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Is Your Financial Security On The Chopping Block? 4 Strategies To Lower Your Risk

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Right now, most people are going through a bit of a wobbly moment in their careers. So much change is afoot. 

The situation feels different from the 2010s. Back then, technology was a force for improving productivity and (hopefully) wages. It wasn’t something that threatened to destroy jobs and harm people. Now, though, that’s not so clear. 

The geopolitical situation is also a worry for some people. Warring nations and high debts appear problematic to many. 

So what’s the answer if you think your job is on the chopping block? Well, this post should help. It introduces several ways you might reduce your risk and maintain the career you want. Here’s everything you need to know: 

Strategy 1: Niche Down

The first thing you can try doing is niching down. Focusing on a specific area or industry helps you become invaluable in your field, allowing you to provide companies with more input than, say, a large language model. 

Stick with processes and understanding of bespoke systems. Try to avoid creative elements, since AI seems to have a monopoly on these now. Ask whether a machine could do what you do in ten years. If it could, then change tack. 

Strategy 2: Protect Yourself Financially

The next step is to protect yourself financially. Ideally, you want a backup plan to rocket yourself to success, regardless of your income. 

One method is to start investing in the technologies you think will take your job today. If they succeed, you’ll make a profit. If they don’t, you’ll keep your job. 

You should also consider whether you need some sort of cover in the industry you’re already in, just in case the worst happens. For example, you could take out unemployment insurance if you think redundancy is imminent. You could also protect yourself against legal action, such as getting medical professional indemnity if you are a healthcare professional. 

Strategy 3: Learn Continuously

Another pro strategy for staying ahead of the curve is to learn continuously. The more you can be at the forefront of your industry, the more likely you are to succeed

This constant learning is helpful because it lets you provide value on the margins. Usually, if you are at the bleeding edge of something, it means companies will demand your services for the “next big thing.” We saw this with “prompt engineers” and “personalised medicine specialists” when tech suddenly changed over the last ten years. 

Strategy 4: Develop Problem-Solving Skills

Lastly, it’s a good idea to develop problem-solving skills in today’s environment. Putting your energy into figuring out how to manage hard problems can be an excellent way to deliver value to companies and yourself. 

Solving problems is a rare skill and will be required even as technology improves. Until the fully robotised economy arrives, it will remain essential and increasingly valuable. 

Once you get good at problem-solving, you can build a strong portfolio. Demonstrating your abilities helps you move on to the next step in your career, whatever that might be.

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