Multiple Streams of Water
In the book The Parable of the Pipeline, the author Burke Hedges talks about the importance of creating an alternate path of income that is independent of one's primary source of income. In other words, instead of putting all the eggs into one basket (namely your job), it will be better to diversify the income dependence on one job income and to create multiple income paths that can one can have full control of.Example
For example, besides John's primary job as a lectuerer, John washes cars at the local carpark and earns additional alternate income. While the control of workload, demands, and security of his role as a lectuerer at the lcoal university is not within his reach and is dependant on multiple factors of the economy, this second pipeline of income is totally controllable by him. The earnings brought in by John is proportional to the total number of hours or effort that John invest in this car washing service. If John puts in enought effort for a period of time, he may be able to set aside enough funds to employ helpers and start his own mini car washing service at the local carpark and eventually expanding to the other neighbouring carparks. This can happen simultaneously as his primary, world given, assigned and recognised role as a lectuerer at the local university.
Why is it so Important for us? : New economy shift in Focus
It is predicted that the job market in the upcoming years in Singapore will be shifty, with temporary jobs offer and the whole model will gradually moved towards a transactional (offered skills vs demand) work style. Hence, no doubt the availability of jobs in the market might be plentiful, which is determined by the performance of the local economy, the job nature might be adopting a more temporal format.
In other words, there should be lesser and lesser jobs locally that offers long term job security. The amount of job opportunites present on the market has no relation to the job securty offered by jobs.
Therefore, it is very difficult to build a career with an organisation, but it is possible to build a career on a skill set, or around an area of job excellence.
Reaction to Shift : Adjustment to Action Plan and Resources diverging
Because of this fundamental shift in job nature, people with skills and knowledge of the new economy should not waste the days of their youth but to embark on their own pipeline which may follow the steps :
- identify their focus area where they can excel and move forward with ease and comfort,
- start building on their pipeline upon definition (which might entail to starting a few pipeline at a time, and sieving out unsuitable ones),
- established it sometime along the line, nurturing and coaching it from a crawl to a walk.
- bring it as a service to the working region (eg. if people centric, then their okios, if spatial definition, then geograpical region or industry areas)
before they grow old and starts to lose their earning capability in the eventual harsh winter.
posted by Pencil @ 9:26 AM
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