How to avoid the ranks of the unemployable mind

"Those who dream by day are cognizant of many things which escape those who dream only by night." - Edgar Allan Poe, Eleonora.

This week in The Business Brief. First, we will discuss how to avoid the ranks of the unemployable mind. 2. The markets and the economy, interest rates, inflation, and elections are on consumers' minds. 3. Changing of the Guards: Our expectations of elections, and we all must be mindful of the difference between political promises and actions. 4. The Unemployable and AI, potentially similar to the 1930s. 5. The Environment: Will the next elections choose to let it burn? 6. HBC and Nieman Marcus: It's like reading about what elephants do as they come to the end of their lives. 7. At the end of the day..how to defeat your dragons within.

As Promised

After a few working title teasers, here is the actual title of my new book: "Predictive Leadership—How Humans and AI Will Transform Organizations, Innovations, and Competition." It will be in the marketplace in the fall of this year. The book illustrations, editing, and content were all created by humans.

Markets and Economy

The market isn't just about AI. The Canadian exchange pulled back because there were many concerns about the economy. Even in the US, despite the strong market and resilient job reports, consumers are not aligned with the narrative. In Canada, of course, unemployment increased. What's on the minds of consumers? They blame politics, and despite the fact that inflation is a global issue and the only way to tame it is higher interest rates, that toll needs someone to blame, and that is happening not just in the US and Canada but everywhere around the world.

Over the last two decades, many workers have joined the ranks of those who live paycheck to paycheck. In our historical past, these types of divisions have changed the wealth of nations and upended governments. Fortunately, we have evolved to democracies where we vote for change. The problem is that elections, despite their promises, are not guarantees that the good old days will return. In fact, they seldom do. I wouldn't bet on coming elections doing anything more than taking credit for declining interest rates and inflation, which are already happening.

Personal Log: How to Avoid the Ranks of the Unemployable Mind

I came across a few articles last week, one in the Globe and Mail (Read it here) and this BNN (Video), and it started this newsletter.

It’s a phenomenon that’s been around for some time but is on the rise again. Initially thought to be only the result of those choosing not to attend a higher level of education, the ranks are growing. There are many real reasons, as there are those people with chronic health conditions, from physical to mental, which prevent them from taking on work.?

However, there are two other segments. One is those who have done little to help themselves remain employable, such as learning new skills or completing a formal education. The other are those workers who have been pushed out by time and technology. It’s important to be aware of the role of technology in unemployment, whether it’s due to age-dated skills or the rise of automation in factories and AI.?

But there is also what I call the unemployable mind. And what I mean by that is that some workers checkout and are so negative or discouraged about the workplace that they remain outside of being economic contributors. I am throwing this in for color. In Japan, approximately half a million people do not leave their homes for anything. They live with their parents, playing video games. Is this a mental escape route? I believe the number of people trapped in this is likely much larger and is a global problem.?

So, how do we avoid all of this??

If you’re in a career position, the responsibility of keeping yourself employable lies with you. Waiting for the company to do something for you is not the way to go. You need to understand what’s changing and how you can improve yourself. This is about staying motivated and inspired to keep learning and upskilling.

It’s crucial to understand your role in the company and whether you are being included in upskilling opportunities. If your boss doesn’t respond, it’s a clear indication. This is about feeling valued and integral to the organization, not just a passive part of it.?

Employers may not like me, but it is not enough to be a cog in the wheel that gets replaced. You need to be covertly active in your career management and job searches.?

The last suggestion is to resist complacency; many careers crash because of an everything-will-work-out mindset. While this might work as we progress with AI, it is likely that it won't work out well for all workers today. Avoiding the Unemployables line is up to us.

Politics: Changing of the guards

Around the world, changes are happening. Most democratic societies with laws that protect people and nations from becoming dictatorships are having elections. The Labour Party in the UK ran over the Conservatives. By the way, the Labour Party in the UK is similar to the NDP in Canada, which indicates that people are concerned about their futures. In France, it is a lot more right-wing. The US election is looming, and it comes down to Trump, Biden, or someone else. This week, we heard Donald Trump and President Joe Biden square off. Biden didn't do well, but on Friday night, he tried to recover from it through an interview with George Stephanopolous.

The world is vulnerable to technological disruption, geopolitical uncertainties, and the risk of widespread conflicts. The right leaders will be focused on safegaurding the workforce and the changing dynamics of AI and not try to hold progress back with promises of protecting industries that are on their way out. The right leaders shouldn't be saber rattlers but should prepare their nations for economic growth, political challenges, and climate change, which will create massive migration and disruption of food supplies.

Social and Economy: The Unemployable and AI

The Atlantic Magazine in 1938 published an article called "The Unemployables" by Robert N. McMurry. It reflected thoughts on why there were over 12 Million unemployed during the Great Depression. I want to warn you that the era's language wasn't very inclusive or sensitive if you decide to read the article. It's also important to understand that the rapid rise of technological innovations created displaced workers and job losses; there was a great deal of overproduction, falling prices, and insufficient buyers. Giving way to the Great Depression. The risks to our future are not that dissimilar, but we need to be prepared to avoid the mistakes of the past.

Today, AI poses a very interesting dilemma: What should we do with the workers impacted by AI? Rather than waiting for this to happen, we must begin by being different responding to those simialr issues almost one hundred years ago. Between 2025 and 2030, the changes we will experience with AI will challenge work as we know it and competition. While there will be new opportunities, they won't be for everyone. And companies are either openly or quietly addressing future job growth. What society needs now is a government with a vision to prepare the masses or be transparently prepared for a social and economic shakeup. We could see a severe downturn until workers find new work. And we will also have to deal with those who can't be employed. Read this May 2024 Fortune article for more context.

Environment: Let it Burn

Yes, I am being sarcastic. But a change to right-wing politics has already begun with the rhetoric about oil and gas being the future, EVs being premature, and climate change being a natural phenomenon. Consumers will continue to demand cheap products, and our obsolescence-driven economy will continue. So, it means that we as a society are willing to take our chances and let it burn. The problem is not us; the future will burn from the change in temperatures. If we are willing to roll the dice naively, then history will record that this living generation resisted saving the planet. That would be us.

It's this next election round that will determine the fate of the environment and all the effects that society has concerns over.

Retailing: HBC, Neiman Marcus, and Amazon what it all means

What does Amazon's investment in HBC's acquisition of Nieman Marcus mean? Some would have you believe that they want to own more luxury, my view is that this is an investment for future options. It is not inconceivable that Amazon may have even offered to buy Nieman Marcus, and that kind of deal could have given them too much power over retailing. Of course, in the meantime, 亚马逊 and Salesforce force will offer their services.

On the other hand, Hudson's Bay Company 's consolidation of department stores is one way to stave off their eventual demise, eliminating cost and operating structures (synergies) to make them more viable. However, these do not change the future of department stores, which is unfortunate. The lack of aspirational products, service, and in-store experience in these huge retail footprints begs the question, why bother shopping there? So, where do Department Stores go to die? To a retirement home for brands. My Comments in Retail Insider can be read here Simply I do not see how this will help any department store in the portfolio of brands now owned other than perhaps lower costs. It is likely that Hudson Bay in Canada will struggle more.

At the end of the day, how to defeat the dragons within

We all have one or perhaps more dragons that plague us. No person is immune from them. We either learn to tame them or have two other choices: cope or fear them. Fearing our dragons can be exhausting and limiting. Coping is great, but you must also learn to understand yourself, and that is where the opportunity arises to tame them.

I encounter many people with talents and great potential who fail to achieve that dream job or business success. Why does that happen? Certainly, the lack of experience, sheltering from change, and the lack of wrong education have much to do with it. The Dragons that hold humans back are usually created by us or by allowing ourselves to accept fears we've experienced and ideas others impose on us at some point. Some are very traumatic and need professional help.

So, how do we overcome the dragon? If, for example, the dragon that consumes you is the fear of heights, you must learn to climb; of course, that's too easy an answer. However, training comes with something very important: dragons can't deal with one human trait: our willpower to change and keep doing it until the dragon has been tamed.

#retailing #strategy #ceo #technology #ecommerce #management #innovation #economy

Thank you for reading this week's issue of "The Business Brief." Over the summer, it will be issued once every two weeks, and then it will return to weekly in the fall. For information on keynote presentations, please contact me here. [email protected]