Preparing for an uncertain future
If you fall into the category of a knowledge worker, you may be in shock, or in denial about the potential risks hovering over the future of your job.
For years, we knew that automation would first impact manual or so-called blue-collar jobs. The risk to knowledge workers was considered low and somewhat far in the future.
Based on the recent AI developments, however, it is now abundantly clear that it is the knowledge workers' jobs, in almost all categories, that are at immediate risk.
These developments have been so fast that most of us still could not digest or understand the real impact it may have on our lives. As humans, we have created a solution for which we still have to find a problem. It’s all too fast, too much, and too overwhelming that most professionals are in denial.
Looking at the tangible developments, however, it is very clear we have already reached a point of no return. We may continue debating about its risks and rewards or we can use this precious buffer time to prepare ourselves for the uncertain future that is already knocking at the door.
If AI developments continue at the current pace, in months not in years, we shall find ourselves in a different world with different ways of working in all walks of our life and career. To cope with this change, upskilling or reskilling is not enough. We need a new career strategy to help us transform for this change.
With AI tools fast becoming available at a mass scale, we expect to see significant increases in productivity levels that may result in a surplus capacity of 40-50% in the knowledge workers category or more specifically for finance professionals. This may lead to the release of capacity (elimination of jobs) and/or utilization of surplus capacity for higher levels of cognitive tasks (job enrichment).
For example, if there are 6 employees working in the FP&A function, after absorbing the full impact of AI, 4 members can be released and 2 kept. How the companies will decide who to keep and who to let go is a no-brainer. The employees with better skills will survive.
Do not wait for such a situation to happen. You need to drive your career strategy proactively. Fortunately, you have some buffer time. Upgrade your skillset now. You should be able to demonstrate your higher skill with full confidence if you are evaluated for an employment decision.
If you survive AI disruption, you will probably be working in the upper half of the job categories that are still occupied by human employees while the lower half are served by AI bots.
Any role you serve at this level would require a combination of different skills like what you see below.
The above is an ideal mix of skills for a typical senior finance professional. The actual skills and the mix of skills categories will depend on where you stand today.
Take a look at the curriculum we have developed for the next batch of the Strategic CFO Program. I have been working on it for over 6 months just to ensure we have the right mix of talents and skills required for a senior finance professional role in the near future.
To some people, the above chart looks quite overwhelming for a 12-month schedule. But look, do we have a choice not to learn any skills listed above? The main challenge, however, is in execution i.e. how do we deliver on our promise. Look below at the 12-month schedule how we deploy this entire curriculum into week-by-week schedule. The study load on a typical student is only 4-5 hours a week and we have been doing it for several years now with a growing list of accomplished students.
Keep in mind, these skills add a lot more value when used in combination. For example, your knowledge of strategy may not work effectively unless you have good communication skills to influence your team members. Your competitive analysis will not do any good unless you can explain it to your management team with your storytelling skills.
At this level, these skills become your specialty demonstrating your personal brand and you are seen as a value contributor differentiated by your unique human skills. You become future-proof.**
P..S. Join me this Saturday (May 13) for a live webinar on 'Your Career Strategy in an AI Dominated World' where I will answer the following questions:
2. How to know if your job is at risk because of AI
3. What skills you must learn to avoid becoming obsolete
4. What are the emerging roles in future of Finance and how can you target them
5. What is the learning path to develop digital fluency
6. How to brand and position yourself to attract best jobs in future of finance
7. How to move into a 2nd career
P.S.S. You can also check the full details of batch-15 of the Strategic CFO Program that is starting on June 10.
Senior Finance Professional at Worley | Aspiring CFO
1yThanks Saleem and best wishes. It is essential that we all stay up-to-date with technology, focus on creativity, develop soft skills and begin to prepare now before AI is affecting our jobs.