Careers in the next decade
If the backdrop of jobs and careers will still savor the new capitalism and its mechanism as per the position of Dr. Martin Wolf, it is going to be a magnanimous environment for careers and wages and salaries to face in the next decade.
As a “permanent revolution”, as a “mutation”, he now presents a “new capitalism” that breeds “speculators”, “financiers”, “the global financial activity”. And this brings about and expected to continue bringing about “new economic activities”, “new wealth”, “new social and political landscape” – where:
1) finance exploded
2) finance is transactions oriented
3) a completely different type of financial products emerge
4) a completely different breed of financial players emerge
5) financial transactions are very global
And all of these are because of the world becoming so one – with no more barriers, no more hesitations; no more inhibitions; no more distances; no more time zones; extremely liberalized regulations. All compliments of extremely dynamic technology and communication.
The effect: individuals have an open field and umpteen choices of assets to acquire, income wage to derive and reproduce values of such assets and wages to “sky is the limit”. Credits are easier to acquire. Consumptions can be truly and greatly enjoyed.
On a macro scale, companies can easily merge and assets multiplied. This then widens further the leverage and power of stakeholders and stockholders. And then the assets traders are the superstars in financial activities: they hedge and bet and speculate and demur and thrust and pull and buys and sells – all in a flick of a finger. Wealth is indeed acquired no longer in years but even in hours.
Therefore, came about the overall optimism and pessimism, the pundits, naysayers and the endorsers.
Those in favor say: capital all over world is made truly efficient due to the imminence and urgency of transactions; business managers are on their toes to abide by the market disciplines that emanate; risk is more globally manageable; flexibility of moving capital to anywhere in the world where it would work best; and – the basic individual is given the widest scope to choose the best options to manage his finances and asset efficiently, successfully, even sustainably.
Those who are not in favor say: of course new social and political challenges will arise (old regulations will simply be replaced by new regulations); the possibility of hidden “risk tremors” might be brewing, unknown, uncontrollable; it is still “untested” (it being an “infant” so beautiful, bubbly, basking, bountiful – that such “first steps” might unforeseeably tumble); and regulating such a new, adventurous, globally complex mechanism and system is a demanding challenge to institutions and governments.
Anyway, like it or hesitate about, the world and individuals will be awed by the marvel and instantaneous rewards of the new capitalism: “exciting new opportunities”, “emergence of new elites”, “creates new loyal friends” (but also breeds new enemies). And as such, this new capitalism can be as good as one can make or get.
Jobs and Careers As Seen and Known”
Graduates and professionals bear the excitement of jobs and careers not only on hindsight but more so on long term basis. With the mind boggling vis-à-vis exciting trends that “money games” that the “new capitalism” presents, the prospective salaries that will be derived from jobs and careers have likewise tread on various possibilities and probabilities. This is in relation to potential value and appreciation. Opportunities in the future are therefore weighed accordingly.
A guide is presented by the Bureau of Labor Statistics through its Occupational Outlook Program. It describes a ground work that job and career opportunities are related to size of “population, labor force, and demand for goods and services”.
“Population ultimately limits the size of the labor force—individuals working or looking for work—which limits the goods and services that can be produced. Demand for various goods and services is largely responsible for employment in the industries providing them. Employment opportunities, in turn, result from demand for skills needed within specific industries. Opportunities for medical assistants and other healthcare occupations, for example, have surged in response to rapid growth in demand for health services.” (Occupational Outlook Handbook, 2008-2009 Edition)
Between 2006 – 2016, a slower population growth rate of 9% to 21.8 million is projected in the United States. Still population will grow and this means provision for more goods and services will be naturally put to place and that will require workers for many occupations and industries. Therefore, the labor force is expected to increase to 164 million between 2006 – 2016.
An increase in jobs available until 2016 to 15 million will however not be “evenly distributed across major industrial and occupational groups”. “Changes in consumer demand, technology, and many other factors will contribute to the continually changing employment structure of the U.S. economy” ((Occupational Outlook Handbook, 2008-2009 Edition)
The Brass Tacks of Jobs and Careers in the Future:
A summary of job growth is illustrated as follows:
Selected Occupations with Largest Job Growth from 2002-2012
Education or Training Required
High School Diploma
Customer service representatives
Cashiers, except gaming
High School Diploma
Janitors and cleaners, not maids/housekeepers
High School Diploma
Nursing aides, orderlies, and attendents
High School Diploma
Truck drivers, heavy and tractor-trailer
High School Diploma
Personal and home care aides
High School Diploma
Source: Bureau of Labor Statistics
In relation therefore to the exemplified projection, a compensation adviser/consultant, Salary.Com opines that “the jobs that will be experiencing the highest percentage growth will also produce a higher average salary. The national average salary of the 10 jobs with the highest percent growth now stands around $54,700, whereas the 10 jobs with the largest numeric growth are currently earning just under $33,000………the average salary of the fast growing jobs is 66% higher than the average of the salary of the occupations with the largest growth…….” (Stanewick, 2000-2005)
The “promise” that this hold indeed glow with job opportunities but the clinch is the issue of the qualification of the individual. Such jobs with growth opportunities and lucrative salary offerings require better education and training, specialized skills and a totally adoptive attitude.
Assuming all odds and evens squared, the “promise” of “a better salary than 54,700 to say 82,050” (up by 50%), it not necessarily warrant the career professional enjoying that “leap in grace” in the future to participate in the hi-falutin game of the “new capitalism”.
It is therefore interestingly proferred by the same compensation consultants that earning US$100,000 (or even lower) in a year are bygone days. Coveting a six figure salary has been upped to the “new standard”: US$200,000.
“Bill Coleman, Senior Vice President of Compensation at Salary.com, calls $200K “the new black.” Those who make $200,000 are ‘the players.’……While the $200,000 threshold may be beyond reasonable expectation for most of today’s workforce, Coleman holds that workers will still target that number, as it is ‘not beyond reasonable hope.’ (Malachowski, 2000-20005)
Therefore, the compensation consultants laid out the lucrative jobs within this league of future big time earners:
Chief Executive Officer
Chief Financial Officer
Associate General Counsel
Chief Operating Officer
Heart Transplant Surgeon
Top Investment Executive
Source: Salary.com June 2005
To be incessantly focused on such “new standards” in six figure salary, a professional that will work his way towards achieving the challenge will qualify him to become a “citizen of the new capitalism”. He will be in a position to manage a sizeable portion of his saveable income to various financial product packages and options; trade with derivatives and swaps and hedge funds without worrying that his basic consumption needs will be sacrificed. He can likewise prepare for a comfortable if not a lucrative retirement.
Due therefore to the specialized skills and knowledge required to get hold of the career of the future that will enable a professional to participate in the “new capitalism”, continuing education, continuing enhancement and continuing development must be tool that must be constantly arm a professional. It is necessary that professionals are “on top of the situation, on top of his field, on top of his industry” – with trends, with development in work processes, methodology and style, with demands and expectations of jobs and careers.
A professional must understand that to embark, pursue and hold onto a career is a mandate that serves multifaceted purpose: a well managed career endows the professional the benefits and rewards he deserves; a well executed career contributes to business, company, institutional and industrial growth; a productive career contributes to the overall economy and well being of a community.
“Many in our complex and highly differentiated society use it [career] to attribute coherence, continuity, and social meaning to their lives……thus, the future of career has implications not only for individuals……but also for groups and institutions and for society itself.” (Collin, Young, 2000). Therefore, to participate in revolutionary mutations like the new capitalism, new levels of income must be achieve by keeping abreast with the responsibilities involved in the changes in the global labor market; adjusting to new meanings of career and its conduct – to enable a professional to be qualified to belong to the workforce of the 22nd century.
The basics of empowering oneself as a professional are the characteristics of the battle cry in managing one’s career. One way of ensuring the continuity of such empowerment is through career coaching within organizations and institutions. “Reported bottom-line results of career coaching include reduced sick leave and absenteeism as well as increases in productivity, morale, job satisfaction, efficiency, revenue and staff retention.” (Pelz and Duval, 2004)
An empowered career of the future to merit a six-figure salary must execute the job in the character of “owning one’s business”
“To ‘business’ a job is to run one’s own show……It incorporates: cross training; budgeting; quality-control; autonomy; access to expertise; live customers; a travel budget”. (Peters, 1994). A professional thinking, pulsating and performing as businessman in his career entails that he takes initiatives very often to design, implement and sustain projects. He considers that he has not only external but likewise internal customers where he needs to personally tackle as much as possible all problems. He will have the sense and insight to multi-task. And he becomes committed and conscious of bottom line results based on customer satisfaction and loyalty.
And What is At Stake:
The balance is very simple: a well prepared for and sustained career through continuing education will summon a lucrative salary/income that will be the ticket for a professional to enter lucrative worlds of asset building and wealth acquisition.
With optimism about new capitalism and what to do with new wealth, is very relative. With pessimism about new capitalism and keep to traditional standards, is very safe.
Wolf, Martin. “New Capitalism”. Analysis. June 19, 2007. pg. 13
Financial Times London (UK)
“Tomorrow’s Jobs”. Occupational Outlook Handbook, 2008-2009 Edition
Bureau of Labor Statistics, Department of Labor
Stanewick, Jonathan. “Jobs of the Future”. 2000-2005
Malachowski, Dan. “$200,000: The New Standard”.
Collin, Audrey and Young, Richard A. “The Future of Career” 2000
Cambridge University Press
Linder-Pelz, Susie and Duval, Michelle. “The Future of Career Development”. 2004
Good Decisions Pty. Ltd. 2006
Peters, Tom. “Beyond Empowerment: Turning Every Job Into A Business”. Page. 73
“Crazy Times Call for Crazy Organizations”. May 1994
Vintage Books/Random House