Outdistancing the Competition: Hot Topics for the Maturing Workforce

Ask yourself if you want to learn all your career lessons the hard way or… are you willing to develop a cohesive strategy in order to meet the demands of structural workplace change?

Well… are you willing to do what it takes to get ready for the future?

If your answer is “yes” and before you take another step in your career journey, put away your resume. The S-AGE recommends you begin by developing your strategy around the market as it is and as it is becoming. If you do this well, you will emerge from the past stronger and more highly valued than your competition. You will, like any good business, increase your chances of becoming recession-proof!

But….first, a fable about how to outrun the “bear” of increased competition!

There were two men sitting outside their tent in a campsite when they saw a bear charging towards them. One starts lacing up his trainers. The other says: “Are you crazy? You’ll never outrun that bear!” The first says: “I don’t have to outrun the bear. I only have to outrun you.”

Be smart! Whether you are seeking employment, a gig or planning to start your own business, outrun the competition by increasing your marketplace knowledge. Ask yourself:

1. Have I been following global market conditions in both expanding and contracting markets? Most organizations, regardless of size, are vulnerable to global as well as local competition.

2. Am I well versed in following changing market conditions in all media, on the Internet and through Social Networks?

3. Have I taken inventory of what I need to know about my specific areas of interest and the economic environment that surrounds them?

4. Am I paying attention to mergers and acquisitions in my areas of interest? Companies that maintain an appetite for M&A during recession make lots of deals that can prove advantageous to my career.

5. Am I paying attention to which companies in my areas of interest are extending their advantages through innovation and spending on R&D, even during recessionary times?

6. Am I asking the right questions about target firms’ investments in the future? For instance, during a recession the leaders of organizations that trade some short-term profitability for long-term gain are the most successful in both the short and long-term. (For supporting data, see McKinsey’s white paper on “Learning to Love Recessions” published in December 2008.)

7. Do I know the value of my qualifications in the new marketplace? Do my qualifications, as they stand today, meet current marketplace need in my areas of interest? In other words, has my business (AKA: career) model weathered changing conditions?

8. Have I conducted a formal gap analysis to determine what is missing in my portfolio of experience and qualifications vis-à-vis marketplace need?

9. Do I know where and how to fill in the gaps in my experience/background/skills as affordably and as quickly as possible?

10. While I am planning and managing a cohesive strategy, do I know how to endure and am I willing to do what it takes to get ready for the future in which I will be looking at a number of ways to earn a living and run a career? For instance, the marketplace now demands the utmost in flexibility and will hire or engage people based on need. If I am offered temporary or project assignments while seeking a regular, full-time role, will I commit to accepting and honoring all the terms of the project while pursuing my own long-term strategy?

Only you know the answers as to whether you are willing to invest the time and effort
to develop a cohesive strategy in order to outdistance the competition!

The Sage Answers Your Questions

Q. We read that Americans expect to work for pay far longer than so-called traditional retirement age suggests. What are your thoughts?

A. There is a huge gap between expectations and reality, between hope and planning and between need and readiness. Furthermore there is a huge gap between living longer and living well while living longer. Here’s the lesson: When it comes to working for pay, you will only get what you plan for IF your plan is aligned with marketplace need!

Q. I am willing to learn and hope that my demonstrable traits of working hard, receiving good performance reviews and my transferrable skills will prompt an employer to take a chance on hiring me.

A. Get over the word “hope.” Here’s the lesson: Test your statement that your skills are immediately transferrable. If they are not, get your skills up before you approach a prospective employer. There is a lot more competition today than ever before.

Q. I am concerned that I have made too much money and will scare off prospective employers. I am willing to take a cut in pay.
A. Yes…if you have been overcompensated for the market, you will scare them off. Here’s the lesson: So-called “willingness to take a cut in pay” will get you nowhere. You need to know what the going market rate of pay is and “eagerly” communicate your interest in the job and your understanding of the shift in market-driven pay from longevity-driven pay. Then, drive your value proposition home by learning how to “sell” the value of your experience in terms of their interests.