In the past, the career of an educated person usually followed a fairly predictable trajectory: Much like getting on an escalator, he or she would start with an entry-level position at a large organization, and gradually rise through the ranks, gaining more seniority and income as the years passed.

Today, however, due to macroeconomic forces like globalization and technology, the escalator has come to a standstill at every level. There are fewer people retiring, hardly any entry-level positions opening up and employees in middle management find themselves waiting for promotions which might...