We should ready ourselves to be self-employed. Most alarmingly, the digitization of the businesses has obsoleted millions of jobs. In fact, this is happening right now in the financial sector of South Africa. As a result, a couple weeks ago, one of the four universal banks in South Africa announced that it will close 91 branches. That will leave about 1200 employees without a job.
The bank can hardly be blamed for closing its branches. I mean, when last did you visit your bank? If you’re looking for something to blame, you need to look no further than the digitization of the banking sector. Also, the entry of new digital players has challenged the status quo in the market, said Jorge Camarate, Strategy& Partner in PwC’s financial services division recently in ITWeb.
The digital disruption in the banking sector will sadly continue to cause more job losses. And this is happening across industries. So, 1200 bank employees will soon face the reality of surviving without their salaries.
As a result, the retrenched employees, especially the breadwinners, may have no other option to be self-employed.