Protecting and Improving Your Human Capital
Charles Eugster worked as a dentist until he was 75 and reinvented himself in his late 80s as an athlete. He held the indoor 200m and outdoor 400m sprint world records for men over 95 and was fit and active until his death aged 97. Source: Charles Eugster via bbc.co.uk
The unfolding Corona virus has hit most advanced economies very hard, as the authorities try to control the public health emergency. Millions of people have either lost their jobs or have been stood down while the lockdown continues and are relying on government funded job retention or benefits support.
Government financial support
While millions of working people are benefiting from the unprecedented government financial support, for many this is less than they have been used to or need. But there are many millions who don’t qualify for state help, either because they have too much savings for welfare benefits, they don’t meet the criteria for job support grant payments, or their employer has gone out of business.
Many are earning MORE money right now
But there are also many millions of people who are earning a lot more money due to overtime including medical, food retail, delivery, customer service and agriculture). And there are hundreds of thousands of new jobs that need filling as a result of the crisis, many of which can be done by those who have lost their work or jobs.
A lot of opportunities
In addition to the call for 65,000 highly trained medics to return to the NHS, companies need people to work on farms to pick fruit and vegetables in the place of the eastern European migrants that can’t travel, and retailers need hundreds of thousands of additional workers to meet consumer demand.
There is an abundance of work for those willing and able to do it. And remember that if you have been furloughed by your employer, you might actually be able to earn more money now, because you are permitted to work for another employer or yourself at the same time.
“If you have been furloughed by your employer you are permitted to work for another employer or yourself at the same time.”
But what about those left behind?
But if you’re self-isolating, caring for a relative or have young children to look after you might not be able to do your current or any of the other additional ‘in person’ jobs. Whether that’s you or you just have a bit more time available because you are working from home or are unable to find work, here are some things you might consider doing to improve your human capital (more on this in my earlier blog here).
Take an online course in something that will improve your skills, knowledge or capability. There are lots of good courses you can choose from. Some have a charge, but many are free. Yale runs a free online course on wellbeing, and over 2 million people have already enrolled. The Open University offers a range of free online personal finance courses that can help you improve your money skills.
Watch TED Talks to improve your understanding and knowledge or to gain inspiration. You can choose from over 3,400 talks from some of the world’s most respected experts and filter by the subjects that interest you. As each talk is less than 20 mins, so you should be able to find time to watch at least one each day.
Read or listen to good non-fiction books. Warren Buffett’s business partner Charlie Munger says this simple habit is the key to wisdom and success. “In my whole life, I have known no wise people who didn't read all the time — none, zero,” Munger says in author David Clark's “The Tao of Charlie Munger.” “If you want wisdom, you'll get it sitting on your a--. That's the way it comes.” I read at least one book a week, highlighting key passages with a marker pen and then summarising the key content on a sheet of A3 paper. And I always reread the best books. Why not start off with my easy to read short self-improvement book - Squeezing the Orange: Simple ways to live a full life
Study online for a qualification or accreditation. The Open University offers hundreds of affordable qualifications available via distance learning.
Create your own online course on something that you understand and that could be of value to someone else such that they would pay for it. If you’ve already created content or material, then you could be up and running with an online course in days. This post lists the main digital platforms on which you can host and deliver your course.
Write a book. Although the late writer Chris Hitchens said “Everybody does have a book in them, but in most cases that's where it should stay.”, unless you write a book you’ll never know if it is something other people will want to read. American author Don Miller describes writing a book as a means to gather, organise and explain your thoughts and opinions on an issue, subject or theme. So, go ahead and write a book. Just do a bit each day and see what comes out.
Learn (or relearn) a musical instrument. You might never earn a living from it but learning to play an instrument can be really good for your overall wellbeing. You can watch free online tutorials or hire a one to one teacher via video call. I taught myself to read music and play the piano when I was 12 years old and, while I will never make a living from it, I get pleasure from playing and getting away from screens.
You can’t control what happens with the coronavirus pandemic, but you can do a lot to ensure that you protect and improve the most important asset you have – YOU!
Warm regards,
Jason