Choosing what to to study means picking out a career path, which can be a very complex task. There’s a variety of things to consider before making this difficult decision. Nowadays, forward-thinking students try to predict trends and strategies and desire to know what’s waiting in the future. That’s why it’s necessary to understand what are the scarce skills and why it’s important to take them into account.
Scarce skills are defined as a demand for qualified and experienced people to fill particular roles, professions or occupations in the labour market. Basically, some of the skills appear to be highly required in the market, but they are rare and low in supply: there aren’t enough individuals that are qualified to do the specific tasks and jobs.
These skills are usually more difficult to acquire, but they are also essential in helping to grow the economy. That’s why it’s often said that scarce skills definitely lead to jobs. Professions that are high in demand and low in supply determine your job security, which is an important factor concerning your future. Therefore, young people who choose to study for a scarce skill are able to contribute to the country’s well-being and help themselves at the same time.
In addition, there are some professions that experience scarcity universally, which means that it allows a person to seek new opportunities and make a career elsewhere. However, there are enough countries already that experience “brain drain”, as many specialists in STEM fields tend to emigrate and look for jobs abroad. That’s why there’s a necessity to develop these talents nationally and improve your native country’s economy.
Scarcity in a particular job depend on a couple of factors. For example, it is known that roles, which are the most required, tend to belong to STEM (science, technology, engineering and maths) fields. As these fields evolve, newly created jobs appear in the labour market. However, people can’t always keep up with the innovations and technological advancements. That’s why there might not be enough people who choose to study a new subject and some industries could lack candidates that are available and skilled for those rare positions.
Every year U.S. News ranks the best jobs based such factors as median salary, employment rate, 10 year growth volume and percentage as well as future job prospects, all of which help to identify those most promising occupations. It’s not surprising that a lot of these occupations belong to such fields as science, technology, engineering or maths. Job seekers might also be tempted by the positions in STEM fields because of their increased demand and low unemployment rates. For example, among the top ranked occupations in the U.S. News’ 2018 Best Jobs list are software developers, dentists, physician assistants, statisticians, orthodontists and many other STEM careers. U.S. News also presents its readers with a list of careers that are rare or unheard-of, such as - phlebotomist, cartographer, genetic counselor or information security analyst. These career usually don’t have as much job openings and their unemployment rate fluctuates, yet they also tend to lack qualified employees and offer a high salaries, which is a reason to maybe consider trying to make a career in that kind of specialty.
Scarce skills can almost guarantee you a stable workplace and great earning possibilities, because they make you a valuable and irreplaceable member of the team. If you study for a scarce skill, you might have a great chance of finding a job easily in the United States of America!