This week, my Lightbulb Moment and Blog are inspired by listening to a weekly business radio show. To be honest, I can only handle so many hours of listening to the present and projected status of the business climate, as it can become a downer after a while. But, these experts sparked my mind on two thoughts.
One was to learn more about the impact of inflation, which I learned more about from talks with CFOEd and discuss in this week’s Lightbulb Moment. The second was the grim reports from one expert on the projected decline in the standard of living for many Americans. Another expert on the show clarified this point, going on that it was especially those in the unskilled labor pool who might see their living standards decline over the next few years.
Why unskilled workers only? Advances in technology have and will continue to keep our economy growing and be more efficient. I know that is so true in my business. Much of my success incorporates using the latest and greatest technology.
But using those technologies also increase my labor costs as most of my partners, associates and vendors hold advanced degrees. And these degrees and skills mean higher wages and prices.
We now compete in a global economy with a much larger pool of professionals, and there is need for concern for those workers who do not increase their skills.
Every one of us needs to be aware that to maintain our standard of living, we must prepare, upgrade and sometimes repair our skills each and every week…maybe even every day!
So, keep learning – it’s likely to increase your earnings!