How safe our jobs today? We have seen many of your friends, colleagues, or family members losing their jobs due to layoff, or downsizing, or cost cutting measures in companies. Due to rapid technological development, automated business processes, and interlinked and networked economy, many traditional jobs vanishing rapidly.
Global Economy
We are more aware our interlinked global economy has changed fortunes of a countries or families, and individuals. Thousands have lost their only source of income in some countries when some regulations changed in another country. In most countries, losing ones source of income leaves a person traumatized, humiliated, and distressed.
No more job security
For those still employed, one can never feel at ease anticipating when the axe fall on him. Nowadays no job is safe starting from staff to senior most managerial positions. Indeed, change brings destruction. Nevertheless, change is only permanent. Therefore, we need to correct our assumptions about earning a single income. Instead, changing times are urging us to remodel our assumptions to adapt to multiple sources of income.
Financially unsecured life
With rapidly changing global economy, when ones income directly tied to the performance of her employer in such volatile markets, one cannot lead a financially secured life with one source of income. Unfortunately, golden days of secured job, secured salary are practically over. We are living in different times and only those who can adapt can survive. History repeats: It is all about survival of the fittest!
Developing multiple income streams
We need to develop multiple streams of income. In other words, we need to diversify our income sources. If we want to earn multiple incomes traditionally, you may have to work for more than one job. Nevertheless, working traditional jobs is only as perilous as your regular day job. Alternatively, you have a regular day job and have business to run in parallel. One word of caution: you must be able to juggle both tasks without jeopardizing either of them.
Trends in current economy
Interestingly, the trend of downsizing would continue irrespective of economic trends, both up and down. Corporate global want to utilize more technology and want to either hire or retain less employees. This means, many of currently employed are downsized or re-skilled or retrained to manage sophisticated and automated work processes in the future. In addition, companies readily outsource administrative and most non-core functions to become more lean, competitive, and cost effective in the ultra competitive economy. This, indeed, is an indicator of abundant opportunity for self-employed professionals and entrepreneurs to serve narrow niche markets.
Next generation entrepreneur
From this background, the next generation of economy belongs to entrepreneurs and professionals handling multiple customer accounts (read multiple incomes). If you want to belong to the entrepreneur-based economy, develop all the necessary skills to become an entrepreneur and you can earn more money than working on multiple jobs and ensure you source of income secure.
