As an employee, you also have a work cycle which is determined by your attitude about employment. People that are described as being on the "fast track" have a work cycle similar to:
- 1st year master skills to perform job (growth)
- 2nd year provide outstanding performance and take on challenges that foster professional growth (growth)
- 3rd year continue outstanding performance while seeking promotion (rebirth)
Other employees' career cycle can be described as:
- 1st or more years to acquire skills to perform job (growth)
- 2nd+ year perform job duties at satisfactory level (maturity)
- 3rd begin retirement planning (decline)
There are several theories for business life cycles. The most popular are the Kitchen Cycle, the Juglar Fixed Investment Cycle and the Kondratieff Wave or K-Wave. These theories are used by investors and managers to understand the business environment and to predict future trends. A small business life cycle is described as establishment, growth, expansion, maturity and decline. Manufactured products have a four stage life cycle. The four stages are:
- creation
- public awareness with increasing profitability
- brand definition which ends with declining profitability
- market saturation with diminished sales
Occupations are created, grow, mature and decline. Each phase could last a few years or multiple generations. They can transition from one phase to another slowly or very abruptly. As you consider your career direction you need to know if your current occupation is growing, matured or is on the decline. This is not a new concept and is not related to the current economy. As baby boomers, we remember the TV repairman. During the 1950s and 60s this was considered a very technical job and paid well. No one would pursue that occupation today. The computer industry has generated a series of occupations since the 60s. Many of those occupations no longer exist or have significantly evolved.
What affects the life cycle of an occupation? It starts because there is a change in society that generates a need. There are multiple sources for change including advances in technology, medicine or cultural values. There is a demand for people with the skills that can fill that need. In the begining there are no specific credentials, training programs or professional organizations. As it matures, formal training and employment criteria becomes available. People that are actively working in the industry but might not meet the educational criteria that is being esablished and are "grandfathered" for a limited time. As the industry grows, everyone is expected to meet the established criteria and grandfathering is no longer an option. Finally, there job market becomes saturated with potential employees the demand for greater skills increases while the number of positions and salaries decline.
What should you ask yourself to determine your occupations life cycle status?
- Is there a demand for the product or service I provide?
- Is the demand (number of positions) increasing, stable or decreasing?
- Are the salaries for someone with my skills increasing, stable or decreasing?
- Can my product or service be automated or consolidated with another task?
- Do institutions of higher learning (IHL) provide training in my field?
- How difficult is it for someone to acquire the education to perform my job?
- How do IHLs help student secure employment?
- What is their graduation rate?
- What is job placement rate?
- Has there been any scientific, economic or social developments that affect how my product/service is percieved?
- Where is the market for my product or service?
No comments:
Post a Comment