Disruption in America’s Job Market
This year’s Pandemic has created a disruptive shift in employment statuses for Americans.
And if you’ve been impacted by the changes, chances are you are part of the Top 10 Occupations that have been hit the hardest:
1. Service Workers
2. Arts, design, entertainment and media workers
3. Small business owners
4. Construction or mining workers
5. Sales workers
6. Transportation workers
7. Manufacturing or production workers
8. Installation, maintenance or repair workers
9. Health care workers
10. Clerical or office workers
Note: Even if you’re job isn’t listed, it doesn’t mean it hasn’t been affected.
Remember, this is just the top 10. The pandemic has impacted almost every industry in some way especially how work is done. This in and of itself, can contribute to the three impacts noted below.
Now, what you should know is that the workers in the 10 industries notes have been impacted in one of three ways.
2. Reduced Hours
3. Reduced Pay (aka Pay Cuts)
Workers have 3 actions to take to preserve their income and maintain their lifestyles
Now, if you’ve experienced or have ever been concerned about what you’d do if you were to be faced with layoffs, reduced hours, or pay cuts, what would your options be for keeping up your lifestyle?
The answer to this is what I’d call an income security strategy.
Well, here’s what I’ve concluded about what you’re likely to do which I’m pretty sure you’d agree with in someways.
1. Reskill or Pivot by taking a course to learn new skills that will be valuable in the marketplace (Note: this is needed for those whose industry is shrinking in professional demand)
2. Live on Less – Adjust your lifestyle to minimize spending and cut back on costs i.e. lower grocery budget and eat less, skip vacations and holiday spending, etc. 😦
3. Use Your Intellectual Capital – Identify ways to leverage your specialized knowledge (which is technically your intellectual capital) from your field and become a subject matter expert who consults.
To seal the deal on option 3, it’s best to secure your authority in the marketplace as a go-to subject matter expert consultant by creating products, customized services or creating intellectual capital-based content in a online course format. This enables you to share your wisdom with clients and prospects for a premium fee just to access the content.
(Note: There are easy and fantastic ways to do this – you can use the apply section if you need to schedule a strategy session to learn how or watch the video at the end of this.)
This video explains how and why option 3 MUST be your next best move
If you realize you have valuable industry-based knowledge you’ve gathered over the years in your field – now is a great time to become a consultant that serves those who need your specialized knowledge or apply your knowledge toward other industries that need it.
What Should You Do Now?
Schedule a strategy session to discuss how we can help you convert your intellectual capital to create intellectual capital-based content for your current and future clients.