India would see the biggest impact on jobs due to automation.
- Infosys CEO Vishal Sikka
Take a look at the devastation, automation has caused in the IT Sector. Infosys has sacked more than 8,000 employees in the past one year, because of automation of lower end jobs. Wipro has sacked more than 600 employees with promises to cut more jobs...The culprit....Automation. Cognizant could lay off 6,000 to 10,000 employees. Is the reason automation?
Not shocked.....Read this. A US based research firm has predicted that the Indian IT Services industry will lose more than 6.4 Lakh low skilled jobs to automation, in the next 5 years.
The IT-BPO industry employs more than 3.7 Million people. Imagine the impact of automation on the BPO sector? What will happen to all the low skilled jobs in the BPO sector? Wondering what are low-skilled jobs? Oh...These are repetitive tasks which don't require any great educational qualifications and skills.
Worried that automation will steal your job? You should be. If you don't take precautions, NOW, automation could steal your job. Want to know more on investment planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice / education to ensure that you are not mis-guided while buying any kind of financial products.
Take a look at this automobile factory in Gujarat. A team of workers works with intense concentration, assembling cars. These workers do not make any mistakes and can weld an entire car in a minute and a half. This team does not sweat, does not suffer burn injuries and does not get covered in grease.
Wondering where you can hire such employees? You can't...This is a team of robots...Not humans. These robots are stealing mundane jobs in automobile factories. Worse...They are performing so well, human beings just cannot keep up.
How can you save your job from a team of robots?
The World Economic Forum conducted a study called "Future of Jobs". According to this study, more than 5 million jobs could be lost to automation before 2020. Do you want your job to be one of them?
Take a look at the findings of a reputed research firm. Low-skilled jobs will fall by 30% because of automation. But, medium-skilled jobs will increase by 8%. High-skilled jobs will rise by 56%.
So what are high-skilled jobs? These jobs require creative thinking, analytical ability and critical thinking which are difficult to automate. Bank tellers and clerks are losing their jobs to automation.
But, what if you have higher levels of Mathematical skills? You can easily upgrade or re-skill yourself and save your job from automation.
Interpersonal skills also called soft skills, enable you to interact and communicate well with other people. It is difficult for robots and artificial intelligence to take over jobs which involve interpersonal skills.
If you possess soft skills like the ability to share and negotiate, you could enjoy a very lucrative and satisfying career. A simple tip....You would have learnt soft skills in your school days and forgotten them as you moved on in life. Relearn and practice them.
If you can successfully combine mathematical skills and interpersonal skills, you can make your career automation proof.
If you are a clerk or a teller working in the bank, you need to be worried. Automation could take over your job. Remember the days you and other customers spent standing in a queue to update your passbook?
Today, you can deposit cash, withdraw cash and even update your passbook through machines. Banks used to be one of the top employers in India. Now, HDFC Bank lets go of 4,500 employers in Q3. HSBC India lays off 600 employees.
The Number 1 priority of banks used to be increasing the number of branches. Then footfalls....Customers rushing to bank branches....
Banks now focus on distribution and reach. The Government is promoting financial inclusion in India so that banking and insurance services reach every household in India.Banks are now focusing on digital and cashless services. Your Smart Phone Is Your Bank. You can transfer money and pay bills in seconds. You can apply for an IPO with your smart phone. Your bank statements are available 24*7. There's no need for you to step into your bank branch.
If you are working in a bank, focus on digital skills. Banks are moving towards digital technologies as customers seek cashless services. Forget Traditional...Go Digital....
Want to save your job from automation? Just re-skill and upgrade your soft skills. Focus on improving your analytical ability and creative thinking. Your job will be safe from automation and it's time to enjoy a lucrative and bright career. Be Wise, Get Rich.
Mr. C S Sudheer is the founder and CEO of IndianMoney.com – India’s largest Financial Education Company. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.
Subscribe to our Youtube Channel
Hello friend! I am your personal financial advisor. By the end of this interactive session, I will help you to plan yours and your family's finances to ensure a better future.