By: Dividend Sensei
Recently my father’s experience with looking for a new job has left me thinking a lot about the US labor market. That’s why I’ve recently:
- Explained why wage growth has been so slow but likely to accelerate in the next year or two
- Explored the most important (but little known) economic report and its great implications for workers, the economy, and the stock market
- Highlighted the biggest flaws in the current job creation process and explained why fixing them could usher in a golden age for workers, the economy, and investors
In this final jobs focused article (for now) I want to highlight what I think to be the future of the workforce. An exciting idea that could make whoever implements it fabulously wealthy (even potentially the richest person on earth). That’s because it is literally a multi trillion idea that solves some of the biggest problems the world faces today.
This is an idea I’ve been tinkering with for several years now and if I had the money and or computer skills to implement it I would literally pack up my life and head off to Silicon Valley to bring it to life. Alas I’m more of a big picture guy, who lacks the ability to execute this. But I sincerely hope that someone one day takes my idea and makes a fortune (and makes the world a better place) bringing it to life.
Presenting EZjobs: The Future Of The Labor Market And Global Economy
What I envision and eventually expect to happen (when the technology makes it possible) is that the process by which workers and employers find each other might one day become fully automated. How is that possible?
Imagine a combination of Google/Facebook/LinkedIn/Tinder. It’s an app that doesn’t just factor in your resume, but entire personality and psychological profile. Using deep data analysis (driven by AI and machine learning far beyond what we have today) EZjobs would get to know not just a workers skills, goals, and requirements (wages, benefits, etc) but would literally create an AI driven virtual avatar of that person. This avatar would be such a good approximation of you that it could literally do digital interviews on your behalf. Companies would also have digital avatars, who would know every aspect of each positions needs. That would factor in not just relevant skills but the company’s work culture and most importantly the psychological profiles of everyone working in that department or team.
The AI avatars representing the job and the worker would interview digitally, in milliseconds, to determine how good a match that worker would be for that position. They would also hammer out a firm compensation agreement, negotiating things like wages, benefits, vacation days, and all other relevant perks. You, as a subscriber to EZjobs (an app on your phone) would have a totally automated way to get the best jobs you are suited for. And not just in your city, but across the state, country, and even the world.
The network effects of EZjobs would be immense, because the more people use the system the more valuable it becomes. Imagine if every person and every business (large and small) was on it? You could literally find the closest thing to your “dream job” (whatever that might mean for you) no matter where it was in the world. Don’t want to move? Ok, then your AI avatar would know that and only search for local offers. Willing to move if the pay and benefits are big enough? Set a minimum (adjusted for currency and living cost) and your EZJob avatar will continuously hunt for any openings that might match those needs. The best part of EZjobs is that it runs continuously (thus the subscription model which can be tiered pricing by feature set). Thus it would become like a kind of super Netflix or Amazon Prime, something that no one can imagine not subscribing to.
Why? Because you are constantly getting FIRM job offers on your app, several per month, week, or even day (depending on your career, skill set, and personality). You could see the job description, pay and benefits package, and the reason that EZjobs thinks this is a great match. Then just swipe right to accept, or left to reject, and you are done. EZjobs would be the best way, yet devised, to ensure that you end up in the best possible job, because you would only accept a new one if it were significantly better than the one you currently have. It would optimize your pay and benefits and lead to the most fulfilling job experience of your life.
And if you are company? Well it means that you could optimize the productivity of your company because literally every job would be filled by the ideal candidate. Someone who not just has the right skills, experiences, and mindset, but is a great fit for your company’s culture as well. In other words EZjobs transforms the current job hunting/filling kabuki dance into a wholistic, optimized, automated, and hyper efficient process. One that leads to: faster job creation, higher wages, more productive companies (with higher profits), a booming global economy, and as a result, a much stronger stock market.
Now you can see why I call this a multi trillion dollar idea, because it leads to a new golden age for everyone and a far richer world. But wait it gets better. Much, much better!