In today’s workforce, there are several trends that are forcing companies, employees and educational institutions to re-evaluate the status quo. Each group is faced with innovation and new technology that is changing how businesses operate, what companies need from employees and how to ensure they are prepared for this new economy.
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A college degree is just a stepping stone. Recent graduates bemoan the fact they are not working in a field related to the degree they paid for. But, perhaps this is a new normal. Without developing specific, in-demand skills it will be difficult, if not impossible, to stay employed or obtain “good-paying” jobs. A degree provides a foundation of knowledge you will use to springboard to new challenges and opportunities. In fact, according to a recent study by edX, an online learning platform and MOOC provider, almost one-third of Americans age 25 to 44 have completely changed fields since their first job after college. The study also reports that only 21 percent of respondents used all their education in their current roles. There are solutions being implemented which include on-demand learning, micro-learning and certificate programs, all of which are designed to deliver knowledge in ways that are more appealing and take less time to complete.
Expect to change jobs more frequently. Stability is something most people crave, however, data from the Bureau of Labor Statistics shows that this is difficult to achieve. The median tenure for U.S. workers in 2016 was 4.2 years. which is lower less than in previous years. Part of what’s happening is a change in how employees view their relationship with their employer. There is no longer a guaranteed lifetime employment contract. So rather than waiting for their employers to take care of them, employees are leaving. The economy has helped make that easier. Recent departures have been spurred on by an uptick in the number of jobs available and the desire for greater salaries. Other departures are the result of workers looking to make lifestyle changes, and they can only find that balance with a new employer.
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The gig economy is growing. Freelance work is also on the rise, offering more people the opportunity to manage their own workload and projects. According to a joint survey by Upwork and the Freelancers Union, freelancers made up 36 percent of the workforce in 2017 and the prediction is that they will make up a majority of the workforce by 2027. Even if all employees don’t want the responsibility of being a freelancer, they will be forced to work alongside them. This will require new skills in communicating with remote and contingent workers.
Adopt lifelong learning. The workplace is changing more rapidly. Technology such as automation, artificial intelligence and analyzing big data is quickly impacting the workplace. Furthermore, companies are innovating at an unprecedented rate. This means employers need workers who have these new skills as well as the ability to continuously learn new emerging skills. However, not all companies invest in training to keep employees’ skills current. According to Training Magazine’s 2017 training industry report, 49 percent of companies say their training budget remained the same and only 36 percent say it increased from the previous year. Therefore, it falls on your shoulders to ensure you keep on top of new trends, technology and skills that emerge and find ways to develop these skills. No longer do you need to enroll in college to acquire skills. Unfortunately, it is difficult for higher education institutions to keep curriculum up to date. Participating in peer learning groups, online courses or teaching yourself new skills will help bridge future skill gaps and improve your employability.
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Embrace adaptability. There’s a new measure of success in town. It’s called the adaptability quotient, defined as the ability to adapt and thrive in a fast-changing environment. Everyone has an innate level of adaptability but that may not be enough. The good news is that employees can grow their level of tolerance for change. This starts by understanding what causes you to feel stressed or overwhelmed and choosing how you react to it. To increase your resiliency, Rich Fernandez’s Harvard Business Review article recommends these five actions:
— Practice mindfulness. Mental exercises such as meditation help you focus and be aware of what you’re sensing and feeling at the moment without interpretation or judgment.
— Avoid multitasking. Staying focused on a single task or set of related tasks helps improve productivity.
— Work in short spurts. Taking breaks provides the brain with a much-needed respite and allows it to re-energize.
— Pause and reflect during times of stress. Rather than emotionally reacting to a situation, stop and reflect on what is really going on, how you feel about the situation and allow your brain to lead the way in logically solving problems.
— Develop compassion. Practicing self-compassion and showing compassion to others helps increase collaboration and creates positive work relationships necessary for surviving and thriving in an ever-changing work environment.
There is one thing you know for sure: Change is a constant. You can begin seizing control of your career by learning new skills and behaviors that allow you to thrive during change.
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