Trends to Consider when making a Midlife Career Change – The Flow to Global

In my last column I gave an overview of the seven macroeconomic trends that one should consider when making a midlife career move. All seven are of importance as you decide what your next career might be, but depending upon your chosen career path, some of these trends might be more significant than others. I leave it to you to bring that level of discernment to the decision making process.

This week we take a look at the first trend listed in the last column: The Flow to Global.

We are currently in the middle of a historical reorganization of humanity that began in the last decade and will continue for at least the next twenty years. The Flow to Global is more than just the developing reality of a new, increasingly integrated global economic marketplace. This flow will start with economics, then move on to government and culture. Humanity has moved from family to village to city to state to nation and now to a developing global orientation. We are all beginning to think of ourselves as global citizens.

History shows us that economic developments precede government and culture. For example, Christopher Columbus was economically motivated: he ‘discovered’ America because he was searching for a trade route to India. Once America was settled, then government and culture developed. This will now be the case globally. The current economic reorganization will be followed by the development a new form of global governing body that should be in place by 2030. Of course we are already starting to develop a global culture, as evidenced by such things as robust ‘world music’ sections in CD stores and a growing international film culture and marketplace.

The Flow to Global, and You

Given that you are in midlife, your new career focus is probably not longer than ten to twenty years, so this column will just focus on economic globalization.

It is hard to think of a profession or a business that has not, to some degree, been affected by this flow to global. Even if you are thinking of opening a local restaurant, there is now a world of international food products available. Of course, if your new career is oriented toward the Internet, you must think about the global market. It is this connectivity, as much as lowered trade barriers and the collapse of communisim that has facilitated the development of a global economic marketplace.

Do not expect to compete on price alone. There are dynamic and well educated work forces in such places as China, India and the new Eastern European countries that can provide equal or adequate services at a fraction of the cost. While a well paid computer programmer might earn a high five figure or low six figure salary in the United States, the equivalent job pays $12-20,000 in India. The way to take advantage of course is to create a business that provides services to the U.S. using these lower cost workforces. As Thomas Friedman wrote in his most recent book “The World is Flat:” understand the cost differentials and take advantage of them; do not try to compete with them.

The flow to global will continue to force production and manufacturing to ever lower cost countries. Soon China, having created great wealth by being a low cost producer, no longer will be able to compete with lower cost countries such as those in Africa. This is a continuing trend that started 200 years ago, and still has a way to go. The opportunity for the United States is to continue to focus on innovation and to continue to lead the world in the area of productivity. In addition, the number one export of the United States is intellectual property in all forms. The world looks increasingly to us for our entertainment, education, patents and tools of innovation. What this means is that if you are thinking of going into any career that is based upon IP, you now have a much bigger marketplace and, with the Internet, a way to mine that marketplace.

No matter what you are thinking of doing, you must now consider the world. Ask yourself the following questions: Do I have a marketplace outside the place I live? Do I have a marketplace- or competition - outside the United States? How does what is going on in China[or India or Eastern Europe or Latin America] affect the new career I am considering? There are now some 6 billion humans on the planet earth and we are increasingly interconnected economically – and we will only become more so. This new global reality may not really affect what you are thinking about doing, but you must at least think about it.

‘The world is your oyster’ is now a very true statement.