The New Economy

Our career mind-set has taken an almighty leap from our parents’ generation to the current day. Then, they believed employment was for life: it was considered responsible and a privilege to have one career with one employer for 30 to 40 years. Today’s emerging work force, however, regards this approach as weird and boring. The world of work has shifted significantly and this brings a “new normal” for us to live and work by.

The security of the 20th century workplace is no more. Loyalty between employer and employee is not what it used to be. We can never be sure if the company we work for may be involved in a takeover or collapse. While this is beyond our control, we can take the steering wheel and drive our own talents in the right direction. We need to ensure we are continually upgrading our expertise and much-needed skills for the 21st century workplace.

The Baby Boomers who joined the workforce in the Seventies and Eighties may still be with the same employer they joined back then. However, many will have been retrenched or changed employers or careers along the way and are now headed for the next stage: retirement. This is where change has created opportunity…

Changes in the world economy away from 8-to-5 full-time employment are making it easier for people to continue working, but on their own terms. Also, growing global skills shortages mean that employers are willing to negotiate with older workers in order to still have access to their valuable skills beyond retirement.

Many Baby Boomers have second or third marriages and large extended families with many dependents still to take care of, encouraging them to continue working as long as possible. A lack of sufficient retirement funding is also pressurising aging Boomers to work longer in order to save up sufficient revenues for what could be a 30-year retirement span. Statistics also show that people who remain active and mentally stimulated into their later years generally remain healthier for longer, further providing motivation for continued work in some form beyond 60.

The new economy is called many things, including the relationship economy; the connection economy; dream society; the imagination economy and the exponential economy.

In order to be successful in this new economy you need:

  • The efficiency of the industrial era
  • The market intelligence and communication skills of the information age
  • The social intelligence of the connection age.

What are some of the skills that will matter in the 21st Century?

  • Key life experience
  • Personal skills
  • Relationships
  • Trust
  • Choices
  • Social Intelligence
  • Connections
  • Reputation
  • Creativity
  • Problem Solving
  • Nurturing

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