This Economy Is Changing The Way We Think Of Work
The blog post from yesterday on the Tom Peters’ website got me thinking — are we REALLY partially responsible for this recession? Can we REALLY effect its outcome?
Then there is this post about a man who turned his job loss into a new life. Very inspiring, and I must admit a bit scarry for most of us!
The two posts raise a deeper question about the recession and massive loss of jobs that we are experiencing as a nation and throughout the world. Every economic shift creates change in the way we live and work, but I believe this one is going to fundamentally shift the work-life balance in America. What we are seeing is no less than a shift of the tektonic plates deep within the core of the fabric of our work lives. I don’t know what will come of this shift — no one does. It will, however, behoove us all to think about what permanent changes may take place because of what we are currently experiencing. Here are some of my predictions:
- The impending retirement of millions of Baby Boomers will become an accelerated reality. With it comes a whole list of concerns - knowledge transfer, loss of experienced labor, succession planning (and lack thereof), and additional burden on the Social Security system. Companies have been thinking about this for awhile, but this economy is going to make it happen NOW. I am seeing clients in their 50s who have been laid off this go around make the decision to begin early retirement. I was watching the interviews about Captain Sully (the pilot who safely landed the plane on the Hudson River last month) and thinking, “wow, what would have happened if someone with les experience had tried that stunt?” Well, I hate to point it out, but many companies today are laying off their “Captain Sullys” in this economy. Chances are that many of these people will opt for retirement. What happens then?
- Many are going to opt for lower paying jobs with fewer responsibilities. Not everyone will leave their corporate job for a $10/hr job at Starbucks, but some will. And when they do they will find that they enjoy their life better because they have more time for things that are REALLY important to them — like family, friends, spirituality, and travel. I’m not naive enough to think that the mountains of corporate greediness will disappear, but I AM hopeful that more people will choose to focus on life goals that are not completely driven by the desire to increase their own personal wealth.
- “Green” and “sustainability” will become mainstream. It has to! This is where the federal government (incidentally the ONLY sector growing in this economy!) will be dumping loads of money. How are you (and your company) preparing to take advantage of this opportunity?
- Recruiting and HR practices will change. I’m not sure in what way, but I do believe that the current focus of many Human Resource departments of being the watchdog for company lawyers will have to change (i.e. “we can’t do that, or we’ll get sued . . . ” “We can’t allow our managers to ‘be human’ by getting ‘too close’ to their workers. . . “). This generation puts a ton of emphasis on relationships and will not tolerate working for a company where they are a faceless, nameless commodity. Our recruiting practices are already seeing a shift in this direction. HR practices will soon follow. Companies that don’t focus on the personal side of their employees will find it difficult to attract and retain good talent. We all know that the number 1 asset of ANY company is the people who work there!
- Free-Agency will become the normative approach for job seekers. This phenomenon has been on the the horizon for awhile. I believe that this current economic crisis is going to change the way people define themselves in relation to their work. My father held the same position for 40 years. His father worked for the state until the day he died. My father’s grandfather, however, did whatever he needed to in order to put food on the family table. He was a farmer, a logger, built roads, ran a store. . . he was a free agent. With people changing careers in 3-5 year cycles, I believe that my children will live more like my great-grandfather than my dad. They will do whatever is necessary to make a living, and won’t define themselves by their company affiliation. To me, that’s a good thing!
The temblors of this recession are bringing about some major changes in the way we (and our children) will approach work in the coming years. As with any major change, there are both opportunities and dangers involved. What are YOU doing to prepare to capitalize on the opportunities and mitigate the dangers of our current times?
