Instead of
resources or land, "capital" today means human capital. It doesn't
take a shoe factory to go into the shoe business these days. Nor do you need
raw materials or fleets of trucks. Nike became a shoe industry leader by
concentrating on the value-producing capacity of it's employees, for design,
marketing and distribution know-how. The real capital is intangible: the
person's knowledge level, combined with an aptitude for application.
The current
“jobless” recovery is a result of our economy evolving from a resources and
manufacturing based economy, to a knowledge based one.
For most of
the 20th Century, a recession was a cyclical temporary decline in demand where
people were temporarily laid off, while inventory backlogs were
reduced. As demand increased, workers returned to pre-existing positions
or found comparable jobs with another and the economy could snap back quickly
Technology
has allowed companies to establish tightly integrated demand and supply chains
while outsourcing jobs to save money. Many of the jobs which have entirely
disappeared from
North America have reappeared in India, China and Mexico.
We are now
witnessing the first recovery in what has become a full information economy. Investment in new capital
equipment is no longer a pendulum swinging form recession to recovery and back
again firm - the result of inventory that needed to be sold off.
Because job
growth now depends on the creation of net new positions in different firms and
industries, you can expect a long lag before employment rebounds. Employers
incur risks in creating new jobs, and require additional time to establish and
fill positions.
America's challenge is to leverage its % of the global
population into a much larger percentage of intellectual capital competitiveness. Knowledge
Workers are the backbone in all sectors of the economy: most obviously in the
Information and Communications Technology (ICT) sectors but they also embrace
the other industrial sectors including healthcare, manufacturing, transportation,
and the Public Service.
Labour
Market Studies indicate that there is already a looming Knowledge Worker skills
shortage – a shortage that impacts competitiveness and economic and social
development. These shortages will not diminish soon because skilled “Baby
Boomers” are retiring in unprecedented numbers while the newly created
knowledge economy jobs require more education and higher skill levels.
‘The War for Talent’ today is a qualitative conflict that is best characterized
as the ‘War for the Best Talent’ - a global conflict being fought amongst the
G7 countries with the winner taking all. Knowledge economy jobs are
borderless - a vacancy in San Francisco may be filled by someone in China, India or elsewhere.
As a job-hunter, you need to comprehend that the production of value is the most
important criterion for an employer when hiring. Articulating your value is your
key to successful job-hunting; it separates you from all the other job-hunters. Understand, value
is not salary; worth does not flow from a
job title. Knowing what's important to a company means looking beyond job
descriptions and cmpensation
tables, especially today when sudden changes and uncertainty are the norm.
The New Value Table in Guerrilla MArekting for Job Hunters is the ideal jumpoff point for articulating your's.
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