Technology is present in everything that people use today from currency exchange at Knightsbridge FX to self-driving cars and smart homes. Technology has allowed greater productivity and economic development. However, technology is also being blamed for retrenchments and loss of jobs.
Technology is not the reason for job losses in Kenya. Based on the experience of other nations on full automation, unemployment is just a temporary situation. Technology will disrupt and shift jobs but they are not eliminated. If there is technology-engineered unemployment, whatever job losses that arise will be offset by other compensating factors like increased efficiency in operations and maintenance.
When banks invest in Information, Communication Technologies (ICT), their operations become more efficient and lead to more banking profits and motivates the expansion and creation of jobs. When mobile money technology was deployed, there were fears that workers at the Post Office of Kenya will be laid off. Instead, the technology created employment through Telco agencies. By the end of 2018, it was reported that more than 200,000 Telco agencies are operating around the country.
New technology has created new industries like social media that has never existed before. The industry has created a plethora of new jobs from digital marketers to big data analytics and app developers. It is expected that in the coming years, more jobs with different titles will be created.
Technology has increased the efficiency of workers to make them valuable assets of a company. In most cases, the salaries of workers increase resulting to economic growth. One example is the textile industry that still employs thousands of workers in spite of the introduction of modern machineries, automation and computerization.
In the transition to big data, governments will require more people to perform analytics of data to facilitate decision making. Employers may lay off staff not because of technology but economic slowdown and rigid unions.
Meanwhile, if you are moving to another country or sending money to family, Knightsbridge FX will help you save hundreds if not thousands of dollars in currency exchange. The company is the most trusted name in Canada’s foreign exchange industry. Customers continue to use their services because they offer better rates than banks and other financial institutions.