So what does the increased turbulence in markets mean for workers? Some of us will profit enormously. They are folks who have irreplaceable and transferable skill sets. They will be plaid higher rates and enjoy greater job security than anyone else. But what about the rest of us?
Riot Gunther McGrath argues that one thing is clear. The rest of us — who do not have irreplaceable skill sets — are at risk. Companies are less likely to keep us on when they face intense competition from lower cost environments (like Asia) as well as less assured long term opportunities to exploit a market advantage. This means that current levels of income inequality — as high as they are — are not likely to come down, at least in the short term.
What to do? Well, at least part of our plan has to be re-thinking what we can expect. In the old days, one might realistically expect a long term position in a big firm – a steady career path. This is less and less likely. The rest of us — we who do not have irreplaceable skill sets — will have to get used to the idea that career means exploiting project opportunities and learning from that to move on.
The first step might be to consider how vulnerable are you? that is next! Stay tuned!