Looking at job outlook when deciding on a new position to pursue is an important component to ensuring job security. The higher the job outlook for that position, the more likely you are to both find and keep a job in that field.
There are several other important components of what job outlook can tell you in terms of the job you’re interested in. These factors include:
Whether you’re likely to find a position when your training and/or education is complete
Whether training and education for that position is readily available
Whether there will be potential for growth within that position in the future
Whether that position will still be in demand several years from now
Whether the position has a good job outlook in a certain location
It’s also beneficial to be aware of the job outlook for your current job, even if you are thinking of switching careers. If you find that the job outlook for your current position is anticipated to decline, you may want to consider starting your journey toward a different career path.
How to interpret job outlook figures
When interpreting job outlook figures provided by the BLS, it’s important to go by the descriptions this entity offers. For example, if you are looking for the job outlook for cooks and the BLS reports that the projected employment outlook for this position is 5%, this means that cook positions are expected to grow faster than average. If the job outlook is expected to grow by 1%, this means that cook positions are anticipated to increase at a slower rate than the average of other positions in the U.S.
Drawbacks of job outlook predictions
While looking into the job outlook of a position you plan to pursue is certainly important, you should keep in mind that there are a few limitations to job outlook figures.
The first limitation is that a job outlook prediction does not provide you with all of the relevant information needed to anticipate your ability to find employment in a particular field. One way to combat this is to look at job prospects in addition to job outlook. Job prospects show you how many job seekers there are in a particular category compared to how many open positions there are. While the BLS may estimate a position to grow over the next several years, there may be a lack of actual jobs available.
Another potential limitation of job outlook predictions is the fact that these predictions are not always 100% accurate. While economists certainly go to great lengths to make accurate and educated job outlook predictions, the economy is susceptible to change. For example, an unpredicted downturn in a particular industry can result in the job outlook for a position to decrease despite economists originally predicting it to increase.
