Why are labor statistics by industry tracked independently? Because it is an easy way to get a glimpse of how healthy an industry happens to be. When employment figures and payrolls rise, then an industry is entering a growing phase. When those statistics decline, then the industry is generally entering a contracting phase.
Interesting Labor Statistics
Labor statistics can help a potential employee know exactly what they’re worth.
Knowing how much you’re worth is a key statistic to have on hand when going into an interview. This will allow you to present statistics to a potential employer that shows what the market is doing and how much in payroll compensation the market is seeing. This knowledge allows you to understand if you’re getting a good offer… or if a potential employer is trying to low ball you.
Key Labor Statistics to Watch
1. Safety statistics are incredibly important because they reflect the overall potential for injury to occur while on the job.
2. The job outlook provides an idea of the expected growth of a chosen industry in the next decade, which helps to gauge job security.
3. Average wages across the industry, including in specific roles within the industry, further break down what a compensation package should entail.
Takeaway: Knowledge is power and there is nothing more empowering than having statistics on your side when you walk into a job interview. Statistics don’t lie – they’re concrete facts about your chosen industry. You can see how a safe a new potential work site might be, determine that it is time to change industries because the future outlook is grim, and maximize the amount of take home pay you get each week. It all starts with these key labor statistics.
What Else Can Labor Statistics Provide You?
1. You can determine which region in the world will give you the best chances of finding employment in your chosen industry.
2. You can see what educational levels you will typically need in order to obtain the best employment within your industry.
3. There is typically a listing of all the major responsibilities each employee within the industry would be responsible for completing.
4. You can compare labor statistics from different industries to track growth, safety, compensation, and a number of other factors.
5. These statistics often track how much in revenues each FTE provides, helping to gauge an industry’s overall profitability.
6. Each industry statistic is broken down by environment and job class, providing information about salary for comparative work.
Takeaway: Labor statistics are more than just providing the media with an unemployment number. They are also a way of finding out which industry is right to pursue after college or where the best jobs might be located. They give readers the chance to understand more about each sector within a given industry and then this can be compared to other industries to see how strong each industry happens to be. Labor statistics play a vital role every day and this is just a small glimpse of how they could help you find more success.