Understanding HR in the new economy

During my final year in NUS, we have to take this new module called "Understanding HR in the new economy". This module left quite a deep imprint on me that up till today, I still remember it vividly. One of the main focus of this module is on the new economy and how we need to adapt to this new economy.

In there it mentioned that we need to accept changes to change our individual paradigm. It includes:
- Adaptable (Be prepared for changes)
- Multi-skilled (Transferable competencies, Specific job skills, Career development skills)
- Continuous learning
- Emotional Intelligence (Interpersonal skills, teamwork)
- Self-pace and self-discipline
- Resilient (To recover quickly from misfortune)

It also mentioned to accept organization changes which includes the below:
- Business structures
  - Intellectual changes (Knowledge as a competitive advantage)
  - Virtual organizations (Strategic alliances, outsourcing, contingent workforce)
  - Organizational learning
  - Focus on customer perceived value of products and services

- Management philosophy
  - Knowledge management (Information as a product on its own right)
  - Organizing around teams (Shared vision, social synergy, team learning)
  - New employment relationships (Core employees, contingent workers)

Singapore just recovered from the Asian Financial Crisis (1997), dot.com bubble burst (2001) and SARS (2003). Through this module, we were inculcated with a mindset that job stability is a thing of the past. To survive in this new economy, we have to keep learning and providing value to the organization.

It mentioned one can have many jobs in a life-time but have only one career. In the past, there used to be linear progression of upward promotions along predictable career path. There is a clear distinction between work and non-work roles. Now in modern days, we have reached a boundaryless-career which can span countries, industries, companies and professions. Individuals will go through a period of learning, unlearning and relearning over and over again. We have to take responsibility for our own career futures.

It includes:
- Knowing-why (career motivation, personal meaning and identification)
- Knowing-how (job skills, job-related experience, education)
- Knowing-whom (networks of people)

The new career is about building a self-designed career. We develop our career capital and establish a portfolio of skills by continuous learning. It is essential to be flexible and adaptable in accepting/expecting frequent job changes (high mobility).

This new career and economy arises because of the information technology revolution. Computers and networking technologies brought about this change.