2021 has been a tumultuous year. Covid, inflation, layoffs, and mandates have all taken a tremendous toll on us all. In addition to these events, we have also had The Great Resignation. The Great Resignation, also known as the Big Quit was an economic trend in which employees voluntarily resign from their jobs en masse, beginning in early 2021,
The number of Americans filing new claims for unemployment benefits fell by 30 thousand from the previous period to 260 thousand in the week ending January 22, matching market estimates. It was the first decrease in initial claims in four weeks, following three straight weeks of increases, suggesting the impact of the Omicron variant on the labour market is starting to recede.Read more HERE.
Here are the latest weekly unemployment numbers in thousands:
Many workers are angry and fed up. Quite a few are feeling overworked and underpaid, so they are leaving the workforce, some with no jobs lined up. Others are quitting because of the mandates.
There is one problem with this situation: Companies are working feverishly to replace workers with artificial intelligence.
The Rise of the Machines?
There are countless examples of jobs slowly being phased out, especially in the retail sector. Go to Walmart and see self-serve checkout lines. fast food restaurants have kiosks where you can place your order without talking to an employee. Self-driving cars are increasing in numbers, with talk of them replacing truck drivers within the next 10-15 years:
Walmart has begun adding driverless trucks to its fleet of delivery vehicles. FedEx is testing out a pilot program that uses self-driving trucks along a 500 mile-long route from Dallas to Houston, and Amazon has been toying with the idea of utilizing self-driving vans along delivery routes since 2019. According to The Verge, UPS is now also testing out the possibilities of autonomous driving for its business.Read more HERE.
The History of Using Machines
Machines replacing humans is nothing new. They have been taking our jobs for over 200 years, starting with the industrial revolution:
Factories. Prior to the 1900’s, items were painstakingly made by hand. Items could take weeks or months to be completed. This also made them more expensive. However, when the ability to mass produce items (such as cars) was established, people flocked to the factories to work. This put many entrepreneurs out of business.
It also made products a lot cheaper.
Cars. The advent of cars also revolutionized travel and shipping of goods. Suddenly, the horse and carriage was no longer needed. This had a major impact on those who cared for horses, the building of the carriages, and those who drove the carriages.
Another major change occurred when trains were used to to transport goods across the country.
While we take these changes for granted today, they were met with fierce resistance at the time. For example, in the 1800’s, luddites were English workmen who believed the machines were taking their jobs. To show their displeasure, they destroyed the machines in protest.
The Raw Reality
Millions of people are upset and quitting their jobs in 2021. But when the Great Resignation of 2021 ends and people are ready to return to work, will the jobs be there, or will they be filled by robots or automated?
Ask yourself the following questions:
- How will companies overcome the Great Resignation?
- What jobs look to be gone in the next few years?
- Will my job be affected?
- What industries/careers will increase in demand?
- How can I capitalize on these trends?
For those who have quit their jobs, this is the time to seriously think about your future and what your next moves should be.
Preparing For The New Industrial Revolution
As we move into another industrial age, it’s critical we change along with it. Instead of watching and waiting for something to happen, there a few things we can do:
- Become a specialist. As more jobs become obsolete, we must stand out from the crowd. What can you do that a machine can’t?
- Create multiple streams of income. The average millionaire has 7 streams of income. Instead of relying on that one job to meet all your financial needs, discover ways to create passive income.
- Increase your online/internet presence. As more people shop online, how can you capitalize on this trend? Can you become a social media influencer? Sell products online?
Call To Action
These companies will NOT wait for employees to come back. if anything, they will speed up their plans to automate their businesses. It’s critical people understand this and have a sense of urgency to protect themselves.
Get more tips on business and success in my books Invest For Success: Millionaire Wealth Strategies Not Taught in School, and Planting Seeds: The Children’s Guide to Entrepreneurship. Both available on Amazon.
In addition, register for our online course on generating passive income: Tired of the 9-5? How to Retire Early With Passive Income. Available on Udemy.