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 affect. 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 3 impacts noted below.
Now, what you should know is that the workers in these industries have been impacted in 3 ways.
2. Reduced Hours
3. Reduced Pay
Workers have 3 actions to take to maintain their way of life
Now, if you’ve experienced or have ever been concerned about what you’d do if you faced layoffs, reduced hours, or pay cuts, what are would your options for keeping up your lifestyle?
This is what I call an income recovery 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 expenses i.e. eat less, skip vacations and holiday spending 😦
3. Use your Intellectual Capital – Leverage your specialized knowledge (which is technically 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 create products, customized services or create intellectual capital-based content in a masterclass course format. This enables you to share your wisdom with clients and prospects for access at a premium fee.
(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.)
This latest podcast video explains why option 3. must be your next best move
If you realize you have valuable knowledge you’ve gathered over the years in your field – now is a great time to become a consultant and serve those who need your specialized knowledge.
What Should You Do Now?
Schedule a strategy session to discuss how we can help you convert your intellectual capital into an income-supplementing course for you.