People like to discuss robots taking our jobs like it’s a possibility. Will it happen? If so, when?
BBC even assembled a helpful calculator that determines the chances robots will take over your job based on your professions.
But it looks like people are wasting their energy on if’s and when’s.
All signs are pointing to another reality.
Check out this excerpt I read in FEI International’s newsletter:
In tech news, replacing humans with AI is now a reality, with IBM’s Watson Explorer being implemented at a Japanese Mutual Life Insurance firm, making 30 employees redundant. The expected pay-back time is just 2 years, so this might soon become a growth/ROI opportunity for US companies, too. Taking charge of your own income could be more important than ever!
The robots are already taking our jobs. It’s an ongoing process, and not a slow one.
Silicon Valley icon Elon Musk has also taken a (seemingly) pragmatic view of the robots taking our jobs. It will happen, it is happening, and there’s not much anyone can do about it. He expects automation to take over every aspect of real “work,” leading governments to hand out a universal basic income to everyone since we’ll all be unemployed.
That very well could happen, but it’s certainly no reason to sit around and do nothing about the robots. They’re taking our jobs now and that universal basic income is a long, long way off. In the meantime, professionals like you can suffer immensely.
And even if your job isn’t at risk from robots just yet, it certainly is at risk from cheap, MBA-wielding Millennials.
How Will You Survive?
Understanding the inevitable fact that the robots will take your job is the first step to surviving the change. Here are a few things you can do to prepare:
Learn To Work with the Robots
Even if your job is on the chopping block, learning to work with the robots that are out to replace you is a good strategy to stick around a little longer.
If your job’s being replaced by machines, businesses still need someone to control and manage them. So start getting tech savvy. Learn to code online, and get comfortable working with different types of software and hardware.
At best, this strategy is a stop gap. One robot can replace 30 corporate workers, making job loss inevitable.
Broaden Your Skillset
Robots are designed to perform very specific tasks. If you don’t include AI, a robot can learn and take on new responsibilities outside of the original job description (specification).
You, however, can, which makes you more valuable. Broaden your skillset so you can perform a wide variety of tasks. This makes you more hirable and more retainable. Educate yourself in important areas that require complex critical thinking, such as designing a marketing strategy.
Find New Sources of Income
In my opinion, the best way to prepare for the robots taking your job is by accepting it and moving on. You’re going to lose your job, so what should you do about it? Find new sources of income to soften the blow, or give you a way out.
You don’t have to quit your corporate job and move on. On the contrary, it’s easy to become a night and weekend entrepreneur. Build up an extra, solid stream of income on the side. On the day the robots finally do bust into your office, you’ll have options instead of a crisis.
Be Prepared to Adapt
The world is changing, thanks to technology. I know most professional today took their jobs thinking they could retire easily with a nice 401K and savings in the bank.
But with the robots out to get your job, a traditional retirement strategy just won’t cut it. You need to adjust your goals and expectations to overcome these changes. To be adaptable, you really need to think outside the box and accept that your 9-5 routine won’t be there your whole life.
Getting comfortable with these changes before they happen will make it easier to transition and succeed. We’d love you to join the conversation. We have options and we’d love to hear your ideas on the subject. Comment below and hop on our mailing list.
Ian Bond is a private banking senior executive with over three decades of experience in wealth and asset management with Goldman Sachs, Credit Suisse, and Citigroup. He has built major businesses on four continents.
Despite his professional responsibility for assets over $100B and revenues over $1B, after the 2008 crash Ian was personally going broke. Within five years he destroyed his debt, became an expat in 2014, and built multiple streams of income to fund his imminent retirement. Ian is also the founder of MyRetirementRehab.me created to help other executives and professionals rehabilitate their finances and make a prosperous, enduring retirement a reality.