A memorandum, more commonly known as a memo, is a short message or record used for internal communication in a business. Once the primary form of internal written communication, memorandums have declined in use since the introduction of email and other forms of electronic messaging; however, being able to write clear memos certainly can serve you well in writing internal business emails, as they often serve the same purpose.
RE: The future of the work by Peter Coy
The article The Future of the Work by Peter Coy presents the problem of jobs and career prospective in the future. The author attempts to analyze the current situation in the American job market. Due to the fact that the topic is rather complicated, the author uses concrete examples to introduce it to the reader. A successful top manager Ryan and a low-wage computer programmer Maglione illustrate the two opposing trends in the modern American job market. Ryan is a representative of a “flexible” profession that always requires human thinking. Maglione’s work can be replaced by the computers. Through the examples the author introduces the two main trends on the market.
The recent changes in economy have increased unemployment rate and made certain workers more vulnerable to downsizing. The author cites the research by Massachusetts Institute of Technology and Harvard University that has revealed that the most endangered are jobs that can be split into “routinized” stages. Such workers can be easily replaced by machines or software. The substitution by machines reduces expenses on wages and social support for low-paid workers. On the other hand, the jobs that cannot be done by machines with the same quality as by humans will be higher paid in the future. The non-routinized jobs require flexibility, creativity, and profound knowledge. Therefore, such jobs will be in high demand in the future. At the moment, the majority of routinized jobs have already been reduced to machine operating. The remaining jobs have been changed in order to expand the scope of responsibilities and make the tasks impossible for machines.
With the change of the job market, the requirements to education have been shifting as well. Multi-sided higher education is becoming less valuable than special technical knowledge. People with academic degrees usually study according to the same or similar curriculum. Therefore, their skills are approximately equal and standardized. Local knowledge or unique skills are crucial for an efficient worker and job security than a university diploma. “Softer skills”, such a communicative flexibility and ability to understand the business, are also necessary for the future employment. The author comes to a conclusion that automation and globalization will have negative influence on people who are used to monotonous routine jobs. However, they will not necessarily be threatened by unemployment because there is always an opportunity to improve their professional skills and adapt to the changing conditions of the job market.
The article is related to Introduction to Business since it explains current job trends and illustrates the competition in the job market. It also helps to increase students’ business literacy and allows them to form an objective judgment about the current business situation.
The article is highly informative for students, since it describes the perspectives of the future job market. The author explains why it is important to develop flexibility and creativity. His research provides students with new information about perspective career opportunities and gives motivation to improve their professional potential. Information about the splitting of the job market into “routine” and “non-routine” jobs is new and extremely useful for any person. However, the fact the globalization reduces the job market is rather unexpected. The opinion that job markets expand due to globalization is popular, and the evidence of the opposite provided by the author is certainly new for many readers.
As a conclusion, it can be noted that The Future of the Work by Peter Coy is useful and interesting research that touches upon essential issues. It disproves the stereotypes and reveals the objective truth behind globalization and computerization. The author makes readers reconsider their professional position and provides an effective stimulus to plan their future careers in advance by developing non-standardized skills.