Finding Meaningful Work in a Changing Economy

Today, I was catching up on LinkedIn as I was checking a pre-scheduled social post for the weekend. I came across a short but sweet “Share Your Wins” graphic to inspire others. It was a little cheezy, but I understood the sentiment. To me, it was a reminder for finding meaningful, joy, and purpose-driven work even when it’s raining recession, inflation and big loan interest rates.

Other posts were sad stories and bad interviewing experiences around ongoing layoffs, particularly in Big Tech and adjacent industries such as management consultants and system integrators. One example: Accenture’s 19,000 cuts this week.

Then the big one for me: Gordon Moore, the man who invented Moore’s Law, died yesterday. He was 94 and lived a purposeful life. His Law has been the driving force at Intel and throughout the tech industry since 1965. It simply states that the number of transistors on a microchip doubles about every two years, though the cost of computers is halved.

In other words, the brains of the computer – the microchip – is the driving force behind digital transformation. This includes the ability to Zoom or Google Hangout with high-quality video and audio when you work from home or connect your iPhone* to Apple* CarPlay* hands-free. It also includes the ability to store files on cloud-based computer storage despite today’s chip shortage. Trucks should be so lucky.

Hopefully, PBS or CNN will run some Gordon Moore documentaries this week – he and Intel co-founders changed the world. And most people don’t even know that, may never, or don’t care. I’ll be eating popcorn and weeping a little – mostly with gratitude.

Which Brings Me to This Article

What can you do when the world is suffering a horrible, long-term, and inflationary recession – and you’ve lost your job? No one sees a big light at the end of this big tunnel. I’m a realist, not a doomsday-er, but I believe the chances of another global health pandemic in the next few years or decade are imminent. COVID-19 was a dry run. We are experiencing tectonic shifts and we will be for some time.

1. 1. Add a chapter to my imaginary Pulitzer Prizing-winning book “Nothing Works”. It’s a joke I make with my friends, that nothing works anymore. I can’t get a new shower door, buy a new car, or even get a good airline fare. I can’t even get the online appointment system to work when booking a haircut! Have fun with your biggest annoyances. Make a list of all the systems that have been taped or glued together in the last three years. It might be your local school! Because what’s broken presents a job opportunity.
   2. Pretend money isn’t a thing: If you have some level of financial freedom, what would you do for work? Would you become a stay-at-home parent? A schoolteacher? Start a rock-climbing wall or axe-throwing business? Start your own music label? Run your own tech company? What is your passion? How can you do more of that?
   3. Pretend money is a thing: You’re in debt, haven’t saved enough for retirement, or are financially responsible for a family. What are your biggest strengths and skills? Who are the people past and present in your professional network? (30 years gone by is nothing). If your industry is tanking or shrinking, what other sectors need your functional skills?

Huge strides, right? Today, smartphones have become an essential part of life. Even the poorest people have access to the Internet at places like libraries.

But there are entire sectors of society that aren’t as efficient, effective, automated, digitized, or as financially healthy as they could be. Not because they are unskilled or don’t work hard enough, but because some organizations didn’t track as quickly with the Digital Age. If they were more digitized, untold time would be freed up for what customers are looking for – personalized, customized, localized service; relationships; work on really complex problems.

What About Middle-Sized Businesses?

Then there are bigger small businesses – not the ones of five but 500. It’s the mid-market. It’s an absolutely vital sector of the U.S. economy and represents about one-third of the US Gross Domestic Product. It also accounts for most new jobs. Most mid-market companies are also privately owned and comprise about 50 million U.S. workers.

Together, mid-sized companies have a combined revenue of $10 trillion annually. Yet individually, they run between $10 million and $1 billion in sales annually. What’s exciting is that these companies are not fly-by-nights with low pay and benefits. With an average of 30 years in business, they are extremely resilient. They’ve remained in operation through depressions, financial crises, and COVID-19 shutdowns.

Many smaller businesses flourished during the past two years. You just don’t read about them because their financial information is not public. They don’t want to be bigger, either. They want to be profitable. So, they manage their margins tightly and focus on keeping more of what they earn. They have no interest in going public or being beholden to Wall Street, shareholders, and quarterly earnings.

Many medium businesses are thriving specifically now because of the U.S. infrastructure bill. But it could be far better and less stressful for them. If only they could fill those open jobs.

Doesn’t Sound So Bad, Does It?

I have two marketing clients in this category, and they are truly delightful. I can tell you, they would be just as delighted to find great financial, supply chain, project management, IT, sales, marketing, communications, production engineers, administrative and skilled tradespeople.

That leads me to the manufacturing sector – another one with big growth potential. So how did it make the list? Well, according to the Bureau of Labor Statistics, two industries—cement and concrete product manufacturing  – are experiencing the worst labor shortage ever. They plus veneer, plywood, and engineered wood product manufacturing are expected to grow at a very rapid pace.

(Hey, I never said it was going to be glamorous.)

Hey, I Thought You Were About Small Business!

Well, yes. I started The Brand Bunker to stand up small and I still do. As they become more successful, they grow too. More and more have started to hire more full-time W2 employees in the last 12 months.

The fact is that most U.S. businesses are small businesses with five employees or fewer. They are vital to our economy, but still misunderstood. For example, a roofing contractor is defined as a small business making $16.5 million or less in annual revenue.

Data from the BLS only supports these findings. While the unemployment rate has decreased, the number of job openings has increased creating huge talent shortages for companies in many different fields.

Which Areas Have the Largest Talent Shortages?

A recent Society of Human Resources Management (SHRM) report shared that health care, social assistance, and manufacturing have the highest levels of recruiting difficulty. The healthcare industry talent deficit is unsurprising with it on track to become the largest growth sector in fewer than three years. You’ve probably seen a lot of your co-workers, friends, or executives whom you admire move into healthcare or health tech.

The mid-market will face labor shortages this year and 2023 is a year of normalization, according to another study from RSM. One of the biggest reasons is an aging population and a new generation of employees who lack basic infrastructure and trade skills. This is a 20-year problem that must be addressed now. That’s why I’m advocating for full technical trade curricula with formal internships and paid apprenticeships in public schools. Today, our high school has one woodworking class and one welding class – in Idaho of all places! This is compared to over 10 computer science, information systems, and graphic design classes. But I digress.

If you’re looking to get into a different industry, you’ll need to learn the business. But if your skills are transferable and you enjoy customer-centricity, process discipline, quality, and risk-taking, you’ll have a lot of capital in your favor. You’re a lifelong learner, right? You’d be surprised at how much businesses will want you and how much you’ll love them back.

Go Off and Do Something Wonderful, Sayeth Gordon Moore

That’s when I hearken back to Intel’s early co-founder Gordon Moore (may he rest in peace) and his prompting to “Go off and do something wonderful.” Add to that, former Intel CEO Paul Otellini’s vision “to enrich the lives of every person on earth.”

If you came from tech or manufacturing as I did, we have so much more work to do on digital transformation and STEM (science, technology, engineering, math) in general. Help fill the void in the mid-market with your considerable knowledge and talent. It’s the next mile. The biggest void is all the business and people processes wrapped around new software and technology – it’s not just about installing the stuff, but trialing, guiding, coaching, simplifying, documenting, and rewarding those changes for customers, partners, and employees alike. 

I actually work with an environmental lab start-up – sort of a marketing dream as my father was a chemist and ran Quanta Trace Laboratories for 15 years. For all you STEM types, environmental labs are another sector ripe for innovation and disruption after decades-old Environmental Protection Agency (EPA) standards. But worse, big government and big labs are too slow and bureaucratic amidst the record level of land acquisition and development following the surge of business and family out-of-state relocations since 2020.

Yep, Nextdoor Has Video Stars Too

A new friend of mine from Washington state recently left a big digital marketing agency to start a new local handyman and heat installation business here in Idaho. He is so tech-savvy that he puts out daily “tools, tips, and tricks” stand-up videos on Nextdoor and has quite a fan following in a town of 7,400.

Let me tell you, he makes double the money with time to spare to raise his young family.

Whatever your calling, your passion, and your personal financial situation, the world needs you. At the end of the day, we all need to feel needed.

Resources:

What is Middle Marketing from HP Enterprise

What is the Middle Market?

What’s Driving the Middle Market Talent Gap?

SimplyHired (part of Indeed) allows you to job search by small and middle businesses.