Valuetainment - March 08, 2021


The Danger of Today’s Job Market

Hosted by
Patrick Bet-David
Former CIA Agent Reveals Human Trafficking Business Model Is New York The Next Detroit？

Episode Stats


Length

3 minutes

Words per minute

200.79

Word count

758

Sentence count

47


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode, I talk about why older employees in the workforce are getting replaced by newer, younger employees and why it's not fair. I also talk about how important it is to learn 10 new skills in the next 18 months to keep up and keep up with the competition.

Transcript

Transcript generated with Whisper (turbo).
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.000 So I recently saw a stat in a Harvard Business Review magazine I want to share with you.
00:00:03.620 That's mind-boggling, but before I get into it, I want to ask you a question.
00:00:07.440 And here's what it is.
00:00:08.700 You ever wonder why recently older employees in the workforce are being hired by newer,
00:00:18.000 younger employees in the workforce?
00:00:19.500 Why is this?
00:00:20.220 Is it, you know, the younger generation is taking over and it's not fair, they're trying
00:00:24.340 to save money and that's what they're doing?
00:00:26.160 Maybe.
00:00:26.840 What else could it be?
00:00:27.680 Do you ever wonder why certain people stay in the same position for too long and they
00:00:32.280 don't get a promotion and they start kind of wondering, well, how come I'm not getting
00:00:35.660 the next promotion, but I should be getting the next promotion, but I'm not getting the
00:00:38.620 next promotion.
00:00:39.460 You don't see what I've been doing in the last five, 10 years, but you haven't been improving
00:00:43.420 a lot.
00:00:44.280 So Harvard Business Review gave an incredible statistic and here's what it is.
00:00:48.420 Let me read it to you.
00:00:49.720 It says, they did a market research on 3,500 managers.
00:00:54.700 That's 2019 survey on 3,500 managers found that only 29% of new hires have all the skills
00:01:01.120 required for their current roles, let alone for future ones.
00:01:06.600 The research finds that in key functions such as finance, IT, and sales, positions filled
00:01:11.160 today, you ready?
00:01:12.560 Will require up to 10 new skills to learn within the next 18 months.
00:01:18.640 Let me read that to you one more time.
00:01:20.100 The search finds that in key functions such as finance, IT, and sales positions, filled
00:01:25.660 today will require up to 10 new skills in the next 18 months.
00:01:30.520 10 new skills in the next 18 months.
00:01:32.320 Pat, what do you mean 10 new skills in the next 18 months?
00:01:34.400 Well, let me ask you a question so this kind of helps you see what they mean.
00:01:37.860 How valuable is it to know and be an expert in MySpace right now?
00:01:42.520 Like if you know everything about MySpace right now, how useful is it?
00:01:46.400 How useful is it to know how to use AOL chat today?
00:01:49.760 Like imagine if you were like a killer on AOL chat.
00:01:51.960 You know how to go from the chat room to the other chat room and have like 17 and I'm working
00:01:55.060 and how to get traffic and people in.
00:01:57.240 You were great at it.
00:01:58.340 How useful is that skill set?
00:01:59.940 Now, how useful is the skill set of TikTok today?
00:02:03.060 Maybe you're, you know, clubhouse today.
00:02:05.380 Or maybe a skill set of knowing how to prospect on Instagram.
00:02:09.880 Or knowing how to make certain connection on different platforms that are out there.
00:02:14.560 Or recruit in a creative way instead of just going through the typical monster or career
00:02:20.120 builder or ladder or any of this stuff that's out there.
00:02:23.340 There's a lot of new skill sets you need to learn.
00:02:25.220 So the point is the following.
00:02:27.620 The reason why sometimes older employees get replaced is because they stop learning new skill
00:02:32.860 set.
00:02:33.140 And the reason why so many people in the workforce eventually plateau is because they think their
00:02:38.940 existing 129 skill sets that they've learned in the last 10 years is going to help them
00:02:44.720 get to the next level in today's economy.
00:02:47.260 That's not how things work.
00:02:48.960 Things are moving so fast that if you don't learn 10 skill sets in the next 18 months and
00:02:54.540 every 18 months, you ain't keeping up.
00:02:56.900 By the way, that's just if you want to keep up.
00:02:59.920 What if you want to compete?
00:03:00.920 It's 20, 30 skill sets you've got to learn every 18 months to keep up and compete.
00:03:08.240 So if you ever wonder if some of these guys in the world of business keep winning at the
00:03:13.060 highest level, you may want to ask yourself, maybe, just maybe, they're learning new skill
00:03:19.640 sets that they haven't learned before because they're constantly learning at what I need to
00:03:24.460 learn today and even better, what do I need to get better at in the next 12, 24, 36 months?
00:03:29.820 Having said that, I did a video a few years ago, two years ago, talking about industries
00:03:34.260 that are about to be disrupted.
00:03:35.420 If you've never watched it before, click over here to watch it.
00:03:38.080 And for everybody else, have a great week, everybody.
00:03:40.520 And hopefully you will commit to learning 10 new skill sets the next six months, not the
00:03:45.780 next 18 months.