In today’s world, the reality is that things change rapidly. Advances in technology make information readily available, and social media ensures the rapid spread of that information. Companies rise and fall as they become irrelevant and unable to adjust to new realities. Myspace. Best Buy. Borders. Blockbuster. The examples are endless.
Because of this rapid change, companies need employees with relevant skill sets. Problem is, relevant skill sets change often, and it becomes easier and easier to access labor throughout the world. Jobs are outsourced as it becomes cheaper to use labor overseas than it is to pay an American worker with comparable skills.
One story that really illustrates the new economy is found in How to Speak Money
Many seafood restaurant fillets come from a fish called Alaska sole. It’s a mild, white-fleshed creature, caught in the Bering Sea, frozen on board ship and unloaded in one of the many fishing ports that dot Alaska’s coast. From there, though, it doesn’t go to a restaurant. Most, if not all, of it goes to China.
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As of now, Bill Orr will keep sending his fish overseas for processing. “I know it doesn’t seem practical to send your product to China and then back to the United States,” he said. But apparently it is. “If we did it onshore,” he said, “our cost would be about 20 to 25 percent higher than it is now.”
In a world of outsourcing, declining job prospects at home here in the United States, and rapid change, what can someone do to adjust? Well, here’s a few things:
- Learn a new language: Learning a new language, such as Mandarin, can really help open doors as the world becomes even more and more connected economically and socially. If this sounds like something appealing to you, it may be a good idea to research how you can use this either in your career or in a career change before spending the time and money.
- Transition to a growth industry: In How to Speak Money
- Find clear ways to add value to companies: Companies are looking for people that can come in and provide value. For me personally, I am one of the few people in my group that understands VBA (essentially programming within Excel, Access, and Outlook that can help automate manual tasks). If I ever had to find a new job, I could bring that skill and knowledge to the table from day one. Always look for skills that are valued in the workplace and try to develop them yourself. If companies are making cuts (and they are smart) they will keep the individuals who provide the most value. Make sure you are one of them.
Do you have any tips for dealing with the changing economy? Do you have a story of how the new economy has changed your workplace?
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Photo by Better Than Bacon
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