Applying PEST Analysis to Skills Development
Making choices regarding your career is probably one of the most important things you will be confronted to in the course of your life. Whether you are thinking about a professional path you would like to pursue, a career shift or are simply considering a further development of your skills, the decisions you take will inevitably have an impact on your present and future, both professional and personal.
To help you make more effective and easier choices and allow you to anticipate and keep up with the changes in progress, there are a number of useful tools you could employ, which will give you some precious insights thanks to the evaluation of a series of different dynamics.
One of the most valuable instruments in this sense would be to do a PEST analysis, an evaluation technique that stands for Political, Economic, Social and Technological. This tool was originally conceived to guide managers in their strategic decision-making, by examining outside events and anticipating how PEST factors might evolve and impact their business, and to ultimately recognise new risks and opportunities. This very concept can be applied to help you make more mindful choices and taking easier decisions.
1. Political Analysis
First of all, begin your research by investigating the political aspects. The political context can significantly affect a certain field, for instance through legislative measures aimed at regulating its functioning. Look at the labour laws, at possible entry barriers and also at politics itself. Perhaps a new government that is about to take office has announced important changes in legislation, which might make the attainment of a specific degree essential if you wish to access a new particular profession.
2. Economic Element
Continue your analysis by assessing the economic elements. Identify things like how stable the economy or a specific sector is, the unemployment rate and if the hiring prospects are expanding or shrinking.
3. Social Dynamics
Then explore the social dynamics. These include aspects such as demographics, educational levels, cultural trends and lifestyle changes. Figure out if there are any demographical fluctuations taking place and how could they possibly impact your career prospects. Check if perhaps new cultural trends are making a particular job more valued or less so.
4. Technological Factors
Finally, end your inquiry by looking at the technological factors. An analysis of the transformations happening in this field could simply warn you that some of your know-how might soon become obsolete and you may require an update of your skills or the acquisition of completely new ones. The evolution of technology might also influence the way you learn new things. Thanks to the progress made in this area, you could even consider the option of registering to a university degree that is being held entirely online.
In conclusion, a PEST analysis will provide you valuable insights, revealing the direction of change within a given domain and assisting you in shaping what you are doing and your prospective plans. A look at the political, economic, sociological and technological change in your area can support you to work with change, rather than against it. Ultimately, PEST will help you spot and seize opportunities, preventing you from following directions that might guide you to worthless destinations for reasons outside of your control.