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Jobs are disappearing, leading to a backlog of expenses for people.
Jobs are disappearing, leading to a backlog of expenses for people.
🌏 Outsourcing Work
🌏 Outsourcing Work
For years, companies have been outsourcing work overseas to reduce salary expenses and to have production occurring around the clock thanks to the difference in time zones. This increase in productivity provides bigger profits for publicly traded companies.
For years, companies have been outsourcing work overseas to reduce salary expenses and to have production occurring around the clock thanks to the difference in time zones. This increase in productivity provides bigger profits for publicly traded companies.
The irony is that being a stockholder of these publicly traded companies may be a way to earn lost income from the lack of local jobs in the area. The issue of local employment going away is only getting worse with the automation of tasks on the job, a growing threat that will continue to cut into opportunities for everyone to work, including Millennials.
The irony is that being a stockholder of these publicly traded companies may be a way to earn lost income from the lack of local jobs in the area. The issue of local employment going away is only getting worse with the automation of tasks on the job, a growing threat that will continue to cut into opportunities for everyone to work, including Millennials.
💽 Automation Replacement
💽 Automation Replacement
In an article by Nathaniel Popper for The New York Times talks about a comparison was made about how in manufacturing plants, custom-built robots would take months for a factory to be outfitted with and installed onto assembly lines. It took some time, but those human jobs were replaced by robots, putting factory people out of work.
In an article by Nathaniel Popper for The New York Times talks about a comparison was made about how in manufacturing plants, custom-built robots would take months for a factory to be outfitted with and installed onto assembly lines. It took some time, but those human jobs were replaced by robots, putting factory people out of work.
Now automation is being applied with Artificial Intelligence (A.I.), which is software that can be deployed overnight, once it is ready, replacing jobs in a matter of days, instead of several months. It is already happening on Wall Street, putting six digit earning financial analyses back out on Main Street (Nathaniel Popper, 2017). Robots, both hardware and software, does not care who you are or what skills you have. It generates faster and cheaper production as well as layoffs.
Now automation is being applied with Artificial Intelligence (A.I.), which is software that can be deployed overnight, once it is ready, replacing jobs in a matter of days, instead of several months. It is already happening on Wall Street, putting six digit earning financial analyses back out on Main Street (Nathaniel Popper, 2017). Robots, both hardware and software, does not care who you are or what skills you have. It generates faster and cheaper production as well as layoffs.
🎓 Student Debt
🎓 Student Debt
As Millennials exit their higher education grinds and look for that first opportunity to start a career, graduates have more channels to start something new and disrupt an industry or bring fresh ideas to current companies. No matter what career path they take, the clock starts ticking on the interest applied toward their student loans which will create a pile of debt and eventually bloat, if they find their type of job becomes obsolete in a world of outsourcing and automation.
As Millennials exit their higher education grinds and look for that first opportunity to start a career, graduates have more channels to start something new and disrupt an industry or bring fresh ideas to current companies. No matter what career path they take, the clock starts ticking on the interest applied toward their student loans which will create a pile of debt and eventually bloat, if they find their type of job becomes obsolete in a world of outsourcing and automation.
With various jobs disappearing, the solution is for people to check out how starting and building up a safety net is easier and requires less money than ever before.
With various jobs disappearing, the solution is for people to check out how starting and building up a safety net is easier and requires less money than ever before.
Copyright © 2017 Scott D. Hill. All rights reserved.
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