7 new skills every worker needs

8/6/2019 7 New Skills Every Worker Needs

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7 New Skills Every Worker Needs

By Rick Newman

Posted: July 26, 2010

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You're an expert at something? Hey, congratulations. Now, go become an expert at somethingelse.

Most Americans striving to find or keep a job know the sensation: It's getting harder to getahead, and the demands keep intensifying. Everybody knows how the recession destroyed wealthand derailed careers, leaving millions in a hole they're trying to dig out of. Now we're beginningto see some of the longer-term changes in the way Americans live and work. Some aredistressing, but there's also plenty of hope for people who are industrious and willing to dowhat's necessary to succeed.

[ See 21 things hiring managers wish you knew.]

Unemployment is obviously far too high these days, and likely to stay that way for a couple ofyears at least. A prolonged "jobless recovery" is likely to depress incomes, spending, and living

standards. But it's a mistake to assume that there are no good jobs or that Americans mustconsign themselves to inevitable decline. Despite a damaged economy, good jobs are emergingfor people with the right qualifications. And it's an ineluctable fact of capitalism that wealth canbe created by those who are shrewd, determined, or just plain lucky. Even now.

The catch is that success these days requires new skills and a degree of toughness that a lot ofAmericans lack. A recent survey of big companies by consulting firm Accenture, for example,found that the majority plan to hire over the next two years. But not like before. Like manyindividuals, firms fear that they're failing to keep up with technology and falling behind in aruthlessly competitive marketplace. Only 15 percent of firms in the survey, for instance, felt thattheir workers have cutting-edge skills. That means they're interested in hiring talented workers

who are able to give them an edge. But few companies plan across-the-board hiring to reversethe mass layoffs of the last three years. Instead, most firms plan targeted hiring to fill their mostvital needswhile maintaining a lean payroll in case the economy turns south again.

[See why raises are so scarce.]


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Specific needs vary by company and industry, of course, but some key commonalities apply tomany firms. Here are some of the attributes that workers will need to thrive in an austereeconomy:

Agility. When the recession hit, a lot of companies discovered that their workforce was poorly

configured for a sharp downturn. Many big firms didn't know enough about their workers' skillsto move people where they were needed, for example, so they ended up cutting staff by arbitrarypercentages or axing whole departments. Then they realized that they had fired people theyneeded, along with others they could do without. Now, as companies rebuild, they intend to fixthat problem. That means there will be fewer full-time hires and more temporary workers, evenamong managers and professionals. Companies will hire people for particular projects, forexample, and maybe even offer some of the same benefits that full-time staffers get. But they'llalso retain the ability to quickly downsize without the trauma and expense of a mass layoff. Andthey'll move people around more frequently, to best match workers' abilities with the company'sneeds.

Workers will have to get used to less predictable work, more turnover, and careers that couldentail several different jobs and even different disciplines. Those who adjust to project-relatedwork without a single, long-term employer could turn out to be appealing hiresand they mightlearn to enjoy the breaks between jobs. But those who complain about turbulence and insist on astable, predictable career path could find that nobody's listeningor offering them a job.

[See 4 things financial reform won't do for you.]

Skill combos. If you're good at one thingbut only one thingcompanies might pass you by. Inthe Accenture survey, for example, companies said that sales, customer service, and finance weretheir most important functional areas. But lots of people have that kind of experience, and many

of them are unemployed. The way to differentiate yourselfand land that job that 150 peopleapplied foris to develop and highlight two or three different skill sets, such as IT and strategicplanning, or sales and logistics. That will make you more valuable to an employer, especially ifthey need to shuffle workers around. A 2009 study by consulting firm McKinsey found that thehighest earners with the best overall prospects have a combination of valuable skills. That'sespecially true in global companies that need technical experts who are also good at managingthe complexities of international supply chains or a dispersed staff. The more things you're goodat, the more reasons you give a company to hire you.

[See 5 reasons a double-dip recession could happen.]

Tacit skills. Companies increasingly value intangible qualities that are hard to put on a resume,like informed intuition, judgment under pressure, ease with clients, and problem-solvingabilities. These "tacit" or "cognitive" skills tend to come with experience, but they also accrue topeople who seek additional responsibility, volunteer for tough assignments, and are willing totake risks. The McKinsey study, for instance, found "an increasing demand for tasks that requirehuman skills complemented by technology." To build these kinds of skills, work with colleagueswho seem to have them and volunteer for projects that will force you to learn new things. Tohighlight these intangibles for a potential employer, line up references from people who can


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attest to your tacit abilities and find concrete ways to emphasize how you've solved problems orachieved unconventional results.

[See why American workers need to toughen up.]

A broad vision. You might be missing out on a good job simply because you're looking in thewrong field. Most people tend to look for work in the industry they're most familiar with, butwith sharp downsizing in industries like construction, real estate, retail, and manufacturing, thatcan be self-defeating. Cathy Farley of Accenture recommends focusing on your skillsnot yourjob or titleand exploring whether you can apply them in a different field. "If you did supplychain management in manufacturing, maybe look in healthcare," she says. "If you did projectmanagement in construction, that could apply in a corporate environment." Companies mighteven value the perspective of somebody who comes from a different discipline, but it's up to youto suggest the fit and explain why it might work.

[See 10 companies back from the brink.]

Analytics. Whatever your field, chances are there are new data-gathering tools to help assessperformance and identify opportunities. The explosion of computer programs and other tools formeasuring sales, Web traffic, return on investment, and consumer behavior leaves little inbusiness unexaminedincluding your own performance. In the past, analytics was often the jobof data geeks poring over spreadsheets. But it's becoming everybody's job, and the more youknow about your own performance or that of your division, the more likely you'll be able toimprove it. Training involves the use of spreadsheets and various computer applications, offeredthrough many companies, community colleges, and training centers. Or teach yourself.

Curiosity. It's not something you'd put on a resume, but an inquisitive mind can help inoculate

you against the vicissitudes of a chronically tough job market. "Your greatest defense againstwhat's happening is to be interested in a wide variety of things and be intrigued by things," saysbusiness guru Tom Peters, author ofThe Little Big Things and 14 other books. Curiosity, he says,"will lead you instinctively to talk to people you wouldn't ordinarily talk to, to go farther afieldthan you might think you should." That's the way to find opportunity, especially when manyconventional paths to advancement have narrowed or closed.

[See why voters will get a lot angrier.]

Self-reliance. It's becoming apparent that the big institutions that many Americans have reliedon for the last 50 yearscorporate America, banks, the governmentwon't be as supportive inthe future. Those who adjust and become more entrepreneurial will be the winners. That meansdeveloping more technical skills instead of relying on others, making lots of backup plans, andbuilding a big cushion in case something goes wrong. "Don't get too dependent on having totalcontinuous employment," advises Peters. That way, if you end up out of work for a while, itmight seem like more of a blessing than a curse. And you'll know what to do next.

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y Reader Commentsy Read All 17 Commentsy Add Comment

Tacit Skills

Apparent that Jay in CA does not score too high on the Tacit Skills, "soft skills/people skills"like informed intuition, . . . ease with clients, just the skills would stop a person from making funof "journeyman carpenter."

[report comment]

Alexa of NY @ Nov 12, 2010 21:36:27 PM

software

Journeyman Carpenter - Ever thought of adding spelling to your skill set?

[report comment]

Jay of CA @ Sep 10, 2010 14:04:47 PM

Multi-skills and Project Based Employment

It used to be said that if you trained a parrot to say "supply and demand" you had an economist.Similarly, I think, if you had a parrot say "focus, focus, focus", you'd have a career counselor. Bythat logic, opening a nails salon for thumbs only would give you a unique selling proposition andput you on the road to riches. Now as this article points out everyone is walking that one back,hoping to get a 2-for-1 or 3-for-1 out of any new employee in terms of a skill set. I'm not tooconvinced, though, that these candidates, for the most part senior level, won't be accused ofpresenting a "confusing background" and lacking direction. We want it both ways, it seems, andwe'll blame the work force for the built in contradictions imposed on it.

As for the mobile, flexible project worker finding favor, I give you the numerous employers nowwho instruct the recruiting force to bypass anyone with a history of independent consulting. Eventhough candidates were encouraged to reinvent themselves and become "Me, Inc." after theirearlier layoffs, they're now characterized as ornery cranks for doing just that and presenting toobig a "flight risk" or likelihood of flaunting corporate authority. Nevertheless the double standardwill continue that characterizes adaptive, resourceful workers as being flighty or rootless andcharacterizes capricious, impulsive employers as hard-nosed businesses doing what's tough butnecessary to prosper.

Secrets to Staying EmployedAfterAge 50


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How to hold on to your job as you approach retirement

By Emily Brandon

Posted: October 12, 2010

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Losing your job later in life can be particularly devastating. Once unemployed, older workersgenerally take longer to find work than their younger counterparts. The average duration ofunemployment for those age 55 and older in September was 42 weeks, which is more than nineweeks longer than the average younger person was out of work.

Older workers who are currently employed must take steps to insulate themselves from job loss.

Many already seem to be doing this. The unemployment rate for those age 55 and older was 7.2percent in September, compared with 9.6 percent among the population as a whole. Here aresome tips to help you hold on to your job as you approach retirement.

[See 10 Costs That Could Increase in Retirement.]

Keep track of your profitability. An employer is unlikely to lay off someone who consistentlymakes orsaves money for the company. "Make sure you are profitable for a company and keeptrack of your profitability," says Pam Lassiter, principal of Lassiter Consulting and author ofTheNew Job Security, Revised: The 5 Best Strategies for Taking Control of Your Career. "It wouldbe silly to let go of somebody who is making you money." Keep a list of your work

achievements on your home computer, including a record of how you contributed to thecompany's bottom line, any recognition you have received for doing so, and complimentsreceived from customers or clients. "Document your case about why the raise you want and thecontinuation of work you want is minor compared to what you have contributed during the year,"says Lassiter. "It helps insulate you from any decision about cutbacks and layoffs when you keeptrack of your achievements."


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Learn new skills. Taking advantage of any workplace training or tuition reimbursement thatyour employer offers can demonstrate your ability and willingness to keep up with youremployer's changing demands. Getting a book and learning skills applicable to yourjob on yourown or with a coworker can also be helpful. "Learn how to apply computer technology to what isgoing on in your workplace," says Laurence Shatkin, coauthor ofBest Jobs for the 21st Century.

Make sure to keep your boss updated about your new educational endeavors. "Ask for anassignment that gets you to use the new skills," says Shatkin. "It's even better if you can come upwith the dollars and cents you made using this new skill."

Be a problem solver. Become known in your office as the person people go to for help or forinformation about specific problems. "You want to make sure people know what you're doing,"says Shatkin. Keep your boss and coworkers updated with occasional progress reports through E-mail or on an internal company blog. That way, when company downsizing comes up, yourcontributions, energy, and enthusiasm are clearly documented. You want your colleagues tothink: "We can't get rid of that person. This is the guy who does this," Shatkin says.

[See 7 Tips for Working for a Younger Boss.]

Pass your knowledge on to others. One of the biggest assets that tenured older workers have istheir institutional knowledge of the company and the career field. "Sure, you can hire a younger,cheaper employee, but an older worker who has been with you for 20 years may have developedlong-standing relationships with clients and other people in the field," says Deborah Russell,AARP's director of workforce issues. Be sure to highlight recent successes in addition to yourexperience. "Longevity is not just saying you have been there for 20 years, but that you continueto learn and add value to the company, which in the end helps fuel their bottom line." Also,consider offering to pass along your accumulated knowledge and connections to youngeremployees.

Take on new projects. Make it clear to your boss that you plan to continue to work and are notplanning to retire in the near term. "Volunteer to work on something or lead a task force," saysLassiter. Come up with ideas for projects that you are interested in working on that could createadditional income streams for the company. It would be difficult to force you out when you areactively involved in a variety of essential roles.

y 1y 2y >y Reader Commentsy Read All 1 Commentsy Add Comment

pj

develop relationships, skill or knowledge that is irreplaceable. Client relationships where theclient knows your company through you is key for retention. Having key skills such as website


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maintenance makes you difficult to replace. Knowledge of how certain software works or keyworkarounds is also critical for retention.

[report comment]

pj of NJ @ Oct 26, 2010 17:28:35 PM

Costs to Eliminate Before You Retire

Get rid of these expenses before you exit the workforce

By Emily Brandon

Posted: October 25, 2010

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You will be able to get by in retirement with a smaller nest egg if you eliminate as manyexpenses as possible before you leave the workforce, such as mortgage and credit card debt.While you're still working, you can also take care of many other expenses that are likely to cropup in retirement, including home repairs, and even taxes in some cases. Here are some expensesyou should try to tackle before you retire.

[See 10 Costs That Could Increase in Retirement.]

A mortgage. Finally paying off your monthly principal and interest payments eliminates a hugeexpense

from your retirement budget. However, you will still have to pay for insurance, property taxes, and

maintenance on your home. If those costs are high in your area, consider moving to a place with lower

taxes or downsizing into a smaller house once your children move out.


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Credit card debt. You don't want to use your nest egg to pay for expenses you incurred whileworking. "I don't like credit card debt at any age. For folks after retirement, it just clobbers aperson's finances

," says Mark Ziety, a certified financial planner for Shakespeare Wealth Management in Brookfield, Wis.

"It's always nice to enter retirement without any debt whatsoever." Aim to pay off your credit cardbalances, car loans, and other high-interest debt before you leave your job.

A second car. Retired couples often find that they no longer each need their own car inretirement. Selling one of your vehicles brings in some immediate income and also eliminatesongoing insurance and maintenance costs. Once you curb your daily commute, you probablywon't put as many miles on your existing car. "In retirement, you're probably not driving as muchso you only need to replace a vehicle every 10 years," says Michael Miller, a certified financialplanner for Miller Premier Investment Planning in Mansfield, Texas. "Buying a two-year-oldvehicle versus a brand new one is something I suggest to everyone."

[See 5 Retirement Tax Deadlines to Plan For.]

Home repairs. Get as many home repairs taken care of as possible before you retire. Whetheryour house needs a new roof or you need a new washing machine, try to anticipate what willneed to be fixed so you won't have to dip into yourretirement savings

to pay for it. "Taking out large withdrawals for extra expenses early in retirement is really detrimental to

your retirement," says Ziety. "Getting those maintenance expenses taken care of before you retire is a

great idea." Of course, if you plan to do some of the home repairs yourself, it might be a good idea to

wait until you have more free time in retirement.

Expensive investments. You generally don't have a lot of control over the investment choicesand the fees that come with themwithin your 401(k). But when you retire, you can choose anyfinancial institution that offers an IRA to house your nest egg. Try to pick investments withreasonable fees. "A 1 percent difference in fees and expenses can literally make the differencebetween a successful retirement and you running out of money before you run out of time," saysMiller.

Unnecessary services and utilities. Many households have redundant utilities. You may notneed both a land line telephone and a cell phone. Also reevaluate whether you need both anInternet connection and cable TV, given that you can watch many shows for free over theInternet. "When you retire and have a little more time on your hands, you can reevaluate whatyou really need and what conveniences you don't really need right now," says Terry Siman, acertified financial planner and president of Vantage Point Advisors, Inc. in Lower Gwynedd, Pa.

[See 6 Secrets to Staying Employed After Age 50.]

Taxes. You can't completely get out of paying taxes in retirement, but you have some controlover when you pay them. You can pre-pay your taxes before retirement by investing within a


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Roth IRA or 401(k), or you can defer paying taxes until retirement using traditional retirementaccounts. Investing in both types of tax-favored retirement accounts and taxable accounts givesyou some flexibility to decide which accounts to tap (and how much resulting tax to pay) withina given year. Withdrawals from traditional retirement accounts become required after you reachage 70. "It's nice having that flexibility of multiple tax statuses," says Ziety. "Any time that

there is an ability to look at tax-deferred, taxable, or tax-free investments, then you can reallymanipulate what your tax liability is in a given year."

y Reader Commentsy Read All 3 Commentsy Add Comment

To completely unprepared.

Im sorry to hear about your husbands health and other issues. It sounds like you need to consulta financial professional. There is actually an industry that has developed around the topic ofbusiness succession planning. At 58, no matter owner health, its time to start planning for the

best way to retire from your business, which might include selling it and accepting a note togenerate regular payments for the business.

You didnt say WHY you own a condo in Gainesville, FL. Would renting it to college studentsbe a viable option? Property management firms handle renting, collections, etc. in exchange for apercent of the rental revenue. Ask yourself if the net cash flow from the rental exceed your out ofpocket costs of mortgage and association fees.

All the best.

[report comment]

Karen of FL @ Oct 28, 2010 15:25:21 PM

Huh

@Jan - there are a lot of questions that need to be answered. Did you use previous retirementmoney to start this business? You obviously had enough money at one time to buy a condo.Didn't you think to put money away for retirement or did you think there'd be plenty of time forthat later and that vacations were more important? Why aren't you learning your husband'sbusiness so you can take it over?

[report comment]

Jimmy of NY @ Oct 28, 2010 09:43:03 AM

completely unprepared

My husband and I are 58 years old. We have not one penny saved for retirement. We own abusiness that is providing us paychecks, but no disbursements at the moment. Busniess is picking


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Many people think they'll be able to get by on a smaller budget in retirement. You will certainlybe able to strike work clothes, dry cleaning, and commuting costs from your budget. But if you'renot careful, you can easily end up spending more in retirement than you did during your workingyears. Here are 10 costs that are likely to increase in retirement.

7 new skills every worker needs

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