Navigating the New Landscape of Employment and Technology

The rapid acceleration of internet connectivity, further catalyzed by the COVID-19 pandemic, has brought about significant shifts in employment patterns globally. An emerging trend is the employment of virtual cashiers in the US from countries like the Philippines, where the cost of living and wages are lower—a practical illustration of the Purchasing Power Parity (PPP) in action concerning labor demand and supply. This scenario offers Filipino workers the chance to earn relatively higher wages, while US companies benefit from reduced labor costs.

This scenario is not surprising – it is already happening in our Accountancy industry. Malaysians being hired to work virtually for firms from abroad (Singapore, Australia even from European Nations).

However, this shift also introduces competitive pressures in local job markets, as companies now have a broader selection of candidates from across the globe. This global talent pool mandates a recalibration of skills and approaches among workers:

Legal Adaptations: Rapid technological changes, such as AI and voice cloning, challenge existing copyright laws, demonstrating the need for legal systems to evolve and address new technological realities swiftly.
Emphasis on Productivity: In regions like Malaysia, while minimum wage laws exist, employers value productivity significantly higher. This priority underscores the necessity for workers to enhance their capabilities and output to remain competitive and valuable.
Employers Must Rationalise Spending: In the past, employers benefited from a surplus of inexpensive labor, allowing them the luxury of maintaining a workforce that could be under-utilized without significant financial strain. However, with increasing global competition and accessibility to a wider talent pool thanks to technological advancements, there is a pressing need for employers to rationalize spending. This involves scrutinizing what activities add value and ensuring resources are used optimally. No longer can companies afford to pay for costly idle time; efficiency and productivity have become paramount in workforce management.

Strategies for Talents (Employees):

Upskilling: In today’s job market, versatility and continual learning are crucial. Workers must expand their skills beyond narrow specializations to include multiple competencies that enhance their productivity and adaptability.
Soft Skills Development: Alongside technical skills, soft skills like communication, presentation, and critical thinking are indispensable. Employers value employees who do not just “reply” but “respond” thoughtfully and proactively—A valuable distinction in workplace communication is understanding what an employer prefers: a “response” rather than a mere “reply.” For instance, if your boss asks, “Has our potential customer replied regarding our proposal?” merely replying, “No Boss, not yet,” might not be sufficient. Instead, a more proactive response would be, “Not yet, Boss. Let me send them a follow-up email to see if they have any feedback on the proposal and I’ll get back to you.” This approach not only informs but also takes initiative to advance the conversation.
Open Mindset: Being open to change and ready to adapt is essential. Workers should embrace changes that could increase their productivity and effectiveness, preparing them to meet new challenges head-on.

By adopting these strategies, workers can not only survive but thrive in the evolving economic landscape marked by technological advancements and globalization.

Read the original article on Fortune for more insights into how global connectivity is reshaping employment.

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