60 of 61 people found the following review helpful:
4.0 out of 5 stars
Why work is getting harder, and life more lonely. . ., June 20, 2002
This review is from: The Future of Success: Working and Living in the New Economy (Paperback)
Reich (personal bio covered by other reviewers) covers
some of the mega-trends that are affecting our lives.
The book follows this train of thought, if only roughly.
1) Technology and globalization is breaking down barriers for competition. With so many suppliers, buyers have more choice. There are better deals everywhere and switching costs are going down. You can change (your house, job, lifestyle) easier than ever before.
- Every year 17% of American¡¯s change residences, and 20% of them change jobs.
2) It is a buyers market and sellers are forced to innovate. Everything must be better, faster, and cheaper. The innovators are increasingly independent, and networked free agents (rather than a vertically-integrated conglomerate). These free agents seek market visibility by associating with large recognized brand portals: Disney, Dell, Harvard, and AOL.
- 90% of the 7,000 entertainment firms in Los Angeles have fewer than 10 employees.
3) Loyalty? Companies are constantly trying to cut costs and looking for cheaper suppliers (and employees). "The underlying cause isn¡¯t a change in the American character. It is to be found in the increasing ease by which buyers and investors can get better deals, and the competitive pressure this imposes on all enterprises. As the pressure intensifies, institutional bonds are loosening.¡± (page 71)
4) The nature of work has changed. There is more emphasis on the individual; they must provided for themselves, and constantly define their value. It is an opportunity, but also a great source of insecurity.
The gap in wealth is increasing.
- In the US, the top 1% of people hold 18% of the wealth.
- CEO pay (as a % of typical worker¡¯s salary) has risen from 40x (1980) to 85x (1990) to 419x (2000)
5) Americans are working longer hours. The opportunity cost of not work is very high: people are compelled to work for that marginal income. The free agent culture: People take their work home with them
- Americans work 350 hours a year more than Japanese and Europeans
- 30% of families are supported by single parents
6) As free agents, we sell ourselves constantly. (Not just when applying for a job) ¡°Individuals now blaze their own career paths by making reputations in their fields, not in their organizations.¡± (page 143)
7) Families are shrinking, as both women and men feel compelled to work more. Many of the functions for the family are being outsourced: meals, childcare, shopping.
- The percentage of unmarried people with no children is 32% (1998)
- In Massachusetts, more babies are born to women over thirty (than under thirty)
- Spending on take-out & restaurants exceeds the spending on groceries.
8) Although technology is making our lives easier, more efficient, we are very alone. As a result, we are paying for attention: spas, clubs, counseling, childcare, and brokerage. Companies are segmenting their markets by their customers¡¯ ability to pay for service (or attention). Invariably, this trend will continue as more people work longer hours and spend less time at home and with their families.
9) Communities are becoming commodities. People are more mobile. We choose our location, neighbors and lifestyles. Friendships start and end easier. We choose the communities that offer the best return on investment: lifestyle, schools, and real estate value. Society is becoming more segregated as people bargain for something better; no one wants to subsidize anyone else.
10) Leadership is about attracting and keeping talent; governance is salesmanship (section title pg. 209).
Finally, Reich discusses the choices we must make in light of the world we live in. Overall, it is an insightful and organized view of the hectic life we live.
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23 of 23 people found the following review helpful:
5.0 out of 5 stars
Dissects the modern Work/Life balance problem, August 28, 2002
This review is from: The Future of Success: Working and Living in the New Economy (Paperback)
This was a great, insightful, enjoyable, well-written book. It clearly dissects the problem of why it's so hard to achieve a suitable work/life balance today, and clearly describes some underlying causes. For me, it certainly lived up to the praise it has gotten.
In short, Reich's central idea is this: as consumers, we love the terrific products and deals we're getting in today's marketplace as a result of increased competition. However, the dark site of this is that we must work longer hours as employees and be more innovative to ensure our companies outpace the competition. These time pressures are fragmenting our personal lives as we reduce the time we spend with friends, family and community. Reich has many interesting insights and observations beyond this overall theme as well. Overall, I recommend this book -- reading it was time well spent.
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18 of 19 people found the following review helpful:
4.0 out of 5 stars
Interesting Commentary On Our Changing Workplace, August 27, 2003
This review is from: The Future of Success: Working and Living in the New Economy (Paperback)
Although the title is overly ambitious, The Future of Success is an interesting commentary on our changing workplace. The author, Robert Reich, a Brandeis University professor, was the Secretary of Labor during President Clinton's first term. Consumed by work and neglecting his family, Reich decided that the toll was too great and left his cabinet position to return to academia and write this book.
Reich's work is important because he explains the drivers of our new economy with its great consumer deals, endless workweeks and vanishing job security. In this new world, rewards are given for results, not seniority within the company. We can conclude therefore, that since teams are typically formed to achieve specific results, they will continue to be an important organizational structure in the new economy. Increased competition is driving most businesses to focus on results. This philosophy favors a results-based organization structure in which teams are the basic building block.
Although the reader expects Reich to end this book with stunning insight on balancing the vast benefits of the new economy with its requirement of personal sacrifice, the author provides no specific recommendations. Instead, the disappointing final chapter provides some vague recommendations for increased dialogue and improved public policy. Nevertheless, the book's compelling content makes up for its tepid epilogue.
Reich's background gives him unique qualifications to describe the driving factors behind the new workplace. I recommend that you put this on your list.
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