 2021.
The final thought
Do you feel satisfied with the answer to the question, “What does the job outlook mean?”? Whenever you find it difficult to seek a job, you should have proper orientations based on your job outlook. This helps you to have more chances of success in your future career.