Tag: jobs

creativity

NIH funding freeze endangers American lives and the US economy

Christa Avampato
Photo by National Cancer Institute on Unsplash. Chanelle Case Borden, Ph.D., a postdoctoral fellow in the National Cancer Institute’s Experimental Immunology Branch, pipetting DNA samples into a tube for polymerase chain reaction, or PCR, a laboratory technique used to make multiple copies of a segment of DNA.

Earlier this week, I wrote in my Togetherhood newsletter about the history and scientific research of Gila monster venom that led to Novo Nordicks’s medications Ozempic and Wegovy. This research began at the National Institutes of Health and led to some of the most profitable and promising drugs. These types of advances are now in danger because the Trump administration has frozen much of the $47 billion the US spends annually on biomedical research like this through 60,000 NIH grants.

The US houses the world’s leading medical labs that research cancer, dementia and Alzheimer’s, heart disease, child health, and diabetes to name just a few. NIH grants provide significant funding to these labs. To make sure the grants are used efficiently and ethically, there’s an extensive review process of grant applications. When the Trump administration froze the funding, they stopped all these review processes. These frozen funds also caused many research labs and universities that house them to halt hiring and PhD and post-doc admissions. Even if they released the funding today, it would take weeks or months to restart all these processes.

Additionally, freezing these funds is negatively impacting the economy and US competitiveness on the world stage. Every $1 of NIH spending generates more than $2 dollars in US economic activity. Healthcare is the biggest industry in the US. Without the foundation of NIH-funded research, the industry is in crisis. The US produces more influential health science research than the next 10 leading countries, combined. Every day that goes by, lives and livelihoods of Americans are in jeopardy. Please call your reps today and tell them to fight to restore NIH funding. Your life and the lives of those you love depend on it.

creativity

Are we thinking about leadership with the wrong metrics?

Christa Avampato
Photo by Steve Leisher on Unsplash

“We don’t elect a president based on policies. We shouldn’t. We should elect them for their character, because we don’t know what’s going to come up.” ~Retired Lieutenant General H.R. McMaster, former National Security Adviser

When we consider hiring (or electing) leaders, we often jump to their experience and policies. General McMaster is asking us to consider who they are. We live in a highly dynamic world. From one day to the next, we’re experiencing dramatic and sweeping changes. New information is widely and broadly disseminated at lightning speed. We need leaders who can operate in this paradigm and help others navigate it, too. 

Rather than looking at a leader’s past experience, what if we think about how they approach the future? Can a leader adapt and adjust? Are they flexible? Do they have a learning-mindset? A grow-mindset? Are they thoughtful? Are they collaborative? Do they care about the people they serve and support? Are they surrounded by bright, eager, caring people? Do they exhibit empathy and compassion? Is love a core value, and how have they demonstrated the use of love in their leadership?

How might hiring (and elections) shift if we embraced General McMaster’s advice? What kind of world might we be able to build together if the strength of someone’s character was consider at least as much as their experience and policies? 

This switch undoubtedly makes hiring and elections more nuanced, complex, and time-consuming. However, given the state of the world and rate of change we’re experiencing, leadership has never been more important to the stability of our planet and society. We deserve to have leaders who are up to the challenges of today and tomorrow. To find and hire these leaders, we need to invest the necessary time and effort to find out who they are, what we care about, and how they can help us move forward together.  

creativity

Which job skills will be most needed in an AI-dominated world? The answer may surprise you.

Christa Avampato
Photo by Steve Johnson on Unsplash

With AI rapidly advancing, which skills will be most needed in the future? I guessed STEM. However, Christopher Pissarides Nobel Prize-winning economist and professor at The London School of Economics and Political Science (LSE) told Bloomberg that empathy, leadership, communication, and creative skills may be the ones most needed in an AI-dominated world and job market. This is because those skills are much more difficult for AI to replace, and they are skills needed to make AI useful and impactful. Humanities friends, rejoice!

Do you agree with Pissarides? How do you feel about the rise of artificial intelligence? What do you think the biggest opportunities and risks are with AI?

creativity

In the pause: Leading economic indicators we all need to watch

Christa Avampato

Buried deep in the Business & Finance sections of media channels, there are some leading economic indicators that we all need to watch. I have to admit that I’m getting very nervous. I’m beginning to feel like it’s 2007 so I’m making plans with my money. You’ll find a mini-action plan at the bottom of this post. I hope it helps. Please feel free to share this post with anyone whom you think would be interested. I don’t have a crystal ball. This is just what I’m seeing, reading, hearing, thinking, and doing. I put links below for you to reference:

  1. Executives at Wall Street’s largest banks are dumping stock, and I mean dropping shares like they’re hot potatoes. They have sold nearly $100 million worth of stock since the election. And it’s not just some of them. It’s all of them! Bankers dump stock because they think now is the best deal they’re going to get for a good long while. They’re smart as hell when it comes to these kinds of predictions so pay attention to them. Yes, the Dow hitting 20,000 is a big, flashy story. But honestly, that’s all it is. Don’t think that means good times are ahead. The Dow is going to seesaw like it’s on an elementary school playground for years to come. In July 2007 the Dow hit a record 14,000 and then it plummeted to 6,547 in March 2009. Those were dark times filled with panic. There is a high degree of volatility in our economy right now, and by all accounts that volatility is going to continue to a frightening degree.
  2.  Emerging markets are selling debt at record numbers. Argentina’s finance minister explains why in an interview with the WSJ: “Nobody knows what’s going to happen to U.S. interest rates with Mr. Trump as President. We have to reduce the level of uncertainty that there is now. The right decision is to minimize financing risks.” Again, finance ministers in foreign countries are seasoned professionals who spend their waking hours watching economies and policies. This is all they do, so when they make statements like this, it’s very significant. We need to listen to them.
  3. Contrary to all of the hoopla from the West Wing this week, American corporations are not investing in their businesses. They are stockpiling cash to the tune of $1.9 trillion, the most cash they have ever held. Ever. This isn’t rainy day savings. This is flat-out hoarding. Why would they do that? The same reason you would stockpile cash—because they are worried about what’s ahead. By having cash on-hand, they will be able to make adjustments and survive. In a difficult economy, cash is life (literally!) Accountants and finance professionals help companies manage and hedge their risk. Again, they know what they’re doing.

Look, I have no desire to relive those frightening years of 2008 – 2012. They were awful. But please understand that in the case of global economics, there is very little that ordinary individuals like you and I can do to impact this outcome. This is an issue that is truly in the hands of fiscal policy makers and elected officials. Trump’s volatility and foreign policy decisions will move markets. I wish that weren’t the case, but it is. So here’s what I’m doing to protect myself:

  • Increasing my cash savings. I’m still savings for retirement in my 401K and IRA, but I’m not making any significant purchases that will put me behind the 8-ball financially. I have a lot of friends who bought houses, cars, and the like in 2007 just after we graduated from business school. Some paid dearly for those decisions for years. I have an emergency fund if my job evaporates or I have a medical emergency. Liquidity will be the name of the survival game if our economy goes belly up again like it did in 2008.
  • I’m continuing my side hustles as a freelance writer and I don’t spend any of that money. I save it. The extra income really helps.
  • I have a plan if lose my job tomorrow. I know it is scary to think of things that way. I know it isn’t optimistic. I know it sounds like Doomsday is on our doorstep. No one wants to think about this. But we must. Please. Just have the plan ready to go, and then get back to work.
  • Now is the time to up your skills and make yourself more marketable. I’m now thinking of ways to do that through volunteer work and free or low-cost trainings. Now’s the time to break out our jack-of-all-trades game faces.
  • If you are in a job that looks shaky now, I would strongly encourage you to look for a new job and get out ahead of the storm. If your company is unstable now, it will only get more unstable with a rocky economy. Don’t cross your fingers and hope everything will work out alright. Now is not the time to preciously cling to feeling badly about leaving your company, or your boss, or your coworkers. The only one who’s going to make things alright for you is you, and remember a company will protect its own survival before it protects your job. When their backs are up against the wall, people become line items. I know that’s painful to hear; it’s also truthful. I watched 10s of 1000s get laid off from my company from 2008-2012. It was harrowing. I still feel sick about that time. Companies are survivalists so we must be, too. Take care of you.

I wish this were a sunnier post. I wish like hell that I had great news for you when it comes to the economy. But listen, knowledge is power and protection. I would be delighted to be completely wrong about all of this though I’m of the belief that it’s better to have a plan you never need rather than needing a plan you never have.

And if you need help, please let me know. I am not a finance expert by any means so please don’t take this advice as such. I do read a copious amount of information on a daily basis in dozens of channels. I try to stay as informed as possible on a wide variety of subjects. As I learn and understand more, I will of course share it. Together, watching out for one another, we are stronger and more resilient. If last week is any indication, we’re in for quite a ride for at least the next 18 months until the midterm elections. At least we’re all in the same boat. Now let’s row in the same direction.