What can workers expect in 2001? Are companies going to be so desperate for employees that job security will make a rebound? Are salaries going up? What will you have to do to stay employable? The future isn't what it used to be. Let's take a look at what the new year might bring.
Although the economy seems to slowing down, all predictions are that the labor shortage will continue well into 2008. The number of 18 year-olds entering the workforce is low, while the number of retiring 65 year-olds is continuing to increase. This is good news for employees and bad news for employers.
Employers will continue to scramble to recruit and keep employees. Competition is fierce now and going to get worse. Employers will go beyond recruiting to stealing, bribing and wooing new employees. Recruiting budgets will grow as fast as the national debt.
All's not well for those without some technical or professional training, however. There are plenty of jobs on the lower end of the pay scale but fewer well-paying positions in the unskilled labor category. I'm also hearing from many career changers and job-hoppers who are having a tough time finding a solid position, in spite of the labor shortage. As things worsen I suspect that employers will give them a second look.
While salary increases will remain fairly level at 4 percent, money will be spent in unconventional ways to provide incentives for employees. For example, we'll see more spot bonuses, retention bonuses, profit sharing, tuition refund and 401-K plans, as well as more vacation, cars, laptops and other alternative forms of compensation. We'll also see more lifestyle perks such as telecommuting, concierge services and paid memberships at health clubs.
Does employer desperation translate to more job security? Dream on. Companies will continue to restructure their operations and lay off workers. As the competitive mix changes, company strategies will morph and evolve in an effort to meet changing demands. No one is safe. You need to watch over your shoulder to make sure you aren't going to become obsolete. If you don't have a degree and the new recruits in your field all have one, you'd better think about going back to school-I don't care how busy you are. If your assistant is printing off your e-mails because you don't know much about computers, it's time you realize "I'm computer illiterate" isn't a funny disclaimer anymore.
The Internet is going to redefine how we do business. We've moved beyond the Knowledge Age to the Digital Age. A good example is the travel industry. If you've bought airline tickets online, you know that travel agents are going to have to reinvent themselves and add value if they are going to stay in business. Have you bought stock online lately? Ditto for stockbrokers. Have you ordered anything online? It makes you wonder what the future holds for traditional order entry jobs. Have you taken a course online? Distance learning is going to rock the educational world.
The bricks and mortar industries are all getting into the act. They are rushing to add websites, e-commerce and a whole host of e-departments full of technical professionals. Just like computers forced us to rethink and redesign our workplaces in the 80's, the Internet is poised to redefine work in 2001. Anyone who thinks this won't affect them is naïve. A good example is the man who called in to a talk radio show I was doing to complain about technology ruining the world. When I asked him what he did for a living he replied, "I'm an elevator operator" (no kidding).
Along with the plethora of job opportunities comes the downside: positioning yourself for all of those opportunities. There is no better way than to keep your current skills sharp and add new ones. Stretch yourself in 2001. Do something that scares you a little. Take a class. Find a mentor who will give you truthful feedback. The future belongs to those who are skilled and ready.
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Joan Lloyd is a speaker, trainer & consultant for companies of all sizes, from start-ups to the Fortune 500, as well as trade & professional associations across the country. Reach her at (800) 348-1944, Email info@joanlloyd.com, or www.joanlloyd.com.
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