For the past three decades, the fastest way to increase your income has been to land a job with a finance company (banking, wealth management, insurance). The industry has provided a ticket to prosperity for millions of professionals.
To tell you the truth – this party is coming to an end. A combination of rising competition and technological change means that companies will hire far fewer people. And this is not a temporary blip – this is the new normal. Industry leaders in different media have bravely admitted that automation can displace a third of all jobs within three to five years and companies will hire far fewer people. We can see it happening already.
Employees doing tasks that can be automated, the middle managers who supervise them and all those with average performance, with no passion for customer service and without expert skills are living on borrowed time.
So what do you do if you are a member of these endangered jobs and professional areas? I’d say that the first thing is to embrace reality and recognise that the game is changing for good. The worst thing to do is be wishful and wait for good things just to happen to you. They won’t. But there are still lots of opportunities. What’s happening in the industry is “creative destruction”. New technologies are destroying old jobs but creating many new ones.
Here are three things that you can start doing now to take action towards proactively influencing your future and taking the drivers’ seat in your own career:
- Create new jobs – see the emerging need in the business, start adding massive value and emerge in a new job,
- Move to entrepreneurship – notice the upcoming gap in services or products and how they can best serve customers and smash the competition by your approach,
- Develop your Personal Brand and enhance it in your current role to become recognisable and The Go To Expert – you will become irreplaceable!
Whatever you choose – take the drivers’ seat in your own career. Because if you don’t – others will drive your journey. And you might not like it.
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