Is Technology Hurting Job Market?

We can give you the answer right away but you will need to read further to fully comprehend and know how to stand on the right side of this equation. “Technology is killing jobs that are dying already with or without it and creating new opportunities that are sprouting but not stable or promising yet.

Technology is killing jobs

New inventions, both on software and hardware fields, are replacing jobs which can be automated and time consuming to save time and reduce costs. Lots of workers whose jobs have been replaced by machines are moaning and groaning about it but in the following we will explain why they shouldn’t… since there are new opportunities being created that will benefit them in the long run.

When labor intense tasks replaced by machines, the cost of making the products or services is cut significantly. It will drive the price of the product/service down; therefore, consumers’ purchase power will be increased accordingly. In another word, consumers will be able to acquire more things even if their income stays the same.

Technology is creating jobs

There is no doubt that new inventions are creating jobs and the direct link most people have in mind are the technology related jobs such as engineers, designers, data scientists, and data architectures … etc. It’s true that we will need more people who are qualified of doing the first tech linked jobs but also some jobs that you have never thought of before … and those jobs don’t require any tech skills of you. There are couple of examples below,

1) Ride sharing

Uber type of technologies created a new market to hook riders and driving service providers together. It’s killing traditional Taxi market but also creating a totally contractor type of part-time and full-time jobs for many people. In addition, it even further penetrated the food delivery market. Lately, Uber partnered up with some Taxi companies to use its technology to provide their services as well.

2) Amazon

Amazon is killing retailers and it’s not a news. However, it also creates a huge opportunities for traditional retailers (or you can say that mom and pop shops) to reach a much broader customer base. They aren’t only drive demands to the retailers on their platform but also give retailers opportunities to build their brands. The other great example is Etsy here. Before Etsy, how many customers that a homemade products creator can reach? 100 per day? 200 per day? Now if you are a homemade items creator, you are able to put your products in front of millions of eyeballs every single day.

3) Youtube

Youtube is a phenomenon in so many ways. But we are going to talk about new opportunities here today. Yes, Youtube somehow diminished the media industry to a degree but it put so many people on the global radar too. Before Youtube, could anyone produce a reality TV show without spending millions of dollars? Needless to say that you need to have a huge budget to get the audiences into the door as well. Those opportunities are not limited in reality tv shows but also across many industries such as tech review, sports, and even gaming. The top Youtube earner in 2016 earned more than $15 million US dollars (MEET THE YOUTUBE MILLIONAIRES: These are the highest-paid YouTube stars of 2016)

Another example from Youtube here. Think about that if you are super athletic but you just don’t play pro-sports … how can you utilize your talent to make money? Have you heard “Jordan Kilganon — Mission Impossible “? A professional dunker who gets his name heard on the Youtube and put himself on the global map. Take a look at the following video,

https://youtu.be/Zaz4c0k7q6U

He was invited to perform at the All Star Game in 2016 as well. Take look at those NBA all stars reactions after seeing his dunk in the half time show in 2016 all star game below,

https://youtu.be/INSasLDbFsM

4) WeChat economy

We know that messaging app is rising. There is a whole different messaging economy going on all over the world. However, most of us think that only corporations are having advantages on this trend. For instance, banks that can provide transactions through the messaging app, gaming companies that can serve games on the app, retailers that can setup stores and sell to consumers via the app directly, and government and utility companies that let citizens/users to pay their bills on the messaging app platform directly. Well… if you only think of those layers, you still don’t get the almighty technology can do for you in terms of making you huge piles of cash. Go to the nearest Costco and look around, you will find Chinese people going through aisles after aisles holding their phones in front of products talking and explaining to … somebody in the opposite side of the pacific ocean. That somebody isn’t his/her family members or friend… that somebody is a buyer who he/she doesn’t know of. They hook up through WeChat and using the platform’s communication ability (messaging & video chatting) and money transfer feature to complete purchasing transactions right on WeChat’s messaging app effortlessly. The steps are simple without any technology skills involved… 1) you walk into CostCo (or any stores), 2) take and post photos of products on your WeChat account, 3) buyers see your posts and would like to purchase that product, 4) buyer communicating with you through messaging or video chat via WeChat, 5) buyers transfer money to you, 6) you buy and ship the products.

Technology is unimaginably changing the world in so many ways. If you look a bit deeper, you will know that everyone is a beneficiary not a victim of the technology.