Final answer:
A lateral career move refers to the transition between similar or equivalent roles, possibly within different companies or sectors. This is distinct from a vertical move, which would involve a promotion. Understanding industry trends is vital for positioning oneself for lateral moves and career success.
Step-by-step explanation:
The career path that refers to when individuals move between similar or related occupations, specialties, or disciplines within the same company, or in a different company, sector, or industry is known as a lateral career move. Unlike a vertical career move, which implies a promotion within a hierarchical organization, a lateral move involves transitioning to a role of similar status and pay. Making lateral moves can be strategic for professional growth, exposure to new experiences, or work-life balance adjustment, and they're commonly seen in dynamic work environments where there may be a wider range of potential roles available.
Career decisions are influenced by various external factors such as the job market, demographic changes, technological advancements, and economic shifts. Understanding these influences and staying current with business trends are essential for success in today's ever-changing labor market.
For example, the health field is experiencing significant growth across occupations, from entry-level to management positions, due to the aging baby boomer population. Conversely, careers in farming are seeing a decline. This shows how industry trends can directly impact the availability and type of employment opportunities, affecting how individuals may pursue lateral career moves.