Spring Break
Complacency can be fatal in current job market
By: Mwombeki Baregu
Issue date: 4/16/04 Section: Ed-Op
Originally published: 4/16/04 at 12:44 AM EST
Last update: 4/18/04 at 9:27 PM EST
Originally published: 4/16/04 at 12:44 AM EST
Last update: 4/18/04 at 9:27 PM EST
This is probably your senior, junior, pre-junior, or - worse - sophomore year at Drexel University. Do you know where your job is?
It's election year, and, for just about anyone who can still remember macroeconomics, jobs are the "issue du jour" in political talk shows, business reviews, and general news, so I figured I should take a plunge in it as well. As a Drexel University student who invests thousands of dollars in an education, how often do you evaluate your chances of return on this investment in the long run?
In light of all the outsourcing scares that are going on, have you ever considered that you might not get that decent paying job on which you planned to help pay off your loans? Every year Drexel tuition increases, yet the only thing about to grow in the job market is retraining so that people can learn new and basic skills, and then work for less pay. I think it's time students became more critical of where their loans and their parents' money are going.
First of all, here is the job situation as it currently stands: Globalization and information technology have created unlimited opportunities, but along with the opportunities for economic growth is a can of worms that has affected virtually every corner of the world. The Wall Street Journal reports that the once staunch and very productive German auto labor unions are conceding to pay cuts and longer workweeks, as are Spanish auto unions who enjoy much less earnings.
This is happening because Europe is expanding east, and Eastern Europe is hungry for work; they have plenty of skilled labor to go around. However, no country is safe from the winds of globalization.
I was shocked to learn that companies are shifting away from even modestly priced South Africa to countries such as Malaysia and the Philippines where labor is much more skilled and cheaper. South Africa sets minimum wages to avoid becoming a sweatshop nation for multinational corporations. They set these minimum wages primarily as a result of strong pressure from labor unions that are overwhelmingly illiterate and becoming more and more devastated with the AIDS epidemic. Globalization takes no prisoners, my friends; it will kick you while you're down and move on to the next green pasture.
Nationally, according to the Bureau of Labor Statistics, the unemployment level has held low and steady at 5.6 percent, but, on the other side, the numbers for the labor force, unemployed and employed, have all fallen. The only numbers going up lately are for those leaving the labor force; in other words, those who have given up looking for jobs have increased, including the many discouraged friends living back with their parents.
If you want security, then it's discouraging to know that the personnel supply industry will account for the largest portion of job growth over the next five years, meaning that benefits will become rarer, and employment security even harder to find. Businesses will find it easier to rotate co-ops than to hire old ones permanently, so prepare yourself for the heartache of seeing that cubicle go to someone else.
Philadelphia is a relatively sad case as it has also experienced no growth in its employment base over the last three years, and has shown very little job growth over the past decade. Not to completely despair, as there is some hope as businesses are optimistic for economic growth in the region as reported by Philadelphia Federal Reserve Bank, and hopefully employment opportunities will soon pick up, albeit most might be for temps.
So what are the chances of a Drexel student - well-seasoned with interview smiles that hurt, co-ops and office politics - landing a decent paying secure job with benefits in a more competitive regional and global environment, shaky economic forecasts, in the middle of Union City? Well, if I had the answer to that question, then I would have more than a job to think about. I would have a consulting company and wouldn't have to worry about tailoring my resume. So there is a head start for you out there. Nonetheless, I do have the following advice.
First of all, know what you're getting yourself into; whereas some jobs, such as teaching, nursing and food service (despite and because of the bulge) keep growing and are a sure deal for a job, others in science and research are relatively constant and also safe professions to follow; but manufacturing, as far as location is concerned, seems highly volatile.
Information technology may not be as lucrative as it was once predicted; having to deal with outsourcing and also a good portion of national job retraining programs will go into IT support, diluting the value of your college degree in a related field. One interesting fact to know is that according to a recent edition of Harvard Business Review, Masters in Fine Arts are becoming the new MBAs, as employers pay big bucks for creativity and an edge to break away from the pack. Hopefully, none of those stupid corporate drug screenings is required.
So, all you Fine Arts and Design students hold your heads up high as you pass Mario's claws, which seemingly threaten to tear Nesbitt apart, and smile at yourself as you pass by Pearlstein's shiny glass windows, because Drexel will be sucking up to you in the next couple of years if you play your cards right!
You must plan ahead nowadays (yes, that major can, and probably will, change), and remain flexible for whatever changes might occur (always have a minor, just in case). More importantly, be creative, innovative and love whatever you're studying. Do not just be aggressive, booksmart and loyal, because you've gotta sweat for what you want, but think before you act. Remember that your GPA won't keep your job, and also get a life when you can because companies will still outsource when they can.
This is probably no different than what you have already heard, if you cared to try and figure things out for yourself. Let no one kid you that they have any definite answers. One thing to remember as you face an increasingly dynamic system of "Trumpian" hirings and firings is that, eventually, all workers can be trained and lost; it's creativity, innovation and leadership that will always stay in demand. So the question is, is that what your money is paying for?
Mwombeki Baregu is a senior majoring in economics.
It's election year, and, for just about anyone who can still remember macroeconomics, jobs are the "issue du jour" in political talk shows, business reviews, and general news, so I figured I should take a plunge in it as well. As a Drexel University student who invests thousands of dollars in an education, how often do you evaluate your chances of return on this investment in the long run?
In light of all the outsourcing scares that are going on, have you ever considered that you might not get that decent paying job on which you planned to help pay off your loans? Every year Drexel tuition increases, yet the only thing about to grow in the job market is retraining so that people can learn new and basic skills, and then work for less pay. I think it's time students became more critical of where their loans and their parents' money are going.
First of all, here is the job situation as it currently stands: Globalization and information technology have created unlimited opportunities, but along with the opportunities for economic growth is a can of worms that has affected virtually every corner of the world. The Wall Street Journal reports that the once staunch and very productive German auto labor unions are conceding to pay cuts and longer workweeks, as are Spanish auto unions who enjoy much less earnings.
This is happening because Europe is expanding east, and Eastern Europe is hungry for work; they have plenty of skilled labor to go around. However, no country is safe from the winds of globalization.
I was shocked to learn that companies are shifting away from even modestly priced South Africa to countries such as Malaysia and the Philippines where labor is much more skilled and cheaper. South Africa sets minimum wages to avoid becoming a sweatshop nation for multinational corporations. They set these minimum wages primarily as a result of strong pressure from labor unions that are overwhelmingly illiterate and becoming more and more devastated with the AIDS epidemic. Globalization takes no prisoners, my friends; it will kick you while you're down and move on to the next green pasture.
Nationally, according to the Bureau of Labor Statistics, the unemployment level has held low and steady at 5.6 percent, but, on the other side, the numbers for the labor force, unemployed and employed, have all fallen. The only numbers going up lately are for those leaving the labor force; in other words, those who have given up looking for jobs have increased, including the many discouraged friends living back with their parents.
If you want security, then it's discouraging to know that the personnel supply industry will account for the largest portion of job growth over the next five years, meaning that benefits will become rarer, and employment security even harder to find. Businesses will find it easier to rotate co-ops than to hire old ones permanently, so prepare yourself for the heartache of seeing that cubicle go to someone else.
Philadelphia is a relatively sad case as it has also experienced no growth in its employment base over the last three years, and has shown very little job growth over the past decade. Not to completely despair, as there is some hope as businesses are optimistic for economic growth in the region as reported by Philadelphia Federal Reserve Bank, and hopefully employment opportunities will soon pick up, albeit most might be for temps.
So what are the chances of a Drexel student - well-seasoned with interview smiles that hurt, co-ops and office politics - landing a decent paying secure job with benefits in a more competitive regional and global environment, shaky economic forecasts, in the middle of Union City? Well, if I had the answer to that question, then I would have more than a job to think about. I would have a consulting company and wouldn't have to worry about tailoring my resume. So there is a head start for you out there. Nonetheless, I do have the following advice.
First of all, know what you're getting yourself into; whereas some jobs, such as teaching, nursing and food service (despite and because of the bulge) keep growing and are a sure deal for a job, others in science and research are relatively constant and also safe professions to follow; but manufacturing, as far as location is concerned, seems highly volatile.
Information technology may not be as lucrative as it was once predicted; having to deal with outsourcing and also a good portion of national job retraining programs will go into IT support, diluting the value of your college degree in a related field. One interesting fact to know is that according to a recent edition of Harvard Business Review, Masters in Fine Arts are becoming the new MBAs, as employers pay big bucks for creativity and an edge to break away from the pack. Hopefully, none of those stupid corporate drug screenings is required.
So, all you Fine Arts and Design students hold your heads up high as you pass Mario's claws, which seemingly threaten to tear Nesbitt apart, and smile at yourself as you pass by Pearlstein's shiny glass windows, because Drexel will be sucking up to you in the next couple of years if you play your cards right!
You must plan ahead nowadays (yes, that major can, and probably will, change), and remain flexible for whatever changes might occur (always have a minor, just in case). More importantly, be creative, innovative and love whatever you're studying. Do not just be aggressive, booksmart and loyal, because you've gotta sweat for what you want, but think before you act. Remember that your GPA won't keep your job, and also get a life when you can because companies will still outsource when they can.
This is probably no different than what you have already heard, if you cared to try and figure things out for yourself. Let no one kid you that they have any definite answers. One thing to remember as you face an increasingly dynamic system of "Trumpian" hirings and firings is that, eventually, all workers can be trained and lost; it's creativity, innovation and leadership that will always stay in demand. So the question is, is that what your money is paying for?
Mwombeki Baregu is a senior majoring in economics.
