The rapid growth of AI means you need to have a back-up plan for employment, writes Peter Watson.
Most people enjoying a solid career based on their qualifications and ability cannot imagine suddenly being unemployed. Under normal circumstances, sudden unemployment is very unlikely.
However, now we are suddenly in the new world of artificial intelligence and advancements are coming at a fast pace. What happens if a machine takes your job?
You are suddenly let go by a company that previously praised your ability and rewarded you with advancing positions and salary. Now the company is using advanced technology and moves in a different direction.
If you are no longer needed to do your job, it is likely that other potential employers will also be moving to eliminate what until now was your special unique skill set. If this happens, this most certainly will mean troubling times and troubling times often require bold actions.
Here is one idea that could be applicable to the person we described above but also could be applicable to many different workers with many different skill sets. The problem that you and others may face is losing your job.
What is needed is a link between these two different groups facing a critical dilemma. One option is for the now suddenly unemployed individual to partner with a business owner that is looking to create a succession plan.
There are many different options regarding how this could evolve, but one way would be to accept a compensation that each year pays you a salary plus a share of the business.
The suddenly unemployed and the business owner both wins.
Peter Watson, of Watson Investments MBA, CFP®, R.F.P., CIM®, FCSI offers a weekly financial planning column, Dollars & Sense. He can be contacted through www.watsoninvestments.com
