POM016: Securing Your Future Income Despite Online Trends
In this episode we’re going to talk about the future trends in jobs and what that means for your career and future income. We’ll discuss what fields look promising and what you need to do to ensure your future income.
Read it below or listen above.
Jobs in trouble:
It appears that every industry is moving towards more automation and online services. I’m sure you’ve seen it all over the news. Every month is seems we hear about another iconic retail store closing. They aren’t going out of business, but they are closing a lot if not all of their brick and mortar aka physical locations. What are they doing instead? You got it, focusing on online sales. Upping their ecommerce game.
Here are just some of the iconic stores that have closed and are closing this year:
- Macy’s – closing another 68 stores
- The Limited – closed all 250 stores and filed for bankruptcy
- Sears – shutting down another 42 stores
- Kmart – shutting down 104 stores
- Payless Shoesource – filed for bankruptcy, shut down 400 stores
- JC Penny – shut down 140 stores
Shift in Shopping/Retail
People have severely shifted the way they shop and purchase items. The trend has been ramping up for years. More people like the convenience of shopping online. You’re not regulated to what’s in your geographic area. You can shop from anywhere where you can access the internet. You can shop at any time, so you’re not restricted by the times that the store is open. Also, you can get just about everything and anything online.
Did you know there are even apps that will let you virtually try on clothes?! One of the reasons I hear and frankly use myself for needing to go into an actual store is “I need to try the clothes on and see how they fit me.” With these apps you can see how clothes will look on you and so won’t need to go into the store. Now I haven’t tried it yet, but it definitely seems like something more and more people would use.
So this trend, of shopping and doing almost everything online, puts certain jobs in jeopardy. If you’re a cashier, store manager, stock shelves, really any position in a physical retail location then you should feel a little nervous and be on the lookout for and actively thinking about alternative career paths. We’re going to get to those in a bit.
Entrepreneurs in Retail
If you’re an entrepreneur starting up a retail business or in retail, you may be wondering what to do. Well, I’ve never run a store at a physical location, but I’d say to take heed as to current trends what that means for the future, future shopping and the future success of your business. It may not be location location location anymore. One of the stores Macy’s closed was in the heart of Manhattan so location and foot traffic wasn’t the issue. The past reasons as to why someone would go into a physical store aren’t really flying today. Make sure you really think about why someone would want and need to come to your physical store. Is it a larger enough population with those characteristics to keep the store not only running, but growing?
I think it’s going to become about experience. What kind of experience around the shopping can you provide that will make a customer come into the store.
Also, even if you do have a physical location, your online storefront needs to be on point. That means you need to make it easy for the customers to get to your merchandise, easy to purchase, and make sure they have an overall good experience so they want to come back.
I’ve gone to expos and really liked the owner of a business and tried the product, but when I go to the website it’s so difficult to actually buy more. It shouldn’t take me five or more clicks to try and buy your product. The more clicking your potential customers have to do the less sales you’re going to have. Also make sure your descriptions properly show the benefits of the product. Ok, ok, you get it.
Healthcare Fields
Now you may be thinking ok, but I’m not in retail so this does not apply to me. It’s not just retail. Every field is automating more processes. Do you know you can have a doctor’s appointment online? There are programs that allow you to see a physician online via video streaming. There are a bunch of them and your insurance provider likely has a virtual option as well.
Each of the ones I checked out has a long list of the things that you can make a virtual appointment for: things like fever, flu, acne, laryngitis, etc. Most can even prescribe medications. They have to adhere to state laws and some states require you to have an in-person visit in order for the physician to prescribe medication. Of course, there is controversy surrounding tele-healthcare but it appears to be gaining traction.
As time goes on and this service advances and grows, imagine how much this will decrease the traffic in hospitals and urgent care centers. With less people needing to be physically seen, examined, directed, and taken care of in the actual hospital or center, it’s likely going to affect the staff needed as well as the number of health sites needed.
If you’re in the healthcare field and you haven’t started paying attention to this trend, now is the time to figure out how it may impact you in the future. Then consider what actions you may need to take to protect and secure your future income.
Finance Fields
I see it in the finance field as well. Instead of going to financial advisors some people are opting to use robo-advisors, in other words companies that have almost zero human interaction. Everything is done online and through apps.
In banking, the ATM has evolved to do a lot more than just spit money out. You can deposit checks, you can deposit cash. Most large banks also have an app where you can deposit checks using your phone. Now you don’t have to go into the bank to deposit and withdraw money. Therefore, tellers are handling a lot less of those transactions. Part of their job has become automated and an online service.
I myself use technology to see clients. I have client sessions over private streaming. It’s convenient for clients and me. Clients can also be more comfortable in their own private space to discuss their finances and their businesses.
Jobs Not Being Automated
As of right now, most jobs cannot be fully automated as in doesn’t need a human touch at all. However, there are many aspects of different jobs that are being automated or moved to a virtual service. This decreases the number of people needed to serve the same amount of customers. For jobs that are task repetitive heavy, this trend may cause those positions to become obsolete.
Jobs that have a high percentage of analytical thinking, decisions made on experience, a high desire for human touch or interaction like post-surgery care aren’t likely to be automated or become an online service. Jobs that require skill and experience are also less likely to be automated or become an online service.
Trade Jobs Shortage
This is evidenced by the fact that there’s a shortage of what is termed “skilled-trade workers.” For example, these are people working as plumbers and electricians. In such industries, the majority of employees are over the age of 45. More workers are retiring than the number of workers available to then replace them. There’s opportunity there.
So what should you be doing to secure your future income?
1) Do a little research to determine the trends in your industry.
That will give you an idea as to how heavily your job could be affected. For entrepreneurs, this will let you know the shifts you need to make in your business to stay relevant to consumers.
2) Look for additional education and career development courses in your field.
Stay up on the skills and/or knowledge that you need to remain competitive. See what your company has to offer, see what courses are available via experts, or online and at other institutions.
3) Exercise your entrepreneur tendencies.
Starting a side hustle or freelancing is a great way to establish multiple income streams. Even if you have zero aspirations about being an entrepreneur or building a small business or mega enterprise, you can start a side hustle and get a few extra hundred or thousand dollars coming into your household. This will help you increase financial security and accelerate your progress to your financial goals.
For those looking to start, I’ll include a couple articles I wrote on potential side hustles. I also have a starting a business checklist that you can have for free when you join the mailing list. I’ll include that link in the show notes. I also have a free training on starting a business from scratch you’ll want to check out.
4) Make sure you are actively growing all your pockets of money now.
Use those multiple streams of income to grow the pockets of money that will help you have a secure financial future. Put more towards getting rid of debt and then putting more money towards investments. Listen back to episode one [of the Pocket of Money Podcast] where I go over the five pockets of money you need to create a legacy of wealth.
Resources Mentioned:
23 Ways to Make Money: Side Hustles
10 Ways to Make Money During the Holidays
Starting a Business Checklist Guide
Thanks for listening:
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