Employers often rely on data supplied by the Bureau of Labor and Statistics (BLS), but did you know there are a number of useful ways job seekers can use this data? From identifying the growth opportunity in your field to negotiating your next salary, learn how you can use BLS data to forecast job security.
If you are like the majority of the population, then about half of you made a New Year's resolution. Within that group, nearly 80% of you resolved to make self improvement or money related issues the focal point of your goal. However, according to Statistic Brain, the reality is about 60% of you will give up on your resolution after the first month of the year. If securing a new job or exploring a new career was part of that resolution, it's not time to call it quits just yet. In fact, there's a more useful statistics site that will not only help you keep your commitment but turn it into a reality.
Why You Should USE BLS DATA In YOUR NEXT JOB SEARCH
You've probably heard of the BLS, or the Bureau of Labor Statistics in news reports or online, but do you really know what it is? The BLS is a governmental statistical agency within the United States Department of Labor that collects and analyzes labor economics and statistical data. In short, they measure labor market activity and disseminate this information to the public.
The BLS recently released its forecast for the occupations with the highest and lowest growth opportunities. While it's not second nature to incorporate BLS data into your job search process, based on the stats below, you may begin to see why this information is worth taking the time to sift through.
Jobs with the Highest & Lowest Anticipated Growth
When you conduct a job search, how often do you consider job opportunity over your individual experience? Meaning are the people like you far and few between, and if so, are you prepared to negotiate the highest salary and benefits package accordingly? Or conversely, based on the projected outlook, is the need for someone in your field declining? If so, it may be time to consider a career change.
Often we look at internal factors like job satisfaction, growth or compensation, but rarely we do take job outlook into consideration. With that being said, employers are consistently evaluating data points from the BLS and internal reporting systems to base a number of pertinent hiring decisions on.
From determining job security to negotiating your salary offerings, here are a few important considerations from the BLS to consider during your next job search.
In-Demand Occupational Skills
The BLS analyzed growth rates among the various types of occupational groups it regularly reports on. The graph below illustrates the top occupational groups with the highest projected growth rates through 2024. So, if you sit in a role within management, business & finance, healthcare practitioners, computer and mathematics, engineering, life and social sciences or social services, according to the BLS, you can anticipate steady job safety in your future outlook.
Data are from the Occupational Employment Statistics program, U.S. Bureau of Labor Statistics.
Source: Employment Projections program, U.S. Bureau of Labor Statistics
Jobs Projected to Increase in Time
Within the above occupational groups, there are specific roles and/or job titles projected to experience heavy demand. As you can see, they directly align with the above occupational groups; i.e. math and science, engineering, etc. However, the healthcare practitioners group dominates the list with anticipated demand in the areas of physical therapists and aides, nurse practitioners, health heath aides, and occupations therapy assistants.
Data are from the Occupational Employment Statistics program, U.S. Bureau of Labor Statistics.
Source: Employment Projections program, U.S. Bureau of Labor Statistics
Jobs Projected to Decrease in Time
Unfortunately, it's not great news for everyone. With the high highs in some sectors comes the low lows in others. The following jobs areas are projected to decrease in overall demand through 2024.
Data are from the Occupational Employment Statistics program, U.S. Bureau of Labor Statistics.
Source: Employment Projections program, U.S. Bureau of Labor Statistics
They say the average person changes careers seven time in a lifetime. Depending on your skills set or projected job opportunity, it might be time for a major career change. When it comes to your livelihood, making decisions based on data is one surefire way to ensure a long and prosperous career.
