The Economic Shift: Un(der)employment, Technology And Opportunity

The Economic Shift: Un(der)employment, Technology And Opportunity

by Elisa SpainNo Comments

Last month, the Bureau of Labor Statistics reported the unemployment rate rose to 9.2 percent. The unemployment rate for workers with college degrees was 4.4 percent.

This statistic has been on my mind ever since. A significant percentage of college-educated workers are underemployed, and unskilled, uneducated workers are facing a shrinking pool of available jobs. This isn’t just a downturn; my gut says we are in the midst of a fundamental shift in our economy. So does one of our Vistage speakers, David Houle, who calls this the Shift Age. Then why do I remain hopeful?

Here’s why: technological changes, as always, are a driving force behind the economic shift. As we move out of the information age, we are facing many of the same social, political and economic transformations that we faced when we exited the industrial age.

As business leaders, as people who have an opportunity to have a positive effect on the un(der)employment situation, our task is to gain a clearer understanding of what is happening to our economy, and then to act accordingly. Let’s start by asking some questions about this transformation:

  • What does this mean for our society overall?
  • What does this mean for the future of work?
  • And, most important, what opportunities does this create for each of our businesses?

For more food for thought, check out this Vistage White Paper and this video by David Houle, “The Transformation Decade.”

Elisa K. Spain

Nothing Wasted: Making The Most Of “Down” Time

Nothing Wasted: Making The Most Of “Down” Time

by Elisa SpainNo Comments

Nothing Wasted: Making the Most of “Down” TimeWhen I read this blogpost from Seth Godin today, it made me pause and think. And, as always, ask myself some questions.

What if we followed his advice? What would be the outcome of creative contribution to our lives?

When was the last time you wasted time? When you were “wasting time,” did you feel joyful and creative, or — if you’re like me, did you feel even a tiny bit guilty for “being unproductive?” How much better might it have been, how much more would you have enjoyed your time — how much more would you have gotten out of it — if you didn’t feel guilty about it or feel the need to explain it?

Here’s the full post from Seth: Wasting time is not a waste

Here’s a fact: wasting time is a key part of our lives.

However, wasting time poorly is a sin (or whichever word you prefer), because not only are you forgoing the productivity, generosity and art that comes from work, but you’re also giving up the downtime, experimentation and joy that comes from wasting time.

If you’re going to waste time (and I hope you will) the least you can do is do it well and find inspiration in it.

Elisa K. Spain

Precipitous, Wrong And Dangerous: What To Do When “Those Who Know Best,” Don’t

Precipitous, Wrong And Dangerous: What To Do When “Those Who Know Best,” Don’t

by Elisa SpainNo Comments

Precipitous, Wrong and Dangerous: What To Do When “Those Who Know Best,” Don’tBill Miller, Chairman, Chief Investment Officer and Portfolio Manager for Legg Mason shares his point of view on the recent S&P change in the U.S. credit rating: “The downgrading by Standard & Poor’s of the credit rating of the United States from AAA to AA+ on August 5th was precipitous, wrong, and dangerous. At best, S&P showed a stunning ignorance and complete disregard for the potential consequences of its actions on a fragile global financial system.”

We know what Standard & Poor’s has done. What are you going to do?

Here is Bill Miller’s full commentary.

For what it’s worth, I agree with Bill. And note, the ratings of Moody’s and Fitch remained unchanged, while Northern Trust and other financial institutions have announced “no change” in their investment policies.

As far as S&P’s rating is concerned, the deed is done. The questions now are:

  • What does this mean for each of us in our businesses?
  • Will this be a blip and we will all move on?
  • Is this the beginning of a serious focus on the U.S. deficit (now equal to GDP) and what will be the challenges and opportunities that show up for each of our businesses?

I really liked what I heard yesterday from my *Vistage CEO members — to a person, I heard:  “I plan to be mindful of what is happening in the world and at the same time be mindful of 1) opportunities to grow my business and seize opportunities, and 2) my cash reserves.” This commitment to growth and innovation by business owners has gotten this country to new levels of prosperity throughout its history, and I remain optimistic that we will see the same result this time around.

*Note: I am the chair of a CEO peer group as part of Vistage International. For more information, please visit http://www.elisaspainvistage.com

Elisa K. Spain