Market Analysis Guide
Choosing an occupation should be based on understanding yourself first, including identifying your most valuable strengths and most dangerous weaknesses. Once you’ve determined this, it’s important to align your job expectations with the labor/job market demands. Here are some resources to help you assess industry and hiring trends, plus predictions.
Researching Industries
- Is this industry experiencing long-term growth?
- Where, geographically, will I be able to find a job in this industry?
- What will my potential earnings be in this industry?
- What is the financial outlook if the organizations in this industry are publicly traded?
- If the industry is in the startup realm, is it set for growth? Or does it have lots of funding and “hype” with little chance for mass adoption?
- Based on what I have learned from assessing my skills, do I have the skills needed for a role in this industry?
Market Research Resources
- Candor: Compiles a user-generated list of companies currently hiring, have hiring freezes, or are actively laying off employees.
- layoffs.fyi: Has tracked all tech startup layoffs since the beginning of the COVID-19 pandemic.
- Jobscan: Lists companies continuing to hire, pausing hiring efforts, or enduring layoffs.
- Labor Occupational Outlook Handbook: U.S. Bureau of Labor Statistics’ list of the fastest-growing occupations.
- CareerOneStop: Find out which jobs are in demand, have the largest employment, or are declining.
- DATAUSA: Understand and visualize the critical issues facing the U.S. in areas such as jobs, skills, and education across industry and geography.
- Glassdoor Job Market Report: Provides a real-time view of job and hiring trends and wage growth in the U.S.
Align Your Skills With Job Market Needs
Based on what you’ve learned about the market, consider your skills and if you’d like to work in an environment that has/is:
- Clear roles, logical objectives, structured work objectives, cohesive work processes, and higher levels of control (e.g., a large automotive company such as Ford)
- High pressure, fast-moving, pay for performance, quantifiable results (e.g., a sales and trading role at an investment bank such as Goldman Sachs)
- Stimulating/innovative projects, flexible hours, diverse workforce, free from everyday constraints (e.g., Silicon Valley startup)
- Informal communication, shared values, collaborative workspace, and harmonious atmosphere (e.g., higher education/university setting)