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Employment
Options in
America
Reaching a Tipping Point,
Leaning Towards More Self Sufficiency, Research Study
Cites
Southbury
,
CT
– A new economic reference, “The New Career Economy” is the end
result of a 2006 research study commissioned by The Entrepreneur’s
Source of Southbury,
Connecticut
. In essence, the study
suggests that gone are the days when individuals will work for one or two
employers, receive lifetime benefits and retire boasting double-digit
service time from one employer. The study did suggest that in the future,
long-term security would be gained through individuals managing their own
careers through self-employment and other alternative career options.
“We’re
at a tipping point in the American job economy,”
says Terry Powell,
founder and CEO of The Entrepreneur’s Source (TES). “The traditional
job market no longer offers the security individuals and families need to
live well,” he added. “Taking control of their lives through becoming
self-sufficient is now the new way to reach the
America
dream of living with long-term financial freedom.”
The research cites the many threats to an
individuals job security and financial freedom that never existed before
such as company downsizing, lengthy layoffs, the elimination of benefits,
enormous corporate bankruptcies, colossal consumer debt and
social security insolvency.
“After
spending 26 years in corporate
America
and facing another restructuring, I made a decision to get into my own
business,” says Robert Plenderleith, now owner of a
Huntington
Learning
Center
in
Wyomissing
,
PA.
“I had an opportunity to do something positive for kids and make
some money,” he added. “I now have created my own financial security,
through running my own business and reaping the many rewards from my own
decision-making,” stated Robert.
For those that will work for employers in the future, the research
states that W-2 wage earners can expect to have 6 to 8 job changes within
a chosen profession in a working lifetime; and/or to completely change
their working profession at least 3 times.
The
research findings point out that since traditional employment options are
becoming unreliable, individuals may have to provide up to 50% of the
income they’ll need for the more than 20 years they may live in
retirement.
Additional Research Statistics:
-
In surveys by the Roper
polling firm, 27% of all households making more than $100,000 a year
say they cannot afford to buy everything they need
-
20% of Americans say they
"spend nearly all their income on the basic necessities
-
60% of families have so
little financial reserve that they can only sustain their lifestyle
for about a month if they lose their jobs
-
For the first time since
1996, wages increased by an amount that failed to cover inflation
-
Four in ten consumers live
paycheck to paycheck
The Entrepreneur’s Source sponsors this type of research to
further understand what motivates people into becoming more
self-sufficient. A better understanding of the variable changes in
careers, investments, retirement goals, and pension plans helps the TES
career coaches better serve their clients.
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