Bob Serling was my guest on Social Selling TV where he shares 8 steps to profiting in the new economy.
If you’re 45 or older, your career outlook is pretty bleak.
Now, I probably don’t have to tell you this, because you already know it. That’s because it’s likely that you’ve been passed over for promotions a number of times, because the next promotion you’re in line for would kick you up to a much higher pay level. It would also trigger an increase in your benefits, profit sharing, and the company’s contribution to your retirement fund.
So the older you get, the less likely it is that you’ll be promoted. Worse yet, you may have had your hours cut back – often drastically – or you may even have been laid off. Employers know that they can hire younger workers, even college graduates with a Master’s degree, for a fraction of what they pay more experienced workers.
Get Bob's Free eBook
Just last week, a large, well-known computer chip manufacturer here in San Diego laid off 80% of its senior engineers, replacing them with students who are scheduled to graduate a few months from now with engineering degrees. It’s estimated that instead of paying the average salary of $160,000 or more per year for a senior engineer, their replacements will be paid $60,000 to $80,000 per year. Plus, once you’ve been laid off, good luck finding a high-paying job with satisfying work duties these days.
The outlook is dismal.
You see, two economists, Lawrence Katz of Harvard and Alan Krueger of Princeton, recently released a study they did of all job creation in the U.S. from 2005 to 2015. By analyzing the records of all jobs created using statistics from the U.S. Department of Labor, they discovered that 94% of ALL job growth was in the freelance and part-time sectors. And that conventional, high-quality jobs are essentially a thing of the past.
On the other hand, even if your job is safe (for now), you may be feeling burned out by the 9-to-5 grind. So much so that you can hardly face getting up on Monday when the same monotonous routine starts all over again. But there is a solution to these troubling problems. You see, in the new economy, there’s an abundance of ways for YOU to tell your employer, “No thanks, I really don’t want to work here anymore”.
And to replace your tenuous job situation with a simple-to-run business that you own with no one to answer to but yourself, while you make more money than you ever would working for someone else, yet have more time off and ultimately, more freedom to work and live the way you want to.