The Rise of the Digital Economy

Even before the current worldwide pandemic had caused lockdowns and forced many companies to adapt to remote work where tasks are completed virtually, the Digital Economy had long been growing as much as our technology has been progressing. What’s the Digital Economy, you might ask.

The Digital Economy was first mentioned by a Japanese professor and economist, in the midst of the 1990’s Japanese Recession. It was then followed and coined into a book, The Digital Economy: Promise and Peril in the Age of Networked Intelligence, by Don Tapscott in 1995. The book was one of the first works of literature that considered that the internet will soon change how business is done, globally.

Now back to the present time, the novel coronavirus seems to be affecting the international economy so much again, that experts think this may lead to another global recession; an event that will affect everyone in all social statuses. This might not only affect the economy, but it can also trigger other problems that can come out from poverty, such as hunger, crime rates, health problems, and even homelessness.

But what can we do to be prepared should a global recession really happen? How do we make sure that our finances would remain sufficient for ourselves and our family? This is where we can explore the Digital Economy and its promising future for everyone.

There are three main components of the ‘Digital Economy’; first is the E-business Infrastructure which covers the hardware, software, telecommunications, human capital, networks, etc. The second one is the E-business, which covers the processes of businesses over computer-mediated networks. And the third is E-commerce, which covers the transfer of goods or services online.

With the vastness of the Digital Economy’s potential comes a lot of work opportunities. But with the convenience that the internet has when it comes to submitting resumes for job hunting, it had also made things difficult for any job hunters to stand out from all the competition. So how do we maximize our chances to land a job during an economic slowdown? Below are a few of the best practices you can apply when it comes to job hunting.

Pay more attention to growth industries and specializations

The odds of finding a nice job increases when you focus on opportunities in growth industries. Identify the industries you are interested in working in, as well as its locations, should you need to relocate. Only select industries that make sense to you, meaning, that you have the set of skills these industries may need.

Be flexible and get out of your comfort zone

Know the business environment that you feel comfortable working in, but also learn how to consider trying new things, including the possibility of longer commute or relocation. In addition, there will be jobs where you will have to bend yourself backward in order to impress your employer. Be self-aware about how much you’re willing to go when considering a job that you have chosen to go for.

Focus on revenue and have a long-term plan

When there is a recession, expenses are what companies usually focus on. Help your prospective employers see that you are worth more than what they would have to pay to have you on their team. And even when you have already been accepted, don’t stop searching for a job until at least you have reached the end of your first month on your new work. During a recession, since companies will have financial struggles, it may also be possible that job offers are revoked. Some experts also advise to not stop being interviewed until you have finished your probationary period in your new work, just in case your company decides to not keep you.

Securing your future in times like these doesn’t have to be hard. Sometimes all you need is to know where to look for opportunities, and plan wisely.