As we begin the New Year, it makes sense to reflect on 2011 and then focus our expectations for 2012. I hardly think that I am in a position to offer a meaningful forecast for 2012; however, I may have a useful perspective. Especially as to how it may relate to your career.
Today is November 1, 2011 and I cannot predict the next 60 days, but I think it is safe to say that 2011 has been a turbulent year. Here are some notable events that have shaped this year.
• The U.S. economy has been stagnant with unemployment stuck at 9.0%
• We have seen riots in Greece, a result of their bankrupt Government.
• The Arab Spring saw the fall of Regimes in Egypt and Tunisia.
• Osama Bin Laden met Seal Team Six.
• Muammar Qaddafi met a similar fate at the hands of his own people.
• The State of Wisconsin successfully took on the State Teachers Union and recall efforts fizzled as the benefits proved worthwhile.
• In Ohio, broader reforms failed.
• The European Union is on the verge of collapse.
• The Obama Administration is reeling from failures in the BATF Fast and Furious Program, and the Solyndra Loan Guarantee.
How do we make sense of all of these events and what does it mean to us and all of our careers? It may be easy for someone to think that the world is coming un-glued. Maybe it is, but probably not. I am of the opinion that what we are witnessing is governmental restructuring on a world-wide scale. The global recession and resulting shortfall in tax revenues has stressed the Socialist Democracies of Europe to the breaking point. Dictatorships are falling in North Africa and possibly the Middle East. In the U.S. we have felt some of the pain as well, mitigated by the fact that the public sector makes up a smaller share of our GDP.
In my view, government is a lagging indicator that is not immune to shifts in the economy. In the past thirty years we have witnessed a tremendous shift from an industrial economy based on manufacturing to a knowledge-based, service economy based on high-technology. That point is reflected in the declining number of private sector unionized workers, now in the 6 to 7% range. We have witnessed major corporations forced to restructure under Chapter 11 of the Bankruptcy Code, or merged with stronger competitors. Integrated steel mills have given way to specialty steel companies reprocessing scrap iron. The old employer-employee compact including generous benefits, lifetime employment, and excellent pension programs is history. The private economy has changed dramatically, restructuring in plain sight.
So, the question for all of us is: “what does this mean to me and my career?” Like most fundamental questions, the answer is: “it depends.” If you are currently employed and younger than 40, I recommend that you consider the following”
• Don’t depend on anyone, other than yourself to manage your career development.
• Change your mind set to that of a Free Agent.
• Look for ways to add value to your employer and become more indispensable.
• Know your strengths, weaknesses, skills, and development needs.
• Continually expand your network.
• Develop an exit strategy to help survive a lay-off.
If you are unemployed and/or over 40, you should consider the additional steps.
• Learn to reinvent yourself in a marketable way.
• Be an out-sourced provider to companies loath to add employees.
• Open your mind to new possibilities.
• Restructure your life to adjust to the new normal.
I have personal experience that has led me to these views, including an expanding network of professionals who experienced their own professional renewal. It is a growing trend that may well result in a new Golden Age of Free Market Capitalism.