So Much for Job Protections, Ranging from Unions to Academic Degrees - The VW Purge

As the global labor market mutates - and not in favor of workers - even professional services such as banking at Wells Fargo is turning to unionizing. Or at least considering that.

Now and then on professional anonymous networks such as Fishbowl and Reddit there is even floated the once-unthinkable: that associates at large law firms opt for collective bargaining. After all that would put an advocate on their side as they negotiate severance. The system is up-or-out. And since the tier of non-equity partner consists of employees, not owners, NEPs could also join a union.

But, now a darkening cloud is hovering over the promises of unionizing. It engenerated such hope in the 1930s. Recently that seems naive. 

For example, it doesn't appear that collective bargaining at Boeing will bring back pensions. 

Starbucks front-line workers who put their hopes in even supporting unionizing haven't seemed to have gotten much in terms of improved conditions.

At VW in Germany, a nation in which job protections have historically been strong, there have been announced:

Closure of three plants

Layoffs

Salary cuts of 10%

Pay freezes through 2025 and 2026,

Interestingly another long-time kind of protection in employment security - the degree from institutions of higher education - is weakening in its power to get, hold and move on to better work. That correlation between employment stability/mobility and academic degrees, especially from elite universities, is being challenged during the current white collar recession taking place not only in the US but also Europe, India and China. That reversal of fortune could be a permanent labor trend. 

Currently there has been an uptick, after two years of decline, in applications to MBA programs. But, come on, no one knows 1) If employers will pony up premium compensation for that credential or 2) There will be a glut of those with that very specific kind of education. 

The same issues dominate the marketability of other once-prestigious degrees such as those from the top 14 law schools. Currently, there has been a surge in bookings to take the LSAT, which is still demanded or preferred by myriad law schools. Those programs require three years. At the time of graduation will there be 1) a natural talent glut and/or 2) cut in hiring because of technology? 

Already AI is taking over the first-pass tasks in document review. So much for even being hired for low-value work in a major law firm. The goodies such as nosebleed profit-sharing, with multiyear compenastion guararantees, are reserved for those at Kirkland & Ellis, Paul Weiss and more on the high-value end. That entails bringing with them not only a brandname but also a bluging book of business in a lateral move. 

In my coaching what is becoming obvious to clients is the necessity of approaching making a good living in non-traditional ways. Those solutions range from self-employment to the trades to certifications in hands-on healthcare. The new perspective has become: You gotta look out for yourself - every day. 

We are back to the Cave Man ethos of being totally responsible for bringing home dinner. That includes creating your own terms of employability in professional services. Those in-demand laterals aren't taking crap. 

Life is hard. Business is even more difficult these days. Get answers – and relief. Jane Genova is a results-driven intuitive coach, tarot reader and content-creator related to careers. Complimentary consultation (please text/phone 203-468-8579 or email janegenova374@gmail.com)