Your Job is in Danger. Yes, you read it right. And, believe me neither Narendra Modi or Rahul Gandhi or anybody else will be able to save it.
It’s only you and only you who will be able to save it. Believe me, start having your second income sooner or you will repent later.
Recent Examples of Job Losses
Do you want to be like Jet Airways Employees, where company has to shut operation temporarily. Nobody knows when new management will come. Even if it comes, whether it will be willing to absorb all 20000 employees?? All questions remain unanswered. Many Employees are already joining other Airlines or other companies in pay cut or not on pleasing terms.
Or like Vodafone-Idea where both companies merged and as per recent report 6500 employees directly or indirectly given pink slip between Oct-Dec 2019. More job losses are in card
Jio launched, and aftermath was so strong that Company faced closure. Tata Telecom, Rcom, Uninor, Vodafone and Idea merged. Lacs of Jobs were lost in Telecom sector alone. Once a poster boy of creating High number of Jobs in late early decades of 2000.
Demonetization done in Nov 2016 and several jobs have been lost in Unorganized sectors. Report of Azim Premji University claims that 50 Lacs jobs have been lost from Nov 2016 till Dec 2018. All claims and counter-claims are debatable but people have faced hardships.
Real Estate faced crisis due to over-supply, demonetization and strict action against black money, RERA (Real Estate Regulatory Act) and again lacs of Jobs have been lost. Industries faced Bankruptcy and were not able to compete with cheap Chinese Goods and Jobs have been lost in this sector too.
Donald Trump became US President be and it has severely impacted Indian IT companies and were forced to hire local talent in USA or started adopting Digital Technology to remain competitive. Again, this resulted in Job losses for Indian in USA and in India.
Your skills become outdated and you are no valuable resource of the company. Your 10 years experience in Coding is not helping You. Fresh Graduate Kids Coding better than you and are willing to work in far less salary than you. You are no more Resource of the company but a Liability.
For what are you waiting for? We use to watch Science Fiction film in the late 90s and 2000 and use to believe that it’s unreal and imaginary. Today, jobs are increasingly replaced by the same Artificial Intelligence, Robotic, which we have watched in Hollywood movies.
Foxconn, the contract manufacturer of Apple has shaved 60000 jobs because it has started replacing Employees with Robots. The cost of keeping Robots is cheaper at $ 35000 than employing manpower.
Increasingly, Bank have started experimenting with Robots. Hdfc bank has already deployed 2 humanoid IEA Intelligent Robotic Assistant) in one of it’s branch in Kochi and Bangalore in it’s one of Branch. Banks have started using Artificial Intelligence, Machine Learning and Blockchain technology. This is making Banking more efficient and high technology intensive.
Further, call-centres jobs are increasingly handled by Chatbots replacing human beings for routine and regular issues.
Why, because Robots can work for 24 hours with the higher skill and it does not ask social security benefits, salary increments, etc. It does not create social issues and don’t argue with bosses. Do, what is instructed to them
Buy, Amazon Alexa or Google Assistant to test how Robots listen to your command. Capability of Robots are increasing with rapid penetration of Technology
Increasingly in developed world’s, Eating outlets like McDonalds have started experimenting Robots in serving food.
Job losses is going to be norm across the world rather than an exception. Your skills will become obsolete with changing technology, your company or industry will lose an edge with new rise technology or industry and will lose competitive edge and face closure. MNCs will start focusing on creating local jobs in their own country, rather than offshoring. There could end number of reasons for job losses.
New Technology Trends
In Manufacturing, Indian companies like ITC have started using Artificial Intelligence and Machine Learning in manufacturing process to understand market trends.
Artificial Intelligence (AI) which has become a buzz word these days are increasingly gaining traction in Healthcare, Banking, Manufacturing, Pharmacy. With the implementation of 5G rollout, massive expansion will happen in the field of AI and IoT ( Internet of Things)
For your job losses, you can blame your boss, your industry, your government and blah blah blah. I will tell you harsh reality that for job losses, you have to be blamed first. You have to take responsibility for your training, reskilling, upgrading and updating your knowledge. Skillshare is a good platform to learn new skills with experienced platform.
Research firm McKinsey points out that in next 10 years more than 800 million Jobs will become redundant or will become automated or will be done exclusively by Robot. Job which you are working today, there is high chance that it will become non- existent in next 10 years
Technology is changing at faster pace and new employees are preferred over older generation. Reason remains same, youth comes with new energy and new vigour. Adaptability to change is faster and considered to be fast learner. It will be Herculean task to reskill yourself at the age of 40s and 50s.
Take another example, India GDP has grown by average 7.3% in last 5 years under Modi Government, still it has failed to create enough jobs. So, today Economy can grow but it will not create enough jobs. We are moving to Jobless Economic growth
Job is a serious issue for Developed Economy like United States and Europe to Developing Country like India and to underdeveloped country of Africa. No Government is able to create enough Jobs for the growing population.
My purpose is not to scare you but be aware about the brute reality. I don’t want you to start looking for Second Income when you are handed over Pink slip, rather you should be prepared from today.
You will be financially secured, only when you allow Money work for you? You will have lots of excuses for not working for Second Income.
Your excuses will be
“ I leave for work at 8am in the morning and reach home by 8pm in the evening” At what time, I will work for?
“ I have to take care of my kids and my spouse”
“ I hardly get time to pursue my hobby, leave apart pursuing my second income”
I don’t say, your excuses are not real. But, what I have stated till now is also Real. Artificial Intelligence, Robotic Process Automation, Humanoid, Big Data, Analytics is not a buzz word any more but is also Real.
ATM has increasingly replaced the job of A cash Teller in Bank.
So, start looking for Reality and start thinking, what could be the source of Second Income.
We have started limiting ourselves in the narrow boundaries of Jobs and have not used our true potential. If you are accountant, clerks, or IT professional or Banker or working as Civil or Mechanical Engineer, it doesn’t mean that you have skills with your job only.
You could have multitude talents and skills which may not be beneficial to your current jobs. But it could be of immense benefits to others who would be interested in your talent or expertise.
You must be still wondering, what is this Second Income. Yes, all these second Income will not make you Rich overnight. If you are looking for such opportunities, you are at the wrong place and I don’t have any recipe for quick gains.
All these second income is going to take time to nurture and bear fruits. So, I am saying that “ Today is the Right Time”
Because, today you are in so-called well secured Job (Reality is that Your Job is in Real Danger). Your management is looking to you as a cost and looking for option how to replace your Job with Digital Technology.
There are several avenues, which you can do along with your Job. If your bosses or your entrepreneurial owner can have 7 to 50 sources of Income. Then, why not you?
Rich person is not Rich because he or she got ancestral property or born with silver spoon. But, because he has not limited himself in the narrow boundaries of Jobs.
He was also working like you. The only difference is that he was doing not for earning money but for learning Talent and skills. That makes a Difference. He was not a job seeker but always a Job Creator.
Indians were never a Job Seeker but always a Job Creator. It was Britishers who ruled our country in the past has made Us a Job Seeker. India was always a country of Entrepreneur. We never looked for World to seek Growth but we are Growth Engine itself.
You have the most valuable resource which no one else has? You are the one who will not create only Second Income but Multiple Source of Income. Till now, you have allowed that Resource to work for someone else.
Yes, I am talking about Highly Productive Resource “Mind”. You have used your Minds to make someone else Rich. Have you used your Mind to make yourself Rich.
Today, was not the day to talk about avenues of Second Income. Today was the day to realize that Your Job is in Danger. To make you frighten, to make you fearful, to make you Think about Second Income.
I have seen people losing Jobs and I have seen the struggle of Finding Jobs. I assure you that once your Second Income will start, you will become more productive in your jobs. You will start delivering More with Less.
You will start Finding Water Cooler Gossip or Refreshment Gossip useless. You will become more productive in your spare time. You will have purpose in your Life. You would start thinking that Why I have not started 5 years ago.
You will soon become multi skilled multi talented. You will be no more in Rat Race of Finding Jobs and Retaining Jobs.
Middle Class spends considerable amount to time in Finding Right Jobs and then spends Considerable amount of Time in Retaining Jobs.
You can also be part of Digital Economy. Let’s look for my second article to know, what are avenues of Second Income?
This story was contributed by Rishav Baishakhiyar