Welcome to the New Economy

By
Asubiaro Samuel Busayo
Head Consultant
Sprout Business Support.

Living in the New Economy
You probably heard these words at least once in your life ‘Go to school, get a good grade and get a good Job and settle down’.

No one said ‘Go to school, whatever you study, learn entrepreneurial skills, and above all learn how to make money work for you’ but this is the obvious reality of the 21st century. We have to come into a time where a persistent learning attitude is the only security for continuous income. The most wealthiest and influential people on earth today have one thing in common, a continuous and undying thirst for knowledge.
  The economy we live on today is knowledge backed and knowledge driven; here are the reasons why the new economy is knowledge based
  1. Increased Technological advancement:

Moore’s Law is the observation that the number of transistors on integrated circuits doubles approximately every two years.  Transistors are the billions of devices that electrically power our computer chips.  That law simply means devices will be continue to increase in use and application in every two years
Ghhe if
Rate of Growth of components per integrated functions

The technology we crave has imposed upon the need to constantly change and evolve, as we must continuously learn to take advantage of them.

For instance, It is not just enough to have a degree in accounting any more, you must have a vast understanding of Microsoft Excel (Visual Basic Application), Quickbooks , Sage X3; or at least one of the accounting software and at least be able to carry out financial modeling, or as a trained building constructor be able to use CCS C5 or Enscape; much of which if you were formally educated in my generation/African region is not included in your curricula.

You can think of other fields and there complementing software; expanding the scope of traditional jobs, erasing others and creating new ones.

I mean 15 to 10 years ago who would have considered a job title as content creator or YouTuber? But welcome to the New Economy; the knowledge based economy where technology takes and makes Jobs at a neck breaking speed. BBC report robots will replace humans faster due to Pandemic
    2. Unstable Economy
Tread Carefully: Unstable Economy
This is sequential to the first, it is simple, new technology dislodges some jobs and create others; disrupting the economy by creating unemployment. Let’s assume there is no environmental effect or competition which leads to financial breakdown as we saw in 2008.

Now think about it this way, if accountant X who has worked with XYZ Inc. for 10 years is sacked because a new software or algorithm can now carry out his job effectively  and eliminates human error, his organization no longer needs his services but the services of an accountant who can manage the software or algorithm so that it increasingly does the job  better, but accountant X lacks the skill, he had been comfortable in the security of his Job until now; totally unaware of the advent of the new economy
 In such an economy, the only bailout is to engage in online courses and programs to train and retrain oneself in necessary skills
This reality is about to dawn on a lot of ‘professionals’ that certification is good but expanding knowledge base is better. Job security is great but employment security is better because in our knowledge driven economy, skill demand changes daily.

Comments

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