Our nation is struggling with creating enough jobs and restoring our economy to a healthy economic state. Our confidence was not boosted by Australian unemployment hitting 6 per cent in June, especially against a backdrop of rising housing, food, health care and transport prices.
Who can save us from this precarious situation? Not the government. They are now facing record budget challenges at federal, state, and council levels. Nor can we count on corporate Australia to bring back jobs they’ve eliminated. We hear of layoffs every day by small, medium and large organisations. While government and private corporations both have roles to play, I think they do not hold the ultimate key to our economic destiny- you and I hold the aces to our success in this global economic financial crisis.
Instead of relying on a single job to provide financial security and a predictable career path, we need to embrace the realities of our current economic climate. Unemployment and underemployment is the new norm. The pursuit of multiple income streams is an economic necessity for all, not a privilege for the intrepid and entrepreneurial few.
Historically, migrant workers experience greater rates of unemployment than the general population during an economic downturn. This is the reason why each migrant worker needs to supplement his/her compensation from a traditional job with entrepreneurial endeavours and freelance opportunity. This is one of the ways to ride out of income disruptions and career changes such as pay cuts, layoffs, and company merges and sales. We can no longer afford to be totally dependent on a single job or income source.
In this issue and subsequent issues of SMP magazine, we will be offering our readers’ series of articles on career strategies, survival in corporate environment, job- hunting, and a myriad of other articles related to entrepreneurship. It is no secret, however, that our real mission is to encourage as many migrants as possible to one day control their own fates by owning their own successful businesses
Ownership is where that true power and wealth lie. As my mentor told me “Never rent, always own”. Lack of ownership means lack of control and power in the market. Those who own businesses control jobs, and that is power. They contribute to the tax base, and that is power. Those who work for others may have income, but in reality they have very little power over their own destinies. The season we are currently facing in Australia is favourable for entrepreneurs and start-ups. In the 2015-16 budget, small business individuals will get a 5 per cent discount on income tax payable on business income capped at $1,000 per individual per income year, and a 1.5 per cent cut to the corporate tax rate. They will also receive an instant tax deduction for depreciating assets costing less than $20,000.
I am a firm believer that the true measure of a professional is not his or her performance in good times, but his or her response to seemingly daunting challenges. So, in these uncertain times, it’s critical to maintain a positive outlook. Being down casted or speaking negatively all the time about our future will not help the situation either.
The wind of change is affecting everyone and the differentiating factor is going to be our individual response to navigate the storm and come out triumphant.
The bottom line; it’s up to you to be proactive and flexible about your prospects for earning income and creating the opportunities you will need to thrive now, and for the foreseeable future. Hold both government and the private sector accountable for what’s in our economic interests, but do not rely on them to save you. Don’t look to be rescued. Take responsibility for your own survival and flourish.
See you at the top!