The little dot on your profile indicates your status in Outlook for Mac. It is also called Presence.
This status is based from your schedule on the Calendar and it syncs with your chat app like Skype for Business or Teams. For example, if you are in a meeting, your status information in Teams/Skype changes to In a meeting. Also, when you set your Automatic Replies in Outlook, the status in Teams/Skype displays your Out of Office message.
Here is a list of different types of status and what they mean:
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Online/Available - When you’re active in Teams/Skype for Business and don’t have anything in your calendar (no meetings or calls, for example).
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Busy - When you want to focus on something, and you do want notifications to pop up. If you’re in a meeting or call, Teams/Skype for Business will automatically change your status to In a meeting or In a call.
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Do not Disturb - When you want to focus or present your screen and don’t want notifications to pop up.
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Away - Teams will automatically set your status from Available to Away when you lock your computer or when it enters idle or sleep mode.
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Unknown - When a contact is not present in your company's active directory the contact's status is shown as unknown.
