Between the arrival of ChatGPT, the continued advances of AI and the latest round of layoffs across tech stalwarts like Spotify, Sonos and Shopify, professionals across all industries are realising that the next five to 10 years of their careers are probably not going to go as originally planned.
AI is disrupting every single industry, and while it will of course make some jobs obsolete it will also open opportunities in other areas. With these changes comes great opportunity, not only for innovation but for economic success. Research from Goldman Sachs shows that successful adoption of AI will result in a $7 trillion increase in global GDP within 10 years.
On the ground, this means that those who want to achieve continued success – and high salaries – need a career back up-plan. A back-up plan is generally considered an alternative option deployed quickly as a result of failure.
And while there’s an argument to always have a Plan B, this time, a career back-up plan refers more to a planned pivot that will safeguard your future.
It may be a horizontal move into a sector with more room for growth like those moving from fintech to ecommerce or embracing a niche now to become a specialist in the future – such as those specialising in cyber security or automation. Here’s how you do it…
Audit
Audit yourself, your company and your industry as a whole. Where do you see your career going? Is that still a viable option in the current market and if so, what steps do you need to take to get there?
For the majority of us, progression will no longer be linear and so we need a career back-up plan to ensure longevity. And the seeds of that plan begin with an audit.
Where is your industry going and do you want to go with it, or can you take your skills to a different sector where there’s a higher demand? If so, what upskilling do you need to do to ensure you’re a fit?
Network
Networking, especially when you don’t need to, is a useful way to secure a career back-up plan. While it comes naturally to some, for others it seems like a constant chore. But networking is how you remain at the forefront of people’s minds and how you glean industry knowledge.
By talking to others within your network you’ll get a deep understanding of how different companies are reacting to market changes, which will inform your own strategy. It’s also how you’ll hear about opportunities at other companies and start to get an overview of what skills are needed to succeed in different roles.
Reach out to a former colleague and ask them for coffee or spruce up your LinkedIn profile and reach out to former contacts.
Update
When was the last time you updated your CV? This is the perfect time to dig it out and give it a refresh.
Experts recommend updating your CV every few months with new achievements and skills so you’re not forced to create a new one in a panic or vacuum.
Research
What companies are hiring and for what roles? Job boards are a great place to get a helicopter view of your industry which means you can start to visualise your next steps and identify the areas you need to upskill in.
The London Economic job board is full of opportunities across leading companies, all of which share information about the company itself and the particular role. The three companies listed below are all currently hiring and represent only a fraction of the roles available.
Zopa
Fintech company Zopa is on a mission to change how people access financial products and online banking, and since 2005 has consistently changed peer-to-peer lending. Zopa employees enjoy pension contributions, health insurance, subsidised gym memberships, on-site catering and a generous work abroad policy. Zopa is currently recruiting for a number of roles across sections such as accounting, data analyst and management.
Flipdish
Bringing tech firsts to the hospitality business, Flipdish has been helping restaurants of all sizes scale and grow their businesses through online ordering since 2015. Independent eateries are able to embrace digitalization through Flipdish’s platform. Flipdish became a unicorn in 2022 and employees enjoy a remote working policy, bonus structure based on company revenue and pension contributions. Flipdish currently has a number of open opportunities available for engineers and product designers.
Carwow
Founded in 2011, Carwow has gone on to become one of the world’s leading comparison websites – operating across Europe with 12 million active users. Employees benefit from flexible working, medical insurance, home office allowance and a generous employee stock option programme. Carwow is currently hiring for a number of UK-based roles.