Despite the recent deal to re-open the government and gains in the economy, the business community is still somewhat skeptical about the economy’s stability.
This information comes from the latest Economic Sentiment Survey issued by Walsh College, a private, not-for-profit institution offering upper-division undergraduate and graduate business and technology degrees and certificate programs.
While many employers acknowledge that overall business conditions are improving, respondents generally feel the present recovery is fragile and the health care changes might potentially slow the recovery down.
With the recent passing of the Patient Protection Affordable Care Act (PPACA), also referred to as Obamacare, the Economic Sentiment Survey revealed that 73 percent of business-educated respondents believe the impact of the PPACA on the economy over the next five years will make things worse or much worse.
As corporations face the challenges of big economic issues like health care, it’s important for workers of all ages to proactively secure their future in an unsure economy. John Moore, professor of finance and economics at Walsh College, provides the following advice on protecting yourself in an economy currently in flux:
Improve your work skill sets
Companies will pay the higher costs of employment when an employee has special or unique skills. Research certification programs for new skills related to your field, get certified and make yourself more marketable. Skilled labor will get hired full-time, while unskilled labor will not.
Increase your intellectual capital
The majority of jobs in the American economy are based on education level. High-paying career fields include engineers, business professionals, medical personnel and other service-based industries. These types of employment generally require a strong educational background. Now is the perfect time to apply for graduate school and further your education.
Business students and professionals need to make sure they are capable of working in many roles and are flexible to rapidly changing environments and circumstances. Look for opportunities to expand your skill base beyond your current responsibilities. If your company opens another office, are you flexible enough to re-locate? Or if you need to take the lead on an assignment, are you willing to do so?
Learn the law
The legal landscape in the United States continues to evolve and shape the way Americans live. It also provides new challenges for businesses. Individuals who understand the law and its impact on the economy will be positioned to proactively provide solutions for their employers.