The first half of 2011 is in the bag. I must have blinked because it has just flown by and let’s take a look at where we are. There is worry about how Greece and several other European nations will handle their debt problems, and signs of weakness for our own economy. There are continued concerns that China's economy, the world's second-largest and crucial to the commodity markets, is slowing. Even risky and speculative gold investments have hit a slide declining 5 weeks running for the first time in years. I suppose at the end of the day there is a difference between an economy not sprinting forward and one that's going backward. I suppose the good news is that we are at least walking forward.
Unemployment is still hovering a bit over 9%, and there are a few interesting trends to be found in the work place. The rash of downsizing as companies worked to protect their margins and reduce operational costs has left a mixed bag of workers. Some retained workers are certainly glad to have a job, while others are struggling to find balance and meaning in their new roles. Many retained workers still are rolling from the “fruit basket toss up” and let’s work with what falls out mentality. According to a recent survey by Mercer LLC (WSJ 7/1), one in three U.S. workers say they are seriously considering leaving their employers. It seems that most are young workers with 80% of them 34 and younger. This is particularly troubling for small business which is normally limited in size, and the weak economy has forced many in recent years to downsize to even lower levels.
In a move to retain talent, many companies are looking at reinstating perks that may have been dropped along with employees during the downsizing moves. Reinstatement of 401K and a match as well as merit based bonuses are seen as key retention tools. Other perks deemed highly effective for retention include vacation and personal time, wellness-related benefits, flexible schedules, tuition reimbursement and telecommuting.
But not everyone is looking at leaving, or asking for more perks. Some are trudging off in an entirely different direction. Faced with bruised nest eggs and high unemployment rates, older Americans are becoming entrepreneurs.
According to the nonprofit Ewing Marion Kauffman Foundation (WSJ 7/1/11), individuals between the ages of 54 and 64 represented 1 in 5 launched businesses in 2010, suggesting the United States might be on the cusp of an entrepreneurship boom not in spite of an aging population but because of it. Apparently you do not need to be a 20 something young tech genius, just a calculating risk taker.
Of course starting a new business is not for the faint of heart with a failure rate as high as 90%, and most new businesses taking 5 years to break even or turn a profit.
Whether you stay, go or start off on your own, it is important to enjoy your work life. For most of us, it does consume 40 to 80 hours of our week, so we should work to make it count. It has been suggested to separate the demands of work from your own expectations of yourself. No matter where you are in your career path take the time to be aware of your goals, be they career advancement, work life balance or otherwise. Carving out for yourself a less formal and more goal-oriented workplace with the help of your boss or manager may be just the ticket to keeping you right where you are. People are more productive and happy when they have creative freedom and autonomy to get things done.
As you move into your work week next week, remember, take care of your customers (and I will add your employees) or someone else will.
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