Changing Labor Market – Threat And Opportunities

Host: John Bradley
Guest Host: George Dutch

There are two kinds of trends changing the labor market.  These are economic trends in the external environment and internal trends shaped by one’s personal preferences. Economic trends include 3 factors:

  1. Outsourcing of IT knowledge-based jobs offshore to “brainiac” countries in Asia.
  2. Older workers being in demand as employers search for experienced employees.  This is a huge influence on labor supply and demand.
  3. Online labor demand continues to go up and down; therefore, it is hard to predict future opportunities. Trends caused by personal work preferences shape the labor market.  Gallup reports that 76% of 150 million fulltime workers are emotionally disengaged at work.  This means the majority of workers are not as loyal to their employer as were the previous generation.  They are ready to change jobs if there is a better opportunity. A second factor is the investment in education as 65% of grade school children will work in jobs that don’t exist today.  Investing in a college degree, specifically a technical degree, is a risk in terms of a long-term career. The solution to these external and internal trends is to be sure that you have identified your innate talent strengths rather than try to chase the skills which will be in demand.  Innate talents will always adjust to the evolving labor market ensuring that the worker will be in demand.

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