We are moving into the era of entrepreneurship and consulting. To recognize your transferable skills and determine how you can apply them to another area is hence crucial. Listen to Jody Greenstone Miller, Founder and CEO of Business Talent Group explain to Stanford how to make a career pivot
Technology and robots are taking over more and more jobs. Even for qualified executives employment is becoming a thing of the past. Enter entrepreneurs and consultants. Freelancers are increasing and online companies offering services are transforming the job market. You can practically order any service you need on the internet. Even a taxi through Uber. We are moving from full time to temporary employment. In the United States 53 million people i.e. 40 percent of the work force, are already freelancing. And the phenomena is rapidly spreading all over the world.
Revolution in the labour market
It started with the financial crisis in 2008 when an abundance of people lost their full time employment and becoming self employed suddenly became a necessary and attractive way to support yourself. The good news is that the internet and social media has vastly facilitated that way of working. An on-demand-economy is emerging. Traditional company structures are being transformed and more and more work is being ordered on demand.
How do you fit into the on-demand-economy?
First thing is to determine what skills you have and where and how they can be applied. So, how can you determine what your strengths are and what you can do with them? It works the same way as evaluating what other types of jobs you could do in the company your work for or another business.
If you are an executive you, most likely, have an abundance of functional skills that are in high demand and your knowledge of different industries can also be a highly valued commodity. A great example is government where ministers are moving from one portfolio to another. When it comes to recognizing a core set of skills and how they can be applied to different areas governments have actually been much better than the private sector.
In other words, the trick is to determine what your strengths are, separate them and understand what they make you capable of doing. Then you apply them to what you are looking into doing. What are your functional skills? HR, legal issues, communications, marketing, finance, sales or other areas?
Building up a start-up an asset
Strange as it may sound, having built up a start up from say one to 30 employees is a skill that’s useful and can be applied to assist other start-ups and already established companies in developing and growing in a lean and profitable way.
When looking at your strengths don’t forget that skills don’t go away if you don’t use them for a while. It’s like starting rollerblading 25 years after you were ice skating. So don’t disregard old skills because you have not used them for a while. Core skills you can just leverage and start using in a new direction.
Do you agree that we are moving to an on-demand-economy? Is entrepreneurship, consulting and freelancing taking over from full time employment? Are you already working as a consultant or freelancing? Have you thought about what your skills are and how they can be applied to other areas? If so, have you found any new areas of interest?
Video: Stanford Graduate School of Business