The Work From Home Show S1Ep67: Digital Economics Strikes The Home...And Destroys Your Office Desk
Naresh predicted the current economic changes and global labor transformation way back in November 2019 when he went on the Financial Survival Network. We're going to republish that interview he did so you can prepare yourself - and your families - for the coming changes in employment so you can make yourself as valuable as possible while still making great money.
When the economy went bust in 2001, companies were forced to seek better, more cost-effective ways of conducting business through technology. Fast-forward 18 years later, and it's easier than ever to outsource services and manufacturing. It’s more efficient and improves the bottom line.
Naresh talks about the next transformation of the global economy, which is now here thanks to the Wuhan Virus. He was already seeing it with own own business and its services, which have displaced in-house, full-time employees and increased client capabilities.
Topics include:
- Why trade shows are diminishing.
- How the cost of conferences and trade shows were already forcing companies to seek other web-based solutions.
- Why online events and summits have boomed over the past two years, and why they will dominate moving forward.
- You’re no longer limited by space and geography.
Naresh did this interview in November 2019, long before the Wuhan Virus was even in existence.
Quotables:
"We are now living in a time where almost everything will go remote and digital."
"2009 was a global economic crisis. It was a wake-up call for businesses to find ways to cut costs and get more done by spending less."
"Whenever the next recession comes - it could be next year - it's going to be the next transformation in the global economy where companies and corporations will go freelance, contract, remote, and digital."
"Remote and digital will affect office space, commercial real estate, and transportation. I'm very bearish on commercial real estate."
"Amazon and Walmart will put its competitors out of business and change commercial real estate."
"I don't think the average American is paying attention to these changes that will come. They aren't understanding what this means for them and their jobs. They are content where they are right now. So much is going to change. It's easy for my generation not to think about the future. The previous generation did this, and then 2008 happened, and they found themselves displaced."
"The oil & gas industry, since 2014, it's been a bloodbath. They will continue to cut costs, hire part-time workers, temps, independent contractors, lay off tons of employees, stop projects altogether. People thought the industry was a good ol' boys network. People need to be careful with the complacency."
"Focus on skills. Make yourself valuable. Create and provide value. The economy will hire people who will get the job done... not the degree they have. If you can master these areas, you'll be fine when the comeuppance happens."
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Featured Photo by Alexandre Debiève on Unsplash