You may have heard a news last month that a Japanese insurance company replaced 34 employees with a robot. Even with an investment of GBP 1.4 million in the artificial intelligence (AI), the firm believes that return on investment will be achieved in just two years and that a saving in human resources cost of GBP 1 million per year is predicted. And this is just one example of how AI are already replacing jobs around the world.
As per ‘The Future of Jobs’, a report published by World Economic Forum in January 2016, jobs are changing much more rapidly than before. ‘In many industries and countries, the most in-demand occupations or specialities did not exist 10 or even five years ago, and the pace of change is set to accelerate. By one popular estimate, 65% of children entering primary school today will ultimately end up working in completely new job types that don’t yet exist’.
It is interesting to see the effects of these rapid changes in the world even locally. Recently, a class of 30 early teens were asked what jobs or career they would like to have when they grow up. Among the usual career choices, at least three children answered they wanted to become a ‘YouTuber’.
With the earning of well-known YouTuber’ disclosed as multi-million dollars a year, it is not surprising that youths of today consider it as a smart career choice. To many, it may be more of a realistic option, opposed to becoming a successful international athlete as their success is mainly attributed to their physical talent, which not all of us naturally possess.
But this changing trend is no longer something you see in the science fiction film and it is happening right now. The Report also predicts ‘more than 5.1 million jobs lost to disruptive labour market changes over the period 2015–2020, with a total loss of 7.1 million jobs—two-thirds of which are concentrated in routine white collar office functions, such as Office and Administrative roles—and a total gain of 2 million jobs, in Computer and Mathematical and Architecture and Engineering related fields.’
This means that even our current job may not exist by 2020 and we will become unemployable as there simply be not enough jobs to go around with just existing skill sets. It is time to rethink the landscape of the job market as the notion to continue with our current job until retirement is becoming more unrealistic.
This is one of the reasons more people are turning to earning an income in the digital economy than ever before. Not only because of the flexibility of working hours it gives, just like YouTubers, generating income online is something anybody can start with a computer and an internet connection. People are waking up to the opportunity of earning a living on the internet and replacing their conventional job.
Isn’t it time you do something about your future as well?
Find out more about how to start generating an income online by clicking here.