Once you’ve decided on your career industry, analyzing the market conditions for this industry is useful to determine how you map out your career.
What that means
The market conditions and companies in your field will determine the number of jobs available, as well as the skill sets employers will desire in the future. Hopefully, there are a decent amount of opportunities in the industry you pick.
If you are mapping a career path for yourself, speculating about where the industry is going and what skill sets you need to grow (either gained through job experience or extra education), can help you make strategic investments in yourself over time. It also helps to look at managers above you and analyze what skills sets they have and use regularly.
Know the Industry Timing
In general, employers usually hire when they are growing or when they need to replace someone. Governments and non-governmental organizations (NGO) hire when funding is either allocated by a state or federal government for a topic (i.e. public health, education, social work, intelligence and technology, etc), or an NGO lands a large grant or donor.
Growing companies or NGOs offer more opportunities because as they grow more opportunities will naturally open. Companies often like to recruit from within so starting out in lower paying jobs at a growing company can provide other avenues to gain more experience.
How to check?
Look around at your industry. Nav.it. Who are the big players? How are they funded or what is their main source of revenue? How many competitors are out there? Are politics in their favor at the moment? What products have they come out with lately? What do market analysts say about the industry?
This will help you determine if the industry is rockin’ or in a time of flux. Flux is not bad, it often means innovation and rebirth are right around the corner– it’s just good to know what you’re getting into!