5 jobs that might die out by 2022
Go to any non-South Asian country. Tell them that you manage a company’s Facebook/LinkedIn/Twitter account for a living, and you’ll receive blank looks. “Oh you must be an intern then?” they might ask, oblivious to the fact that back here, you need to be a specialist with 12-36 months of experience to handle social media posts and promotions for a decent company.
South Asian countries have always been relatively slow to adapt to new technology when compared to our Western counterparts. Yet, we are catching up and come 2022, a lot of existing jobs are likely to be in jeopardy of losing their market demands. Here’s a brief list:
1. Financial analyst
This might come across as a surprise to many because good analysts hold a crucial role in any financial institution and can potentially save or generate millions of dollars for a company. Yet, human analysts stand no chance against artificially intelligent financial analysis software that can predict market trends using historical data with up to 85 percent accuracy (as stated by MIT).
As the technology gets more and more affordable, analyst jobs could become fewer in number in the coming years, particularly at a phase where many local private banks in Bangladesh are showing massive interest towards artificial intelligence (AI) and advanced technology in general. “International firms are already adopting this system into their everyday work and in order to keep up with global standards, our top management is also thinking of investing heavily in automation”, says Nusrat Hussain, who works for a renowned private bank in Dhaka.
This form of direct marketing is still used today because of its low cost and immediate feedback system from customers. Yet, with hundreds of companies pursuing this strategy, telemarketing, whether in the form of direct calls or emails, is slowly losing its reputation. Most customers now consider this annoying and some even generate a negative perception towards the company, suggesting a bleak future for telemarketing experts. “Telemarketing is no longer part of our marketing strategy because the incremental value in terms of customer lead generation is very minimal. The situation was much better even two years back”, said Abidur Rahman, who owns a service providing company operating in Dhaka.
3. Insurance broker
Formulas that determine the quantity and rate of insurance assigned for each individual are quite complex and require a high level of personal judgment. Yet, big data combined with simple machine learning is making this process extremely easy. The insurance industry in general is expected to go through high levels of automation in the coming days and brokers might find themselves struggling to hold on to their jobs.
4. Social media manager
In the context of Bangladesh, targeting the right audience can be a big challenge for any online business. At the same time, knowledge about promotion techniques and proper communication methods is still limited to only a handful of individuals. However, this is not rocket science and takes little time to learn and perfect. With free online courses and workshops taking place in universities all across Bangladesh, more people will have the necessary skills and the demand for dedicated social media experts will fall exponentially.
5. Bank teller
CNBC states that 60 percent of the existing banking jobs will either cease to exist or be completely redefined in the next decade. As banks go digital and the urban crowd continue to seek greater convenience, the introduction of AI could easily eliminate the clerical tasks associated with the banking sector. AI won’t just be able to conduct cash transactions, it will be able to open accounts, and process loans at a fraction of the cost and time it takes for human employees. This might seem farfetched for the time being in rural or semi-urban regions of Bangladesh, but bank tellers in major cities like Dhaka might find it difficult to justify their roles come 2025.
While the designations mentioned above might no longer exist in the near future, the jobs themselves might still be relevant. Adapting to rapidly changing technology is a must-have skill in today’s workplace and it is high time we prepare ourselves. Robots are coming, and they are coming fast!