When you analyze the current situation with the projection for the future, it is clear that specialized areas will continue to be in demand. This means that two different worlds will emerge, where you will have those individuals who have obtained specialized skills and are highly educated. At the same time, you will have those people who have no education or skills. These two factors will help them to be able, to name their price, for the services that they have to offer (which are in demand). At the same time, those people who do not have the education or specialized skills will be forced to compete with: immigrants and foreign-based workers for less money. This is significant, because it shows how everyone must be prepared for the various challenges that they will face from a shifting economy. Otherwise, they will be forced to compete for lower wages, which will have a negative impact upon their standard of living.
How can Workers be Prepared for these Challenges
The various changes that are taking place in the labor market can often leave many individuals unprepared for the different challenges they could face. Where, during times of economic expansion, most people will assume that they will have their jobs for a number of years. At which point, they can retire and enjoy the rest of their lives. This kind of thinking is troubling, because it can lull someone into a false sense of security. At which point, changes from globalization and/or the economy will highlight the disadvantage that these workers are facing. As they have no way of being able to support themselves (because of a shifting economy) and they need to retrain in a skill that they can use in the future. This means that everyone must be prepared to adapt to these changes quickly. The best way to achieve this objective is to: have a lifelong desire for learning new ideas, flexibility and aptitude to effectively network. Like what was discussed earlier, education and specialized skills are the best way to be able to adapt to the changes that are taking place. Yet, when you look further beneath this statement, it is obvious that everyone must have the ability, to continue to learn new ideas throughout their lifetime. Where, they can take the basic education that they received and they can use it as a way, to learn new skills along with ideas. This will help to improve their ability to adapt to the underlying changes that are occurring. As this constant amount of learning will help these individuals, to identify the trends that are taking place and what they need to do to be ready for them. At which point, the possible shifts in the economy will not have a negative impact on: their income or standard of living. ("How to Prepare for the Next 50 Years," 1996)
Flexibility is arguably, one of the most important attributes that an individual must have. This is because; globalization has caused a number of corporations to radically shift their business model. Where, they are taking more of an emphasis on increasing their profits around the world, versus in a particular region or country. For the individual, this means, that they must be prepared for sudden layoffs or bankruptcies. As increased competition, is helping to improve the odds that any one of these situations could come out of nowhere. Those people, who have flexibility can adapt more quickly to these changes, with them using this tool and their education to move into areas that are in demand. This is important, because when the economy is shifting, those individuals who can identify and implement them will be most prepared for the various challenges that they will be facing in the future. ("How to Prepare for the Next 50 Years," 1996)
Networking is when you become associates of people, who are in particular areas of influence that are of interest to you. Where, most successful individuals will use this as a way to seek out those who have the same kind of ideas as them. This will help to improve the ability to prepare for changes in the economy, by knowing decision makers in key sectors. At which point, you can use this connection as a way to go into a particular career filed. This will improve your ability to learn from: the mistakes of others and understand what changes are taking place. This is important, because these connections could be used in the future, to help adjust to changes that are taking place in the economy. ("How to Prepare for the Next 50 Years," 1996)
When put all of these different elements together, it is clear that they will help an individual prepare for the changes that are taking place in the labor market. Where, each of the different tools can be utilized as way to help support and understand what is occurring. At which point, anyone who is observant will be able to see what is happening and can adapt. This is the key, in being able to avoid the negative impact of the shifts that are occurring in the economy, while being able to take advantage of new opportunities in the future. At which point, you can be able to increase your income and standard of living.
Clearly, the job market has been undergoing a tremendous shift over the last several years. Part of the reason for this is because of: improvements in technology, reduced trade barriers and changing population demographics. These different factors are causing many employers to begin to hire: more immigrants and outsource a variety of jobs, in an effort to address these challenges. At the same time, the ability to increase market share and their profit margins, is forcing employers to embrace these changes. Where, they have no choice but to adapt to what is taking place in the economy or they can lose their competitive advantage. In the future, as these forces become more extreme, the odds increase that more workers will have to deal with the realities of a changing labor market. This means that anyone who is planning on maintaining their standard of living and income levels must be prepared, for the current as well as future challenges that they will face. To do this requires: having a lifelong desire for learning new ideas, flexibility and aptitude to effectively network. These different elements are important, because they highlight how all workers must always assume that they can be replaced. This will help them, to develop the necessary skills and diversify themselves away from industries / sectors that are negatively impacting the economy. As a result, those individuals who understand these challenges and how to evolve to them will be able to remain successful well into the future. This is important, because it shows how globalization is not only forcing businesses to specialize, but it is also having a dramatic impact upon a variety of people. Therefore, those who understand and embrace these principals will be able to remain competitive in an ever changing labor market, well into the future.
Public Health and Aging. (2003). Morbidity and Mortality Weekly Report, 52 (6), 101 -- 106
How to Prepare for the Next 50 Years. (1996). Ebony, 114 (2) 117 -- 120
Gordon, E. (2010). Good Jobs: the Economic Issue of Our Time. Britannica Online. Retrieved from: http://www.britannica.com/blogs/2010/8/%E2%80%9Cgood-jobs%E2%80%9D-the-economic-issue-of-our-time
Wall, H. (2007). Immigration and Outsourcing. St. Louis Federal Reserve. Retrieved from: http://research.stlouisfed.org/wp/2005/2005-058.pdf