We used to live in a world where our lives were governed by the learn-earn-retire model. We got an education, secured a job and worked till we retired. That model is fast disappearing. Today, shifts in political, economic and social norms have driven far-reaching changes.
The biggest of these have been driven by technology, which has altered the way we work. ‘Anyone, anywhere, anytime’ is the new approach to work. Work can be sliced, diced and distributed across the globe based on skill and cost. Work can be done by people any time, across time zones. The workspace is anywhere.
Also Read: Why job loss is a real threat and how to manage finances, career if you are dismissed
High on tech, low on employment
Fluctuating demands in business cycles are making it hard for companies to predict the demand for manpower. Keeping a team on the bench without assigning it a billable project burns cash. So, employers are regularly shedding jobs. New companies are leveraging automation to the hilt. They are low on employment. Airbnb, valued at $30 billion, runs a global operation with less than 3,000 employees.
Cost pressures are also forcing employers to weed out people who are no longer critical to the business. Almost one in 10 public companies fails each year, which is a four-fold increase since 1965. Companies now face a one in-three chance of not surviving five…