Super should be part of the digital conversation
Written by Jessica Ellerm, Co-Founder of Zuper
There is no question we are in the middle of a generational revolution.
The tipping point within the Financial Services industry started with the Global Financial Crisis in 2008, as individuals started looking to solve problems with technology, after humans at banks and governments failed. Since then, new inventions like Blockchain have given rise to cryptocurrencies and ICOs, and financial disruption now seems to be happening at an exponential rate.
As a FinTech startup that is disrupting traditional superannuation, Zuper is excited to be at the heart of all this change. But alongside the massive disruption in the world of finance, there has been an equally big disruption in education — and Academy Xi is at the forefront of this revolution.
Expensive university degrees are starting to lose relevance as micro-learning and online professional development platforms boom. With escalating demand for new digital economy skills, we need to ensure our skills remain relevant and outpace the increasingly automated workplace — our future wealth depends on it.
Automation isn’t all doom and gloom though. A Manpower Group study found automation is actually good for job seekers — if they have the skills to complement it, that is. Research showed 21% of Australian businesses report they expect digitisation to increase, not decrease hiring in the coming years.
Tasks are being lost, not jobs. However, it does mean the candidates who win the talent war will have the ability to interface with automation. Just like operating Microsoft Office used to be a given, now marketing automation skills, basic coding, User Experience (UX) principles, and data science fluency are increasingly being the norm for new employees.
The modern employee is now referred to as the “high-tech, high-touch worker” and is expected to have fluent digital capabilities as well as emotional intelligence and soft skills. Over the next 2 years, Manpower predicts office and administrative functions are set to lose 25% of headcount with finance and accounting expected to lose 8%.
In frontline and customer-facing roles, headcount is expected to drop by 11%, however, 26% new roles will emerge in this sector as technology evolves the offerings of different companies. It will be crucial that employees are not only able to re-skill, but also transition their existing skill-set.
At Zuper, unlike other super funds, we understand that helping people adapt to the new economy and its changing skill demands is fundamental to building Australians’ wealth and super. Off the back of additional research, we found that more than half of Australians believe superannuation companies should help their members re-skill as jobs become automated. So we built our Learn More Earn More program which provides members with exclusive discounts on courses with EduTech platforms such as Academy Xi.
Our vision at Zuper is to create a community of Australians who walk into the future with confidence about their careers and their finances. Along with Academy Xi, the Learn More Earn More program aims to reinvent the role of super in Australians’ lives. After all, the world hardly needs another super company, but it does need a new way of thinking about super.