Skills, Pay, Supply and Demand

Posted on: May 3rd, 2016 by
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Multiple polls say the economy is the number 1 issue in America. How are you affected?

1. Your pay is about the same earned income as it was in 1995, adjusted for inflation
2. If your debt is higher, (student loans) you’re well behind 20 years ago
3. The number of two income families is down from 1995; single providers has increased
4. 93 million people are currently out of work. Other millions are underemployed.

The top 10 highest paid workers in America are in jobs that need an advance degree beyond the undergraduate level: Doctor, lawyer, CEO, engineering manager, computer and information systems manager, and so on. On the other hand, scanning the top 100 jobs, none were unskilled workers. Not surprising.

While education is a consideration, the most important factor is the balance between three factors: Skill level, market demand and talent supply. Jobs that are higher paying have higher skills, are in high demand jobs, with a low supply of talented candidates. I have worked with high school graduates who found very high paying jobs based on their high level of skills in an area of low supply/high growth. On the opposite side, I have worked with unskilled college graduates, who are looking for a job that anyone could do, with or without a degree.

So, what does this all mean for you?

1. Be careful about choosing a major in high school, college, graduate or technical school. The path you chose must be able to progressively sustain you for 20 years or more.
2. If you currently have a degree in a low demand, high supply function, get an advanced degree, certification or accreditation in a high demand, low supply area
3. If you’re well into your career, seek a transfer to another function that is connected to your skill set. Expand your experiences, create additional value and multiply your options
4. If you have skills or a hobby that can move you to a different but highly desirable job, find out what you need to do to qualify to make the transition
5. Find a volunteer organization where you can gain experience in a function that is different from your current role. Test it out.
6. Change your career direction by taking a lower paying job that has an accelerated career path that will take you faster and further over time
7. Ask your boss if there’s a way to expand your area of responsibility or take courses to expand your skill set
8. Take night courses in a tangent skill area. Moving from marketing to finance is too great a leap, but shifting from sales to marketing isn’t.

Shifting your career strategy isn’t difficult if you have a plan and determination. Expanding your skill sets is an impressive attribute that hiring managers want to see.

I’ll provide a FREE assessment of your resume. Send to: wkaufmann44@gmail.com
Help a colleague to find a new job? Refer them to: Mygreenerfuture1@gmail.com


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