3 Fast tips to save you from Covid-19 in the coming work crisis.
It's clear that Covid-19 is the worst problem that the planet has seen in many decades, most of us definitely in lifetime. The economic effects can not be overestimated apart from the tremendous burden it has brought on the healthcare sector. If it's major companies, small businesses or individual workers, all have been affected and the worst is yet to come. Research into previous crises shows that returning to normalcy requires a few years after the case for job levels. Given that consumer trust remains poor, consumers would be cautious in spending, resulting in lower demand for many goods and services. Companies are cutting many jobs, or at least cutting on new hiring.
And as this continues, most businesses have also started searching for increases in efficiency through the introduction of emerging technologies, automation and outsourcing. The motto of the business is 'more for less.'
And what may have been a temporary work decrease would end up being permanent.
It will take several years of strong economic growth to bring back the same employment levels we had in early 2020. How does that mean for any one of us now? First of all let us understand the truth and embrace it. No one has a obligation to offer us jobs. Within a competition for expertise or talent we are items for sale. For now, the available supply for a customer exceeds demand.
I want to offer three suggestions for building a personal competitive advantage, from the strategy world.
1) Differentiate yourself among others
The skills market is extremely commoditised. A few million students reach the job market with a degree per year. Unless you have graduated from a top brand college within the top 1 percent, your academic experience does not help you stand out. Your 'customers' are not only concerned with measurable features such as your qualifications and certifications but also with intangibles such as your commitment, empathy and values.
2) Update yourself with new Technologies
t's interesting because most of the workers expect their employers to invest in training and building capacity. It is akin to a company (seller) asking its clients to invest in improving the quality of the product.
Even the most conservative companies invest 2-3 per cent of their annual sales in innovation and R&D; technology and pharmaceutical companies may invest 8-15 per cent of sales. This commitment leads to continuous improvement as well as rare, groundbreaking innovation. As a specialist-a company, how much are you investing in this upgrade? When you spend less than 50-75 hours and a week's salary (2 per cent) on your personal learning, then you don't do yourself justice.
3) Look for new markets
Organizations in highly competitive markets may continue to fight against it, but the most creative of all of them may build or find new untapped markets.
They build an advantage for themselves by changing the dynamics of the market, themselves. Similarly, to avoid the crowd, individuals have to look beyond the conventional job models. Learn what you really are good at and analyze who will need that skill for all. Could you find a place where you can represent those clients? Think company. Loyalty to the job is out; contract work is in. We may continue to blame the outside world in times of hardship, and accept defeat. Or we might rethink who we are and who we could be.