How Many Will Be Caught Off Guard?

We are told that the economy is hitting on all cylinders. The stock market is reaching new highs. Housing is holding firm with construction jobs still plentiful. The consumer is strong, still out there spending like nothing is wrong.

With news like this, why worry?

Anyone who regularly reads my posts known I look at many things from the technological perspective. My most recent employment was in a field that was dying. I cannot tell you how many people I talked to within my company who had no clue what was taking place. They were acting like it was 1999.

The truth of the matter is that paper was on the decline since 2009. This was a vital component of the business model we ran. With paper continually decreasing each year, you would think most people would clue onto the fact it was a mature market.

Sadly, the reality was that most have no clue.

Which brings up the title of this post. How many people will be caught off guard?

I see the corporate mantra these days about automation and jobs. The latest pitch is that technology is not costing people jobs. The companies that implement them are now saying it allows them to "repurpose" the employees. What a crock of you know what this is.

The reality of the situation is that these public companies are going to get these people off the payroll as quickly as they can. Wall Street is who these companies answer to and it wants maximum profits. Cutting labor is an effective way to achieve this end.

We see a lot of industries under fire. The banking industry, for example, has a number of forecasts out there about how many jobs will be lost in that sector over the next decade. Some estimates are a couple hundred thousand jobs could vanish. Of course, I do not know how anyone can sit comfortably in that sector considering the impact FinTech has over the past 17 years.

Unfortunately, most are asleep at the wheel. Just like the industry I was in, it is easy for people to miss the threats that are out there. While I expect most are focusing upon traditional competitors, they do not realize entire business and industry models are being rewritten.

I mean, seriously, how many people were working at Blockbuster and saw what was coming? I doubt very many were aware of what was taking place. They just hung out until the pink slips showed up.

Technology is creating havoc. Listen to even the most basic of futuristic forecasts and you will see the impact things are going to have. Sure, some might be able to switch industries yet, for most, that is very difficult. I can tell you from experience that being in something for 20 years, even with skills that transfer, makes it difficult to change. Ultimately, it is a starting over.

The business world is changing rapidly, something that I do not think most want to consider. It is amazing to think that an entire industry can be wiped out under 5 years.

I personally missed the retail shift as it was happening. For me, I clued in around 2013 or 2014, long after the impact of Amazon was being felt. Of course, I was not alone in that since many within that industry were still asleep even after that. There were some entities that did not start to address the issue until 2015.

We all know, by then, it was too late. Being asleep at the wheel can be fatal. Many businesses are closing up shop simply because they feel too far behind. This is not a good situation for workers, many of who lack the skills or the ability to get into something else.

This situation is also taking place within offices. Many tasks are being automated to the point where people end up losing their jobs. Once again, this is steady enough to have some impact, especially on wages, but not a "dam breaking" which gets everyone's attention. I personally believe that is still in the future a bit.

Personally, I am very grateful that I found cryptocurrency. Even though it is next to impossible to live on at the moment, things will change. I feel a lot better about my future knowing I amassed some tokens which have a chance of appreciating over time. At the same time, if I can keep the income streams flowing, I stand a chance when the next bull run takes place.

Hopefully we will see the growth of this entire sector accelerate. I believe there will be millions to ultimately need in. The next recession, whenever that hits, is bound to be painful. It also could serve to drive a lot of people to embrace cryptocurrency.

The time to plan is now. Unfortunately, those who are asleep will not do that. To plan for a setback, one really needs to believe one is lurking out there. Since most feel their industry is solid, they will end up like most of those people in the retail world.

Suddenly, one day, everyone notices they were "Amazoned".

It is not a good feeling.

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