How technology is replacing jobs (faster than you think)

 Photo Credit: The Daily Mail

Photo Credit: The Daily Mail

It seems as if the loveable cartoon for those that are over the age of thirty can vividly remember, the Jetsons, may set the trend of what the new face of employees will look like in the not so distance future.

Advanced technology is being used in more than just our devices it could become your banker. 

This week Wells Fargo announced the latest edition to their team of banking professionals, a Robo Advisor. Officially referred to as, Intuitive Investor, a new program to provide assistance to customer when making their investment choices.

The company has made it clear that the Intuitive Investor will be used in conjunction with a traditional investment manager as the goal is to  "integrate smart technology with our human investment expertise and service model."

So what does this mean for the everyday consumer? In short planning for the future isn't only a focus of retirement but also staying ahead of technology trends that can eliminate jobs.

For business leaders the change is just as important to take notice of & ask the question, 'how do you determine which technology is best for your organization as it looks towards the future'.

Tips for Business Leaders

# 1 -Take Action Now!

For every brainstorming session or workshop that your team has held to assess new ideas, the time for discussion is over and now action should be the top priority.  When prioritizing what work should be given the green light here are a few things to consider

  • Will this move the needle to cut expenses?
  • Will we increase revenue by making this change?

The best way to assess this is to use a approach that when we work with clients we have found to be beneficial. Ask yourself 'can this solution be managed within one team or does it cross-over to various teams?'.

If various teams are involved then the cost benefit might decrease depending on the processes that has to be set up (or cleaned up) in order to support the new solution.


# 2- Build the Right Team

"You manage things; you lead people" -Rear Admiral Grace Murray Hopper

Having the right leadership in place isn't the only team that is needed. Another priority group will be the front-line employees and managers that are customer facing and will support the change. In a recent study our firm has completed we have found that there is one fatal flaw that can make the difference for a company to have a winning streak or a losing season.

We call this the "Company Held Hostage Syndrome" and it happens more frequently than you think. This occurs when the core operations of your company is being handled by a specific group of employees, that have been their the longest and are the only ones with the knowledge of how to do their jobs.  Ask yourself if those individuals leave today who can pick up their tasks tomorrow without disrupting operations.


#3-Don't Be Taken Hostage

Here are three ways to protect yourself from having limited knowledgeable resources that are needed to keep the ship afloat.

  1. Career Roadmap- Have a clearly laid out plan of the career path each employee can take based on the roles they've successful held or the work experience they bring into the organization
  2. Communicate & Do it Often-Don't keep information in a silo. Hosting regular meetings with each department and one on one sessions with employees can shed light to patterns that can disrupt operations later
  3. Document & Document Well- Each function within the company should have the roles & responsibilities of each position documented and aligned to the department goals. This can be used to help streamline the annual evaluation process and more importantly can help direct the day to day work so that each person knows how their job impacts the entire organization.

Even with the fast approaching, ever changing technology enhancements that can change overnight one thing can not be replaced. That is the need for a strategic plan to reach revenue goals and leaders to lead the charge.

For a assessment of your companies performance to ensure you are ready for this change contact our office at hello@vosgroup.org to schedule a session today.