Characteristics of Today's Economy

• 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 the fields of science, technology, engineering, and mathematics (STEM).
• 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 has gradually improved since then, but that may or may not be true by the time you graduate. Economic instability is troubling, but having a college education gives you a great advantage over those without degrees. Attending a two-year college to earn a degree or certificate in a relatively short time allows you flexibility in an uncertain job market.
  

  Stiff Competition

  The information and strategies in this chapter will help you prepare for job interviews so that when it’s your turn, you can walk in with confidence.

  Source: © Lynne Sladky/AP/Corbis
• Innovative. The economy has always depended on creativity to generate consumer interest in new products and services around the world. The United States, as a leader in industry innovation, needs college graduates who possess creativity and imagination and a desire to move forward.
• Boundaries. In almost every organization, teams need to work together. 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.
• Ever changing. As we rebuild our economy, new jobs in nearly all industries will demand more education and training. As you previously learned in this book, the most important skill 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 flexibility and the desire to continue to develop yourself.
• Social. Technology has allowed us to stay more connected than ever in our personal lives and in business; however, it has also decreased our need for face-to-face social interactions (or so we think—the long-term effects of less face-to-face contact have not been definitively measured). 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 verbally communicate with people inside and outside the organization.¹ In this world of increasing technology advancements, the ability to be a team player is the top asset organizations look for when hiring new employees.