Given the current economic changes, we’re seeing faster changes to how people are working and doing business.
- Outsourcing is continuing to rise
Despite the verbal concerns on the matter and its effect on the local businessman, people are continuing to seek out the cheapest solution. Outsourcing allows a small business to pay an expert for his time on a specific matter without the overhead. - Decrease in quitting
Employment agencies are reporting less openings. As fewer new jobs are becoming available, employees are less likely to quit their jobs and find a new employer, or spend their time looking for a new workplace. And since the newest employees to join a company are often the first to go when cut-backs have to be made, nobody is looking to be "the new guy." - More work hours
A doctor friend of mine commutes to the US during typical vacation periods, picking up the slack of the regular doctors. Even throughout the year, the younger doctors have been more concerned with their life-work balance, taking only enough work to satisfy their needs. But with the current situation, they’re working more hours, and taking less vacation. Throughout the world, contractors are taking more work, where available, to avoid being in a position where they can’t pay their mortgage. Employees are scared of losing their jobs and find themselves putting in longer, quality hours. With traditional investing in the toilet, "work smarter, not harder" is simply not a luxury for most people.
Although the situation is hard for all of us, this may be the beginning of the silver-spoon bubble bursting, and a return to more traditional work values.