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Ask questions: How many of you are currently in a employee/employer relationship or have been within the last ten years? Over the past decade, and specifically in the last year, how many of you have seen changes in the job market that may have caused you to make adjustments in your career path that you were not expecting? We all recognize that things are changing... As the saying goes, change is the only constant. This certainly isn’t the same job market our parents and grandparents knew – we can all agree with that
Excluding our current recession, the average recession lasted 10 months. Today there is no “average recession” anymore – the economy has shifted
Let’s take a look at StatCan’s latest published figures. There is an improvement over 2009 and employment growth in 2010. Comment on numbers …
Job skills – transferable skills – opportunities to learn – increasing salaries. All history. Employers are not interested in just skills you bring – they want skills and experience at a lower price. Why would they train you when they can hire the perfect candidate?
If you’ve achieved a certain level of so-called corporate “success” the risks are even greater. ExecutiveTalent.net reports that unemployed senior executives spend twice as much time (up to 8 months) looking for replacement jobs than their younger counterparts As there is a ceiling on EI payments, the executive earning $100k+ will collect the same benefits as a plumber earning $75K+ But inevitably the executive’s lifestyle is different and his debts and lifestyle may require more revenue.
The storm is on the horizon: Let’s recap what we’ve learned so far: Go down the list Message : Control what you have control over i.e. your time, your effort, your dreams, your needs
You are all familiar with companies such as Bell whose staff live 3000 miles away. Why? It’s cheaper … Short term view – corporate profits/losses stabilize but Canadian jobs are lost. How many of you participate in “re-active” investments such as stocks, mutual funds for your retirement funds? These are called “re-active investments” because they all depend upon the performance of corporate World. .
Let’s talk about what “career” really means for a an employee today. On average, workers can expect to change jobs within a chosen profession 6-8 times AND completely change working professions at least 3 times in their lifetime. Wall Street Journal last week had an article on the dimming prospects of funded pension plans for Canadians in their 20s, 30s, 40s. Will the coffers be empty by the time Generation X hits retirement?
This is kind of an amusing graphic, but it illustrates a very serious point – looking the other way just isn’t longer a option. There’s no denying it – the dangers faced by today’s working families are real, and they aren’t going away anytime soon. If you’re serious about securing your family’s future – and I’m sure you are because you’re here – it’s time to get educated about how you’re going to take control of your destiny. At this point I am going to hand out anti-depressants – our current reality it not good news!
The Canadian Dream – As you can tell by my accent, I’m an immigrant. I think this is the still the best country in the world. Sometimes we overlook our blessings. However, that does not mean the global economic crisis has not had an affect on us all. How many of you here today are looking to improve your quality of life – not only today, but also with an eye toward how you’re going to maintain your lifestyle during retirement? All of us, right?
How many of you would like to steer your own ship? All of you, right? Yet it’s amazing how few of us actually do. The biggest mistake most people make in creating their lifestyle is failing to learn about their options. It’s truly the ONLY way to discover what’s possible. The simplest, most direct route to controlling your own destiny and your financial future is simply to observe how others are doing it, and then learning what your options for doing the same. For most of you that means working for yourself and not for somebody else.
Maybe it’s time to start your own business. You might say, “that sounds great, but I don’t know how to do that.” Others might respond very honestly and admit that just the thought of being self employed scares them. Remember, the biggest mistake you can make is not exploring your options. So, what are your options for becoming self-sufficient? Come up with an idea and build a business from scratch Search for a work-at-home opportunity If you have a specialty area, you could be a consultant Whatever option you consider, you’ll need to ask yourself, “Will this particular business deliver the financial and personal rewards I’m looking for?” Some may, others may not. It’s important to get educated while you explore your options...
Small businesses in Canada are classified as having less than 100 staff and/or gross revenues of between $30,000 and $5M.
Our latest research shows that, across all sectors, 45% percent of new independent business failures happen within their first 2 years. You could call it The two year guillotine. The main reasons?
Being your own boss sounds great, but most independently-owned small businesses don’t make it. Why? I highly recommend the book you see on the slide right now, “The E Myth Revisited.” Michael Gerber is a world renowned expert on business and coaching. He researched the plight of small business owners to discover exactly what makes so many fail and what it takes to make them succeed. More importantly, he set about discovering how business owners can find not just financial fulfillment, but PERSONAL fulfillment as well. It’s an easy read and tells the story of an entrepreneur who loves to bake pies - so she opened a bakery. .
Let’s talk about your alternatives to going it alone. How many of you have ever heard the saying “self made millionaire”? The truth of the matter is, millionaires never become millionaires on their own. They’re “team made”. Henry Ford is famous for admitting that the one thing he knew best was how to surround himself with good people. He built a strong team, and now he’s a household name. Donald trump says there are only 2 ways to grow rich – leverage people leverage money or both. OK, but who should you have on your team? Taking a look at what successful people have done and are doing, a good team should include: Mentors who act as active coaches Like-minded, supportive, wealth builders and visionaries WHO ELSE SHOULD BE ON YOUR TEAM? Where can you find people like this?
Let’s take a look at the “Power of Franchising” here are some compelling statistics: According to Stats Can: You do the math… That’s a testament to the efficiency and productivity of the team concept we discussed earlier. No wonder franchised businesses – from hardware stores to restaurants – can be found in pretty much every community in the country and in some many industries.
WHEN WAS THE LAST TIME SOMEONE ASKED YOU WHAT YOU WANTED OUT OF LIFE? When was the last time you sat down and really looked at your future, rather than the next bill to be paid. Here are four steps to getting where you want to go: Define your goals – determine the destination... Know where you want to go. Map out your course – know how you’re going to get there. Surround yourself with a knowledgeable team – coaches, mentors, successful people who know the way – very often a franchise is the best way to assemble such a team. Explore your options - Identify those opportunities that will be your vehicle to financial freedom.
In summary: There are many dangers in the New Career Economy ® that are affecting you and your family today – dangers that make the status quo in flux. At the VERY LEAST, you need to educate yourself and explore alternative career options outside of traditional employment. How to find the right business? Define the word right? Makes serious money or allows you personal freedom with a solid income or leverages you into several other businesses or personal satisfaction – or all of the above. Partnering with a coach is essential to helping you discover possibilities and options that you may NEVER have discovered on your own. Everyone needs a cheerleader!
THE NEW CAREER ECONOMY® GERRI SEFI SELF-EMPLOYMENT COACH
Canadian workers face job uncertainty The job market is changing. The time to explore your options Is NOW
Recession: Defined as two consecutive quarters of decline in real GDP
1929 – recession lasted 22 months
Aftermath of 9/11 – almost 12 months.
Second recession in a decade
started in December of 2007
36 months later - is it over?
Is it really still a recession or is it a jobless recovery?
NATIONAL UNEMPLOYMENT RATE PREVIOUS YEAR DEC 2009 PREVIOUS NOV. 2010 CURRENT DATA DEC. 2010 Unemployment 8.5% 7.6% 7.6% Employment 61.4% 61.8% 61.8% Labour force size 18,439,100 18,654,800 18,674,000 Net jobs gained (from prev. period) (2,600) 15,200 22,000 SOURCE: Statistics Canada , Labour Force Survey *seasonally adjusted
Good News : In a typical economy, unemployment rate for people with college degrees is approximately half for those with no degree.
Bad News : This economy is anything but typical.
In fact, senior executives are among the hardest hit.
WHO HAS CONTROL OVER YOUR FUTURE? There could be a storm on your horizon Increasing consumer debt Longer work, less money Company downsizing Enormous corporate bankruptcies Lengthy lay-offs Massive pension deficits The elimination of benefits Old Age Security insolvency