BY: Adam Gavriel
The Heckscher–Ohlin model of economic trade suggests that producers of abundant resources will favor free trade while the holders of scarce resources will favor protectionism. With this, those who have a hold of the abundant resources will become rich while those holding the scarce resources, who can’t find anyone to export those resources to, will watch their business flounder.
This theory can be applied to any market, today we will specifically look at the job market. With the United State’s unemployment continuing to hover over 9% the job market finds itself abundant in potential labor, however, it goes deeper that. To make sure that you can export a feature of yourself to make you useful to a company that is, in essence, importing you, it needs to be abundant.
Now turn the model on yourself. What do you have a lot of skill in, what are your “abundant” skill-sets? What is something that you can do better than anyone else in the job market, something that you can do over and over again and consider yourself an expert at? It can be as simple as having the right experience in a certain job market to land yourself a future position in the same industry, or as technical as being a certified public accountant. These are the type of features that you want to export to employers to show them your value.
The other side of the Heckscher-Ohlin model theorizes that countries will import the resources they are scarce in. If you find yourself doubting your abilities in a certain field there are plenty of ways to get yourself to the position of being an expert. By becoming certified, or picking up a new trade you can give yourself a competitive advantage over the rest of those potential job seekers. Another way to give you a competitive advantage (which has been discussed in this blog before) would be to import knowledge. Most of us can admit that when we apply to a certain company or organization we may not know much about it. A scarce factor among your resources could be knowledge of the company, now what you would want to do is import knowledge unto yourself. It can’t be stressed enough how much companies appreciate prior research or knowledge of their core beliefs, ethics codes, new markets their exploring or anything else you can say in your interview to make sure that they know how interested you are in the position.
When you import all of these important factors in obtaining a job today, you’ll be able to export that knowledge (which is now abundant) on your resumes, cover letters, and in your interview for your new job.
Make sure to check out Crossroads Consulting’s website to stay up to date in the current job market. We’re also always updating our job openings, and if you’re afraid that your resume doesn’t export your abundant factors enough, we’ll take a look at it for you.