International Trade and Effects of Technology in the Job Market

Subject: Economics
Pages: 8
Words: 1501
Reading time:
6 min
Study level: PhD

Introduction

Over the past decade, economic analysts have shifted attention on a new emerging trend in the world economy. Technology is rapidly affecting nearly every aspect of human lives. Due to advances in communication and information technology, the world has revolutionized nearly beyond recognition in the past five decades. Despite the many benefits coupled with this evolution, the global labor market has become extremely competitive. As opposed to the trends in the previous decades, college graduates today find it hard to get a white-collar job. The US has changed from a manufacturing-oriented economy to an economy grounded in knowledge, and the essence of a college education has substantially declined (Hufbauer et al. 2013). This paper will argue that, in twenty years to come, a college education will not be enough to guarantee a well-paid job that once seemed a possibility. Therefore, it is the high time to apply college knowledge in ways that promise growth and continued relevance in a world that is rapidly changing.

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Reasons for the decline in white-collar jobs

As firms continue to adapt and change their infrastructure in a bid to reap the benefits of technology, opportunities for workforce continue to narrow (Curci, Rani & Sekerler 2012). Currently, most business is happening over computers since they provide companies a way to manage dense database and schedules. For instance, the American Airlines continues to use a computerized flight booking system hence narrowing job opportunities. Due to the increased rate of offshoring in the American economy, this trend has become widespread enough to warrant a huge increase in foreign production in areas that the US is the main exporter (Bergsten 2005). Even though it is economically sensible for an individual firm to offshore, the rate is alarming and could lead to a loss of US income via terms of trade effects. Consequently, this will be a massive blow to the American economy. These effects are redistributing to the labor sector leading to low wages to compensate for lost foreign income (Hufbauer et al. 2013).

Ways to increase career perspectives

Job opportunities are all around but finding a career to match one’s interest is a challenge. However, in a bid to overcome these challenge my career perspectives are founded at having the right mindset. My personal goals are to build the habit of searching for emerging opportunities every moment. I intent to create a big list of possible opportunities analyze them and narrow them to the most suitable opportunities. I also intend to create networks to help seek out hidden opportunities. These hidden chances include job opportunities that are not advertised in the public domain or an opportunity that one can initiate upon identifying a need gap within a company. Through networking, I intend to seek attention of influential people through volunteering to particular companies as well as requesting for appraisals for every tasks accomplished. Appraisals will assist in identifying my strengths and weaknesses. As I seek out opportunities, it is essential to work towards strengthening my weak points.

Once I establish opportunities and master my strengths and weaknesses it is time to factor out other necessary issues. This assists identify opportunities that are most suitable for me. These factors include the working environment, job security, compensation or possibility for growth. These specifications are meant to assist me narrow my choices. Since the employment sector has become very competitive, I intend to engage in volunteering activities to help create a further understanding of the employment sector as well as build more networks. Volunteering will also provide the exact experience about what career path the opportunity might lead to in the future. In an effort to remain relevant and competitive, I intend to engage in continued learning. Flexibility to adopt new ways and technologies is a sure way to survive in the highly competitive labor market.

Education once saved the nation during the 19th century, and there is no doubt it could be essential once again. Unlike the 19th century when the need for more schools was inevitable, today the situation is different (Sultana 2013). The nation needs unique and smart schools. Therefore, I intent to use my college education to build on skills that will enable me benefit from the growing technology. In comparison to humans, robots are still poor communicators and problem solvers (Kongar & Price 2010). Thus, the education system should evolve to place a greater focus on critical thinking and interpersonal skills. Besides, it is less likely that in the next five decades robots will learn how to design and manage themselves. Thus, I intend to emphasize on creativity and management skills. After I am aware of the relevant skills, I will commence classes and build the ability to work effectively in teams.

The advances in technology have led to globalization that in turn has enhanced offshoring. In this light, I intend to develop the ability to upgrade and keep my skills relevant over the entire career cycle. Technologies are influencing the way business operates, so I plan to ensure that my skills transfer across jobs. Due to the ease of doing business through regional integration, many firms are ready to embark on job automation to cut on hiring costs in a bid to survive in the competitive global economy (Stein 2007). Besides, regional integration gives access to a wider and cheaper labor force. This further exacerbates the risk of lower wages and lack of white-collar jobs (Sung, Turner & Kaewchinda 2012). The advances in technology have led to an information economy that is rapidly producing intangibles hence risking the good jobs for American graduates. Since America has become efficient at processing information, the traditional white-collar jobs continue to vanish.

Acquire the right skills regarding the evolving technologies. Currently, in the US, having a bachelor’s degree in a certain course is not enough (Bergsten 2005). It is essential to learn information technology alongside any other course. Therefore, I intend to learn behavioral skills and acquire the capacity to work in teams and to manifest effective interpersonal skills. It is only a combination of various disciplines and some capabilities that will assist me navigate the competitive labor market. In the US, few schools are placing substantial focus on teamwork and dispute resolution (Bergsten 2005). These factors are worth emphasizing to attain the kind of skills that employers are seeking in the labor market. This knowledge helps me address my last perspective that entails taking action. Once am sure of my career path, I intend to prepare and work on building that opportunity. My career perspective will help me to think and act creatively. As technology facilitates job automation, I seek to grow my career in ways that challenge that trend. I will achieve this by acquiring skills that will be irreducible through automation. The main way is the capacity to interact with others, obtain information, and share it with others. Furthermore, in today’s complex economy, most issues are not obvious.

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I intend to learn the best practices in leadership and creating initiatives. Possessing qualities of a leader is a valuable aspect of the increasingly evolving workplace (Apte, Karmarkar & Nath 2008). Firms want to hire people who can generate ideas and then motivate others to follow. Technology and globalization are creating the need for flexibility than ever before. The workforce can no more rely on similar means of doing business in a competitive world economy. As technology advances, firms need people who can influence others in a certain direction. Thus, I intend to develop good values such as integrity and credibility as a reliable person whom colleagues and bosses can seek expertise and insights.

Engaging students in experiential learning opportunities is a promising way to ensure that one stays relevant in the job market. A study by Anseel and Lievens (2007) indicates that students who participated in experimental learning manifested high levels of engagement in their careers. Many learning institutions are collaborating with companies to offer students opportunity to apply skills gained in their coursework. This opportunity can help me develop tailor-made skills that fit the demands of the job market. Moreover, such opportunities can enable me work towards improving the areas that I lack adequate expertise. While I progress in career development path, I intend to keep focusing on the needs of the job market as was indicated in Strawn’s (2016) study. Most of the employment fields are highly saturated by either human workforce or automation. Therefore, it is my mandate to form a strong understanding of my career interest and ensure a strategic positioning in the job market.

Conclusion

Workers in the globally connected society should anticipate, realize, and cope with the changing requirements of evolving technology by acquiring more sets of skills and deep foundations of knowledge. Concentrating on one’s personal career management has become a priority and the strategy for improving marketability in today’s global economy. Since technology will continue to influence the way things are done, human resource managers can assist employees by issuing an awareness of the changing reality of the workplace.

Reference List

Anseel, F & Lievens, F 2007, ‘An Examination of Strategies for Encouraging Feedback Interest after Career Assessment’, Journal of Career Development, vol. 33, no. 3, pp. 250-268.

Apte, U, Karmarkar, U & Nath, H 2008, ‘Information Services in the US Economy: Value, Jobs, and Management Implications’, California Management Review, vol. 50, no. 3, pp. 12-30.

Bergsten, C 2005, The United States and the world economy, Institute for International Economics, Washington, DC.

Curci, F, Rani, U & Sekerler, P 2012, ‘Employment, job quality and social implications of the global crisis’, World Work Rep, vol. 2012, no. 1, pp. 1-34.

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Hufbauer, G, Moran, T, Oldenski, L & Vieiro, M 2013, Outward foreign direct investment and US exports, jobs, and R&D, Peterson Institute for International Economics, Washington, DC.

Kongar, E & Price, M 2010, ‘Offshoring of White‐collar Jobs in the United States and Gendered Outcomes’, International Journal of Manpower, vol. 31, no. 8, pp. 888-907.

Stein, K 2007, ‘Staying Current in the Job Search Arena’, Journal of the American Dietetic Association, vol. 107, no. 8, pp. 1290-1292.

Strawn, G 2016, ‘Automation and Future Unemployment’, IT Professional Journal, vol. 18, no. 1, pp. 62-64.

Sultana, R 2013, ‘Career management skills: Assessing for learning’, Australian Journal of Career Development, vol. 22, no. 2, pp. 82-90.

Sung, Y, Turner, S & Kaewchinda, M 2012, ‘Career Development Skills, Outcomes, and Hope among College Students’, Journal of Career Development, vol. 40, no. 2, pp. 127-145.