, we are wary of it, perhaps feeling, as karl marx did that “ machinery does not just act as a superior competitor to the worker, always on the point of making him superfluous. ” such fears can lead to resistance or, in extreme cases, obstruction, to your efforts. merely offering statistics that show that adopting new technology can lead to increased job creation and higher productivity will not be sufficient to prevent this. hr managers and their teams need to counsel staff about the impending changes, offer a vision of what the transformed organisation will look like, and then shepherd them through the process. this means that you, too, must embrace the idea and all that it encompasses. indeed, for you to be truly effective, you must also demonstrate your own ability to adapt your systems. one aspect of this is reskilling. while greater utilisation of technology might not lead to a significant reduction in an organisation ’ s staff complement, it will inevitably lead to a shift in where and how staff members are deployed. an employee who previously performed a job that can now be made more efficient through automation, could find himself transferred within the organisations to perform a new function. for many employees, especially those who have spent their entire tenure in one department, and potentially in the same post, this can be a tremendous shock. as hr professionals, you will be tasked with making that transition smoother, including by identifying the training they will need. even when employees maintain their current position, they will need to broaden the scope of their abilities. consider our colleagues in our bank supervision departments : how many of them even 10 years ago would have contemplated the regulatory challenges posed by fintech or by new entrants from outside the traditional financial sector into the market? how many would have known how to even approach regulating it? the education and training employees get before entering the workforce is now just the beginning. they will need to commit to lifelong learning, to continually upgrading their expertise. indeed, deloitte estimates that the time it takes for the skills you currently have to become obsolete is a mere two and a half to five years. 2 / 5 bis central bankers'speeches moving beyond “ that ’ s the way we ’ ve always done it ” for us as central banks to effectively fulfil our mandate, we must be able to identify the gaps in employees ’ competencies and support them as they work to fill them. be mindful, however, that as we look to embrace this transformation, we

about how to manage your money. if you have income, be it from an allowance, a job, or a business, then you should already be thinking about how you allocate my money – what portion of it do i save and what do i spend on necessities versus desired wants. 1 / 4 bis - central bankers'speeches similarly, when you are gifted funds for your birthday or christmas, what do you do with it? i imagine some of it will go towards hobbies and activities that you enjoy. some of it might go to topping up your phone. and if you're responsible for paying or helping to pay a household bill, some of it will go to that. i encourage you to ensure that some of your earnings also goes towards savings. if you don't already save, now is the time to start. first, because the earlier you start, the sooner it will become a habit. second, because while your income might be limited now, so are your expenses. until a mortgage, land tax, car payments, insurance, bills, and all the other joys of adulthood kick in – trust me on this – take advantage of this time when you have limited obligations and bills, to start setting money aside. at the outset, it might not be much, but as we say in the moneysmart programme, start with what is realistic for you and aim to be consistent, even if it is $ 5. 00 there's a third reason, and it's simply a matter of maths : the earlier you start saving, the more you're likely to save in the long term. i just explained why it's better to start saving early, but in case you have any question as to why you should save at all, there are several reasons, but i will focus on just one. it helps you to achieve your financial goals and what you want to for yourself in life. how many of you would like to own a car? to travel? to own a home? to start a business? these are all common financial goals, and having savings will help to make them a reality. also, at some point in life, you may opt to take out a loan to purchase something, pay attention to the interest rate and how much in fees you are expected to pay, beyond the repayment of the initial amount borrowed. by having savings, you can reduce how much debt you take on and have to pay back – as we