Creative Destruction

creative destruction

ALTHOUGH EMPLOYERS CONTINUE TO CUT PAYROLLS  to the bone, they appear reluctant to hire again after leaving millions of laid-off workers out in the cold.

It’s true that the labor market has been going through huge technical shifts over the years and the job marketplace appears to have stagnated.Even so, many industries continue to shed jobs. Examples are electronics, the tech industry, manufacturing, technology, and the oil and gas industry.

Economists have a term for what’s going on and has been going on for decades: creative destruction.

That term was coined during the Great Depression of the 1930’s. Creative destruction means industries and companies that are not competitive have to be destroyed so thriving industries and companies can take root.

Past examples of creative destruction were when computers replaced the typewriter industry, when horse-drawn carriages were replace by cars and trucks, and when electricity replaced the ninety-year old gaslight industry.

This reshuffling isn’t so painful during good tines. But when times are bad, the adjustment can be wrenching and drawn-out.

That’s why thousands of you are moving from industries that are struggling—such as manufacturing—and taking your transferrable skills to industries that are taking root and thriving such as healthcare where registered nurses and physical therapists are in demand. Job hunters are also finding opportunities within the Software industry where software developers make a good living. All industries look for network administrators, computer systems analysts, and web developers.

So if you find yourself stuck in the middle of changes surrounding you, do not start wallpapering the Internet with your resume. That would be a big signal that you’re panicking. Instead, begin your job search or career veers with these three easy steps:

First, take a time out to figure out where you belong based on what skills you have to offer including transferrable skills. You can accomplish this by listing what you’ve been good at doing over the yeas. Then determine the skills you used to make those good things happen

Second, take a look at hot and growing industries that appeal to you and select a few to explore. I listed earlier a bunch of industries that are hiring. Those would be places where you can transfer your skills and abilities.

And third, read this related post about “How To Change Jobs.”

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RANDY PLACE is a careers strategist and author of Your One-Minute Job Finding Coach.

About the Author

Randy Place
RANDY PLACE is a job finding coach, author, writer on career topics, broadcaster, and host of For 23 years, he helped over a thousand downsized employees at JPMorganChase find jobs. He also coached executives at CBS, Pitney Bowes, and major outplacement firms in New York on job-finding, communications skills, and sales strategies An accomplished seminar leader and speaker, Randy has designed and presented workshops on job finding and sales training nationwide. His nationally syndicated radio series, Your Career Service, has been heard on over two hundred radio stations in the US. Randy is the author of “Your One-Minute Job Finding Coach” and writes about career topics on His articles about job finding have appeared in the Wall Street Journal’s National Business Employment Weekly. A former sales executive at NBC, broadcast journalist, and commercials spokesperson, Randy holds a Bachelor’s in Broadcasting from Syracuse University, and a Master’s in Journalism from NYU.

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