CEO tells '60 Minutes' traditional career path is 'dead' (+Video)


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  • raybies Layton, UT
    Nov. 14, 2012 6:52 a.m.

    All this CEO is saying is that he's not loyal to his own employees. He'll ditch them the moment they are perceived to be unprofitable and replace them with someone who can do the same thing for less money. He wants new hires out of school because they're cheaper than seasoned employees. He'll ship jobs overseas if he can find qualified laborers there too.

    The schools do have issues, but the truth is that if you want to succeed in the job market, you'll need a marketable skill in which you can make yourself indispensable to the company you work for... ultimately they'll still lay you off, but for a while you'll get paid, and during that time you really ought to save as much as you can.

    Belts are tightening.

  • BYU Track Star Los Angeles, CA
    Nov. 13, 2012 6:20 p.m.

    On Wikipedia here is the skinny on Klaus Kleinfeld.

    The question that should be asked and discussed here is; Is Germany's educational system better at preparing its youth for apprentiseships in Manufacturing than the US is? Not every kid is meant to go to college. The Crafts yes, Collge not so much?

    Kleinfeld received a business degree from Georg August University in Gottingen, Germany and a Ph.D. in management, University of Warzburg.

    In 1986, he joined Ciba-Geigy in Basel (Switzerland), where he was a product manager in the Pharmaceutical Division.

    Kleinfeld has worked for Siemens AG since 1987. His first position was in the company's Corporate Sales and Marketing unit.

    Kleinfeld is a member of the board of directors of Alcoa Inc., of Bayer AG and of Citigroup Inc. After the announcement that he would be joining Alcoa, he resigned from the Citigroup board as Alcoa's then CEO was the lead director for the board.

  • CB Salt Lake City, UT
    Nov. 13, 2012 12:11 p.m.

    Well there will be a lot of part time jobs out there, and maybe you can put two of them together and make a full time salary. But you will be responsible for our own health care and that could be expensive, unless you choose to pay the fine.
    There is always the way my father-in law roommate did it. He would dress up like a "down and outer" and went out and begged every day. No taxes, income, property, healthcare or payroll.
    He did as well as my father-in-law who worked 8 hours a day and 40 hours a week.
    At least he gave it 4 to 6 hours a day, and that is more than some of those living off the government do today.

  • MountainTops58 Riverton, UT
    Nov. 13, 2012 9:13 a.m.

    And the rest of the story...??

  • germanygator Apo, AE
    Nov. 13, 2012 4:58 a.m.

    The problem with the traditional model is (at least) two-fold: 1. schools don't really teach anything tangible that is of value to employers and 2. companies don't want to train--they expect students to have proprietary skills as they enter the workplace. The issue with the latter philosophy is that companies are no longer willing to invest in their workforce so it's easier and less expensive to lay them off at a moment's notice.

    Essentially, employers want students to pay for their own training, go into debt to do it, and that training must be for an employer that is unknown to the student.

  • Osgrath Provo, UT
    Nov. 12, 2012 10:28 p.m.

    Employees can thrive as long as they make themselves valuable enough that the company needs them and must pay well, or that another company will reward them well. Back in previous decades when I worked in banking, I increased my income 250% in three moves among different banks while increasing my skill level. Then I discovered I did not care for banking (not a place where creative thought is rewarded) and have therefore done my own thing since.

    To summarize - any economy require people to perform. These days working with technology makes the tasks more valuable and therefore better paying. It's no longer the sweat of your brow that pays well; it is the sweat of your intellect. We are raising a generation that as a whole is well suited to that. In my childhood the ability to repair a car or frame a house or fix a washing machine were skills that could provide a nice future. Now the ability to work with computers, whether by programming, design or use for accomplishing important tasks creates a future.

    It’s societal evolution, neither evil nor good, but just the way it is.

  • Osgrath Provo, UT
    Nov. 12, 2012 10:27 p.m.

    It apparently does not take much for people to believe the sky is falling. The western world has moved from 200+ years of an industrial economy into the information/digital age. The industrial age replaced the agriculture age, creating social upheaval. Society survived; those who could adapt did well.

    Now the third world does the manufacturing and people get paid starvation wages. Do we want that model for our kids? I think not. People that insist going to work in the local mill for the next 35 years and then retire on a pension will be as disappointed as people 100 years ago who insisted on sticking with hard-scrabble farming and then wondered why they lived in poverty. In this current economy, if you want to just be an employee you place your life in the hands of "the man." You live according to his whims as he pursues his own personal best interest. There is nothing wrong with the company owner doing that, but whether or not you get a generous share of profits is up to the owner, not you.

    Nov. 12, 2012 10:20 p.m.

    This certainly caught my attention - just wish there was more.


  • Heffy Kaysville, UT
    Nov. 12, 2012 9:26 p.m.

    Here's two paragraphs about what I saw on tv.... That counts as news, right?

  • Grover Salt Lake City, UT
    Nov. 12, 2012 8:50 p.m.

    Lots of views here of the new socialist welfare State to replace capitalism. I would be most interested to hear from those with that take on the article, what is the capitalist model when there is no one left to exploit? How does Alcoa make a profit when they can extort neither the raw material nor the labor? How does the Ryan plan for 5% growth for the next millennium work when 70% of our economy is consumer driven and the wages and benefits of those consumers continue their 20 year slide so that growth is "booming" at 1 or 2% (the new normal)?

  • RationalPlease Spanish Fork, UT
    Nov. 12, 2012 7:35 p.m.

    Don't blame the ALCOA guy for saying nothing--blame the DNews reported and editors for publishing a nothing article. come-on!

  • Aggielove Cache county, USA
    Nov. 12, 2012 7:32 p.m.

    Who cares

  • oldcougar Orem, UT
    Nov. 12, 2012 6:58 p.m.

    What happened to the rest of the article? That was a silly waste of time.

  • Oregonian Sherwood, OR
    Nov. 12, 2012 6:53 p.m.

    I saw the interview last night. He danced around the subject without "offending" anyone, but essentially he said schools are producing a bunch of lazy, entitled students that have no skills in anything useful. I kept shouting (inside), "Just say it, just say it". He did say Alcoa has lots of job openings, but nobody with the talent to hire.

  • trueamerican Huntsville, AL
    Nov. 12, 2012 6:45 p.m.

    Hoyt, all good comments but you missed on thing. NO ONE GOES BACK HOME. They all stay here. Those that come here are in no way wanting to go back home. If they do, it is because of a visa rule that forces them to go home. However, they can often get around that these days. Once you've had America...you aren't going back.

  • sammyg Springville, UT
    Nov. 12, 2012 6:27 p.m.

    Pulitzer Prize winning article.

    What most of the public is not aware of is that Obama's mandate of the 47% 'all handouts' is the career path of the future, duh!

  • Screwdriver Casa Grande, AZ
    Nov. 12, 2012 6:14 p.m.

    This is a bunch of Yuppie bologna going around right now. There are a dozen stories about the traditional career path being antiquated. They say it's all about ingenuity and thinking out of the box. It's not.

    The fastest growing career field is in medicine, a very traditional career that requires a lot of traditional education. This is the equivalent of a eastern alternative medicine guru saying that western traditional medicine is dead. It's not either.

    Lawyers are traditional and still the backbone of business. MBA are still being hired. Sorry, you're just wrong.

  • Soul Salt Lake City, UT
    Nov. 12, 2012 6:07 p.m.

    What school did this CEO attend? And you're going to replace the traditional school systems? Good luck at that!

  • killpack Sandy, UT
    Nov. 12, 2012 5:57 p.m.

    If you are 16 years old, take my advice. Drop out of the worthless public high school you probably currently attend. You're wasting your time there. Get ANY possible job you can find, without doing anything criminal of course. Even minimum wage will go a long way in this horrible economy, especially as a single without dependents, living at home with mom and dad. When you cash your paycheck, buy gold, Japanese yen, Hong Kong dollars, anything that won't be worthless in the next ten years like the US dollar. Only don't go blow your money on anything else like video games. Believe me, there are 30 and 40 year olds still living with mom and dad that don't have a job and don't have any assets whatsoever to their name. Some of them are college grads even. Don't be like them. Instead, when you turn 30 to 40 years old, while your peers are moving in with their folks, saddled with student loans, move out with a pretty decent POSITIVE net worth. Maybe even enough to retire. Especially if you move abroad where taxes and the cost of living are low.

  • SS MiddleofNowhere, Utah
    Nov. 12, 2012 5:52 p.m.

    The new model is that half of Americans work and the other half binge off of the taxes of the 1st half, so if you are lucky enough to be in the work force then you will be working the rest of your life. No "retirement in a hot place."

  • DaveRL OGDEN, UT
    Nov. 12, 2012 5:02 p.m.

    Not much of a story too much missing info. Even less compelling is tagging entitlements as a wage source it shows an out of touch perspective . The modern corporate working model is closer to out-source when possible, hire visa workers as much as possible, if you must hire Americans make them independent contractors to avoid paying benefits and strive to keep wages as low as possible to maximize profits.

  • #1 Champ Salt Lake City, UT
    Nov. 12, 2012 3:55 p.m.

    Um... first off, this guy talks weird. Second, there were no details given. Anyone can say its 'dead', the more compelling sentiments would have been where the new paths will be forged or changed.

    I just wasted 3 minutes of my life.

  • sally Kearns, UT
    Nov. 12, 2012 3:36 p.m.

    My interpretation: Pay and benefits will decrease. Foreign labor with visa is available, so why pay a college educated American citizen more money. Entitlements such as welfare will supplement income rather than higher pay. The college degree might get you into the door, but don't expect to be pampered. More American workers will need to find employment in other countries. Employers will cut costs to cover high cost of running a business.

  • Belching Cow Sandy, UT
    Nov. 12, 2012 2:05 p.m.

    I think Leo hit the nail on the head. LOL

  • Leo Femedlers El Paso, TX
    Nov. 12, 2012 1:36 p.m.

    The new model? That's fairly obvious post election. It's called ENTITLEMENTs.

  • Belching Cow Sandy, UT
    Nov. 12, 2012 1:30 p.m.

    Way to leave me hangin. You caught my attention now finish the artcile please.

  • wrz Ogden, UT
    Nov. 12, 2012 1:30 p.m.


    "Okay, so the traditional model is dead. That begs the question, what has replaced it?"

    The new model is... you bring hot-shot foreign students in, educate them, give them a job, they make note of the business/manufacturing practices/secrets, go back home, set up shop, and compete. Often includes patent infringements and other illegal activities.

  • bricha lehi, ut
    Nov. 12, 2012 1:13 p.m.

    What I don't like about this article is the CEO doesn't expound on what he thinks the new model is like. I would be very interested on his take!

  • Franjeado Lambare, Paraguay
    Nov. 12, 2012 1:11 p.m.

    So, What's the New Model...?????

  • TheHOYT Eagle Mountain, UT
    Nov. 12, 2012 1:10 p.m.

    This is, like, half of a story. Okay, so the traditional model is dead. That begs the question, what has replaced it?

  • Johnny Triumph American Fork, UT
    Nov. 12, 2012 1:07 p.m.

    This is not news, but if people still think the job market is as it's been then maybe it's good that this guy is talking in the news about it.

  • Mormoncowboy Provo, Ut
    Nov. 12, 2012 12:20 p.m.

    Sounds like an interesting interview, it would be nice if the Des News article chose to get a little more into the details. Guess I'll look it up myself.