Valuetainment - March 08, 2021


The Danger of Today’s Job Market


Episode Stats

Length

3 minutes

Words per Minute

200.79471

Word Count

758

Sentence Count

34


Summary


Transcript

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.