Today’s economy has characteristics that are new and quite different from those of previous years—it is global, unstable, innovative, without boundaries, customized, ever-changing, and social. The most motivated and successful college students will work hard to understand these characteristics, and will consider them carefully as they make decisions that relate to their futures. As we take a look at each characteristic, think about the potential impact on the program of study and possible career path you are envisioning for yourself.
It’s Global Many corporations are multinational; they look for cheap labor, capital, and resources both within and outside the United States. Competition on a global level presents challenges for American workers. College graduates in the United States now compete for jobs with others around the world, particularly in industries that involve science, technology, engineering, and mathematics (STEM).
It’s Unstable In late 2008, the world economy began suffering from a series of events that led to bankruptcies, foreclosures, failing businesses, downturns in stock markets, and lost jobs. The nation’s economic situation gradually improved in subsequent years, but that improvement may have halted or even begun to reverse by the time you graduate. Economic instability is troubling, but having a college education gives you a great advantage over those without a degree.
It’s Innovative The economy has always depended on creativity to generate consumer interest in new products and services around the world. As a leader in industry innovation, the United States needs college graduates who possess imagination and a desire to move forward.
It’s without Boundaries You might be an accountant and find yourself working with the public relations division of your company, or you might be a nurse who does staff training. The ability to work outside of traditional boundaries while expanding your skills, abilities, and knowledge will be essential to your professional success.
It’s Customized More and more, consumers demand products and services tailored to their specific needs. This is especially true of those born after 1970, who were raised on the individualistic concept of consumer choice. For instance, the popular frozen yogurt franchise, Orange Leaf, allows patrons to “become the master of your dessert” by building their very own yogurt treats, boasting that “the possibilities are endless!” We customize our cell phone ringtones, our coffee, and our iPod playlists. Some universities even allow students to customize their own majors. Such market segmentation requires constant adaptation of ideas to identify new products and services as new customer demands emerge.
It’s Ever-Changing As we rebuild our economy, new jobs in nearly every industry will demand more education and training. As we have stated in this book, the most important skill that you need to learn in college is how to keep learning throughout your life. To give yourself the best chance at avoiding a negative employment situation, it’s important to adapt your skills to the job market that exists. Doing so requires both flexibility and the desire to continually develop yourself.
No Plan for Life after College
Whenever someone asks you about your plans for employment after college, do you fumble for a response? Do you feel clueless? Are you hoping a flash of insight will put you on the right career path? If so, you’re not alone. Many students come to college without firm career plans. This chapter will give you some new ways to think about your major and career choices. It will introduce you to resources that you may not have thought about before. So don’t panic. Just make your first year a time to explore your options.
It’s Social Technology has allowed us to stay more connected in our personal lives and in business; however, it has also decreased our need for, and exposure to, face-to-face social interactions (or so we think—the long-term effects of having less face-to-face contact have not been definitively measured yet). Employers rank the following abilities as the most important skills or qualities they look for in job candidates: the ability to work in a team structure; the ability to make decisions and solve problems; the ability to plan, organize, and prioritize work; and the ability to communicate verbally with people inside and outside the organization.3 In this world of ever-increasing technological advancements, the ability to be a team player is the top asset organizations look for when hiring new employees.
These characteristics of the economy—that it is global, unstable, innovative, without boundaries, customized, ever-changing, and social—should provide a roadmap for you as you make decisions throughout your college experience.