There are clear benefits to joining a company in a growth industry. Here we discuss what to consider and how to identify areas that may work for someone with your background, experiences and accomplishments.
The discussion that follows is meant to stimulate your thinking about industries in which you may wish to explore positions during your job search. You should go through all of this material checking anything that sparks your interest.
Any job search should be well focused on possible industries of interest. Ordinarily, you would consider approaching companies in your existing industry, and the firms serving it both vertically and horizontally. These are the people who would value your experience the most.
Another primary target group would be ally industries. For example, if you are working for a furniture manufacturer, you may wish to look into other industries that sell consumer durable products. Firms in the same general field often market in similar ways, organize along similar lines and face similar problems.
In some cases, depending upon your specialty, your selection of industries would not be as critical. Obviously your career potential is enhanced if you are in a growth industry instead of a stagnant one.
However, if you were in accounting, the size of the firm you associate with will be equally important. For example, you might find it easiest to land the right job with firms who were the same size or slightly larger than your current employer, and which would be likely to utilize similar systems and procedures.
Most people take a narrow view of themselves and let attractive options pass them by. Don't let this happen to you. In a growth industry, pay is better, promotion is faster, and employers compete more aggressively for new employees. What's more, in fast growing industries, there are not enough people with industry experience, so employers must search for the best natural talent they can find.
Faster Growing Industries You May Wish to Consider
Long term success has a lot to do with being in the right industry at the right time. During the past decade, growth companies have either emerged or been targeted for the 2000s in a multitude of different markets. A good example of a growth industry has been the personal computer industry. In 1982 this industry was a billion industry. After a few decades, it is a 0 billion industry. However, one could speculate whether that is going to remain a growth area or die to the expansion of cellphones.
During this period the industry has had many ups and downs, but the number of organizations involved and total employment has dramatically expanded. While firms have been through profit squeezes and layoffs, an individual who joined this industry in the last decade would now have a lot of employer possibilities to compete for his or her talents.
Another major reason for seeking out growth industries involves their need to go outside their industry to meet their employment needs. For example, a decade ago the cable television industry was just beginning a phase of explosive growth. The CEOs of these firms could not find enough people with industry knowledge or experience to help meet their own growth objectives.
As a result, opportunities abounded for people from many varied backgrounds. These firms simply hired the best natural talent, regardless of their previous areas of expertise.