In 2020, chief executives were paid 351 times as much as a typical worker, according to the Economic Policy Institute, a Washington, D.C.-based think tank. Chief executive pay is up a whopping 1,322 percent since 1978, while the average American paycheck has only increased 18 percent during that same time period. As income inequality grows, an Hourglass Economy™ takes shape where there are a growing number of high-wage earners and low-wage workers but fewer opportunities for the middle class. As the middle-class shrinks and economic power falls into fewer hands, Career Ownership Coaches™ at The Entrepreneur’s Source® can help you discover financial freedom and the American dream.
Society and macroeconomics have resembled a funhouse mirror in the last year. By some barometers, such as the stock market, 2020 and 2021 could be described as having a strong and robust economy. In other ways, for those affected by layoffs and business shutdowns, it has been devastating.
The outbreak of the pandemic and the ensuing economic roller coaster put income inequality in the spotlight. While millions of workers, particularly low-income workers, lost their jobs and were forced to apply for government assistance, top earners flourished. Chief executives earned 18.9 percent more in 2020 versus the prior year. As our hourglass economy™ continues to become more pronounced, finding a path as a middle-class worker is becoming increasingly difficult. Workers who formerly earned high wages in the corporate world are finding themselves at a crossroads and being forced to navigate a new career economy.
The days when workers spent their entire career at one company are long gone. Job security is no longer guaranteed. In addition, the global aspect of the digital revolution makes outsourcing jobs easier, cheaper and more common, and corporate workers are feeling battered and bruised. Individuals who suffer from Battered Career Syndrome® face little to no job security and high employee turnover.
If you are enduring Battered Career Syndrome and feeling the constraints of the new career economy, The Entrepreneur’s Source® can help you discover a new path at no cost. A Career Ownership Coach™ at The Entrepreneur’s Source® will help you define your goals and determine whether you want to continue climbing the corporate ladder, start a business from scratch or create an investment for your future through franchising.
Being at a crossroads in your career is stressful and may cause you to make rash decisions. Research indicates that people often make bad decisions when they are experiencing stress or anxiety, CNN reported.
“Making quick decisions under stress is often how we find ourselves right back where we started. Doing the same thing, working another unfulfilling job or worse, investing in a new, unproven business,” said Terry Powell, visionary founder of The Entrepreneur’s Source®, the nation’s leading career coaching franchise.
A Career Ownership Coach™ will help you take time to breathe. They will start your new journey by helping you discover your Income, Lifestyle, Wealth and Equity™ goals to reach a point of clarity about your future. Achieving success is only possible if you discover the work-life balance you crave with the income you need. Focusing on wealth and equity will help you build assets and savings for the more distant future to ensure your income continues to grow and you reduce debt. Education, awareness, and discovery will help eliminate stress and answer your concerns, so you focus on achieving your dreams. A coach will give you the tools you need to discover a new path.
As the job market evolves, it’s important to keep an open mind to possibilities that may exist in the future. The demand for digital roles is increasing as technology evolves, the World Economic Forum reported. At the same time, a rise in the importance of human interaction is causing an increase in the number of jobs that are part of the Care Economy, including health services, childcare and long-term care fields. A Career Ownership Coach™ will work with you to help you explore different possibilities to help you achieve the American dream.
“I can’t tell you how many times I’ve worked with people who thought they were going to do one thing in life and wound up doing something completely different than they could have ever predicted and ended up being happier than they had ever dreamed,” Powell added.
Business ownership can help people survive the New Career Economy™. Starting a business from scratch will allow you to be in charge of your future, but it can mean long hours and high financial risk. Franchising spans countless industries and provides a roadmap for people considering business ownership. It offers the security of brand recognition and a proven business model. Franchisees receive training and support to help them succeed.
Visit www.entrepreneurssource.com to learn more about discovering your future in the new career economy. Work with a global network of hundreds of Career Ownership Coaches™ to discover your career vision, or check out our guidebook, “Your Career 2.0®: A Survival Guide for The Battered Career and Investor Syndrome®.”