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Survival skills for the new economy

by George Tsarouchas, Founder & Managing Director

George is Founder and Managing Director of Dialectica. Prior to founding Dialectica, George provided advice to some of the world's largest investment funds. George started his professional career at the European Union Embassy in Washington DC. He holds Master degrees from Johns Hopkins and Harvard where he studied finance, international relations, management and macroeconomics.

We stand on the brink of a technological and social revolution whose scale and complexity, will be unlike anything humankind has experienced before. This ongoing transformation has fundamentally altered the way we work, think, live, even relate to one another. Technology, will continue to reshape the labor market and the nature of work itself, disrupting industries and business models, creating new jobs and demand for certain skills.

To adapt to the rapidly changing demands of modern work, young professionals need to build certain skills that will help them survive in the challenging and competitive environment of the New Economy. My answer to the question what are the most important skills for entry-level job seekers is always “Soft skills”.

Deloitte forecasts that soft skill - intensive occupations will account for two-thirds of all jobs by 2030, compared to half of all jobs in 2000 with the number of jobs in soft-skill intensive occupations growing at 2.5 times the rate of jobs in other occupations. Employers are increasingly looking for workers with high Emotional Quotient and solid soft skills such as communication skills, leadership, empathy, ownership, self-awareness and teamwork. Self-awareness and empathy are of particular importance. Self-awareness means having a deep understanding of one’s emotions, skills and motives. Empathy is the ability to thoughtfully considering other people’s feelings in the process of making decisions. A good foundation of these two skills is necessary condition for success in most modern workplaces.

Even though analytical skills are of central importance, it is not IQ that leads always to success. It is emotional intelligence that helps people get things done, and that’s what makes a difference, especially in management.

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