“What lies between most people and destitution is their job”
Satyajit Das Financial Commentator
Most working Australians families including the tax office have relied on regular salaried incomes. This however is unlikely to be the primary employment model in the future. Instead many workers will be “off balance” sheet. They will be self-employed, contract labour or outsourced.
The future of work is more about flexibility and reducing costs. It has been turbo charged by technology and globalisation. There is no going back.
In Australia, there is already a significant reduction in full time employment and increasing trends towards flexible employment options. This is already resulting in Underemployment one of Australian’s most growing workforce concerns.
Less secure employment adds to already growing financial pressures. Wage growth remains at record lows; household debt is escalating to123{01332a80e2e652688e18927fa9a6162580960d47bc08263a3993439d666dcd52} of GDP and for many families they are compensating for record youth unemployment.
Is it any wonder that 64{01332a80e2e652688e18927fa9a6162580960d47bc08263a3993439d666dcd52} of Australians define their financial situation as either not or just making enough to cover expenses?
Many organisations are not prepared for the rapid changes in the employment landscape; nor are many of the everyday Australians. It will be a challenge as Research by Deloitte states:
“The shift from full-time employees to an augmented workforce (augmented by both technology and crowds) is one of the more challenging of the human capital trends on the horizon”.
For most people to change from a salaried employee to self-employed, in whatever capacity is not easy. It is particularly not easy, if it is not through choice or you have no experience of how, or what to do.
It can be overwhelming, particularly if the house hold budget is dependent on your income. However, irrespective, there is no choice but to rise to the challenges and the new opportunities that lie ahead.
The question is how? In this new world, there are no right answers however we can learn from each other’s experiences. The four key lessons when I worked my way through my own transition were these:
Attitude is important.
- Don’t waste too much time crying in your beer.
- The world has changed and you must change with it.
- Get some help, don’t do it alone.
- Talk to friends, old work colleague’s, relevant services and explore options.
Ask the questions.
- What skills have you got that someone will buy?
- What skills could you obtain that someone will buy? You will surprise yourself.
- How are people going to find out about your business? If you don’t know how to capitalise on social media find out and find out fast.
Manage expectations.
- Don’t expect the answers will just appear. Expect to have your highs and low’s
- Give yourself time but don’t give up.
- Readjust your budget to match your income.
Help Other’s
- o Having developed an appreciation of your own position, when able, support others in your community. They are likely to appreciate sharing experiences.
Irrespective of what challenges and opportunities the new world of work brings, in the end our employment is up to us. As Jay Asher said
“You can’t stop the future
You can’t rewind the past
The only way to learn the secret
…is to press play.”
