Essay on Post Graduate Career Planning

Introduction

In the contemporary labor market, the issue of unemployment has been debated by various stakeholders. The aim has been to develop a suitable plan in reducing the number of unemployed graduates in Oman. Different causations stressed by stakeholders point fingers on the perception of graduates, needed skills, and willingness to adjust to labor market demands. The Oman market has been active and growing over the years, aligning its objectives with other labor markets in the Gulf region (Bakheet, 2018). The government drives employment policies towards the localization of employment opportunities in both the public and private sectors. The reduction of oil production in the country and global economic changes have impacted Oman, and it has, therefore, been trying to ensure balances in the private sector. There has been a noticeable increase in the number of graduates each year from colleges, vocational training centers, and universities. The job market is not equipped with the necessary resources to accommodate such number, and as a result, unemployment has become a significant concern for the graduates.

Benefits of employment

Many graduates do not find it easy to break in the world of employment. Individuals will not tell you that it is crucial to secure a job, but instead, they would tell you why. People may ask various questions as to whether employed individuals are better off than others who are not employed. Some of the benefits of employment include;

More money: many individuals are in their jobs due to the level of compensation involved in terms of money. Having a steady income stream is essential in living a comfortable life. Income assists in covering our daily expenses and ensuring we have something for tomorrow.

Health benefits associated with employment: fair conditions of your job are right for physical and mental health. It gives an individual a daily purpose, thus enhancing their self-esteem. It presents an opportunity to be part of something big by contributing to society, government, and the business. Employment assists in structuring our times and gives us a chance to meet people. Employed individuals are at a lower risk of developing harmful additions, depression, or die young (Belwal, Priyadarshi, and Al Fazari, 2017).

Security and looking ahead: employment allows individuals to look forward in terms of places they want to live and hobbies. It also makes them plan for the coming times and works towards the achievement of established goals. Reliable income ensures security and makes people stop worrying about the present and focus on what is coming.

When graduates are establishing their career base, choosing the right company for you is considered a battle. The company should be in line with your professional goals. Graduates may look for startup companies, corporations, nonprofit organizations, and small businesses.

Startups: for graduates, working for startups sounds exciting. Graduates can work for startups as financial analysts, sales representatives, human resources assistant, and brand marketing assistants. Oman is known for upcoming tech startups, which include Gabol Watch, Alaloot Muscat, Ki-Bros Production, and Genesis International, LLC. Working for startups enables graduates to experience the company growth and notice their impacts, as the company grows, they also grow as well.

Small and mid-sized enterprises: working for such companies is less risky than startups. They treat their employees well, even though entry-level employees may not be decision-makers. SMEs employ people who are dependable and honest, and as such, graduates must possess the necessary skills (Hussain, 2017).

Large corporations: joining large corporations like Bank Dhofar, Al Ansari, and the National Bank of Oman is the end goal for most graduates. They offer job securities, and they are opportunities to rise in significant positions. More prominent corporations help you grow and teach you advanced skills key for personal development.

Nonprofit organizations: NGOs try to minimize their costs by ensuring every cent is used economically. Working for NGOs will not make a person productive, but an individual will achieve fulfillment from their career and a sense of purpose.

Graduates should find what companies fit their career goals. Usually, LinkedIn is a great platform to start looking for opportunities and networking. Regardless of the place of work, it is essential to find a company with a great team.

Benefits of postgraduate study

For many graduates, pursuing postgraduate studies can take your career goals in an exciting direction and boost your prospects. It requires enormous commitments and taking up challenges which an individual has never experienced before. Deciding on advancing the current degree or taking up new challenges subjects individuals in a dilemma. There are questions like is it worth the effort, money, or time. Some of the benefits of pursuing such studies include:

Employability: although postgraduate qualifications are not a warranty for employment, it can boost your chances in a competitive market. It makes individuals stand out more. Various universities like Muscat University, Stafford, and Divan International in Oman can assist graduates in achieving such goals.

Career path: enhancing your levels of study can open up innovative career paths. It can open doors to highly high-class and rationally rewarding opportunities.

More finances: research studies show that people with postgraduate qualifications earn more than undergraduate degree holders.

Other personal benefits of pursuing postgraduate studies include enhanced knowledge, building confidence, improved personality, and soft skills, and growth competency.

Self-employment

college students should know that a job after graduation is not guaranteed. Thinking about self-employment may be a long term strategy than looking for employment opportunities. Underemployment of graduates in the labor market has been caused by oversupply and search for the required skills by employers (Ibrahim, Devesh, and Ubaidullah, 2017). The unemployment rate as of 2018 in Oman was 3.11 percent, and the econometric model forecasts growth to 16.60 percent by 2020. This trend has been caused by oil struggle and is not suitable for graduates looking for entry-level jobs. As a result, such graduates might opt for self-employment. Becoming an entrepreneur is not easy, and there are always challenges to overcome in establishing the right idea (Ibrahim, Devesh, and Ubaidullah, 2017). Choosing entrepreneurship is about bringing to existence ideas and visions. Graduates may have their reasons for venturing into entrepreneurship, as has benefits that include freedom to pursue one’s visions, have control over time and flexibility. Also, it helps to learn and attain know-how, develop a sense of pride, reaping full rewards, share one’s learning, and achieve potential earning beyond salaried employment. Besides, such entrepreneurs should possess crucial characteristics to succeed (Premand, Brodmann, Almeida, Grun, and Barouni, 2016).

Self-motivation

Risk takers

Networking skills

Management skills

Passion

Flexibility

Starting a business also requires requisite resources in terms of financing and utilizing the knowledge of existing entrepreneurs. Funds may be acquired from one’s savings, loans from family and friends, and venture capitals. Experts in the field may bring on the table ideas and an outline of how to successfully set up a fruitful business.

Business planning

Planning is an essential tool for all entrepreneurs. The practical business plan assists entrepreneurs in focusing on necessary steps of establishing successful ventures and achieving short term and long term goals. Planning is vital in identifying means of sourcing capital, decision making process, and identify areas of weakness. The development of a business plan also assists entrepreneurs in setting the right priorities, managing changes, developing accountability, and align and focus on strategies. The compelling business plan consists of various parts which include;

Executive summary: explains who you are, methods of operation, and goals of the business.

Company description: it outlines the structure of business, nature, products offered, and plans to make profits.

Products and services: it describes what the venture is offering.

Market analysis: outlines market knowledge and exhibits conclusions founded on market research.

Strategy and implementation: it summarizes the marketing and sales strategies and how they will be implemented using an operating plan.

Management: it describes the organizational structure, which includes owners, personnel, and management team.

Financial projections: summarizes the expected financial forecasts of the business using historical data and conducting trend analysis.

A detailed SWOT analysis is essential in identifying what the business is lacking; reduce the chances of failing, and eliminating any possible risks (Premand et.al. 2016). SWOT matrix assesses the external and internal factors as well as present and future potential. Developing the SWOT matrix evaluates the business’s competitive position and is useful in strategic planning. Having the tool is thus vital in analyzing key strengths of the business, opportunities, threats, weaknesses, and brainstorming ideas.

Conclusion

The stimulation of economic growth through innovation and entrepreneurship has been a universal theme for the Oman government policies. Independently owned ventures have stimulated job creation in the country. Government policies should thus target on encouraging graduates to focus on entrepreneurship. This can be achieved through prioritizing entrepreneurial activities, considering all sectors, making access to capital easier, and providing establishing a favorable political environment for entrepreneurial activities. In this regard, graduates should have various options available upon graduation to ensure they are not left behind in terms of personal and career development.

References

Bakheet, A.H., 2018, “Student perceptions on business opportunities and barriers for business startup in Oman,” International Journal of Entrepreneurship, https://www.abacademies.org/journals/international-journal-of-entrepreneurship-home.html, Vol.22, No.1, pp.1 – 8.

Belwal, R., Priyadarshi, P. and Al Fazari, M.H., 2017, “Graduate attributes and employability skills: Graduates’ perspectives on employers’ expectations in Oman,” International Journal of Educational Management, http://www.researchjournali.com/journal-of-education/details.php?gclid=CjwKCAiA5JnuBRA-EiwA-0ggPYUMn2rX687-8Z1508GUXZZsh4o7aj264nh_YzTuzure5miB74qmoRoCZZEQAvD_BwE , Vol. 31, No. 6, pp.814 – 827.

Hussain, E., 2017. Exploration of entrepreneurial marketing orientation model among SMEs in Oman.

Ibrahim, O.A., Devesh, S. and Ubaidullah, V., 2017, “Implication of attitude of graduate students in Oman towards entrepreneurship: an empirical study,” Journal of Global Entrepreneurship Research, https://journal-jger.springeropen.com/, Vol. 7, No. 1, p.8.

Ibrahim, O.A., Devesh, S. and Ubaidullah, V.Z., 2016. Graduates attitude towards entrepreneurship in Oman: An Empirical Study.

Premand, P., Brodmann, S., Almeida, R., Grun, R. and Barouni, M., 2016, “Entrepreneurship education and entry into self-employment among university graduates,” World Development, https://www.journals.elsevier.com/world-development, Vol. 77, pp.311 – 327.