The Rise of Online Work
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The Rise of Online Work The Rise of Online Work Presentation Transcript

  • A $5B market by 2018, with $1B already spent on oDesk alone The Rise of Online Work All dollar amounts are U.S. dollars
  • 2 Agenda •  Majors forces are transforming work •  Online work has arrived •  What online work adoption means to businesses •  •  Access to skills •  Finding specialists •  Resources: •  Visionaries on the future of work •  Case studies •  Online work glossary
  • 3 News highlights •  We’re in a period of work disruption unlike any we’ve seen since the Industrial Revolution •  •  As evidenced by $1B+ spent via oDesk’s online workplace alone •  Hiring online is empowering businesses everywhere, especially startups (58% of clients on oDesk) •  To get the skills they need •  oDesk freelancers offered almost 2,400 skills in the past year •  Cloud computing and access to a highly skilled global workforce have made it possible to start and grow businesses •  This hiring is creating a long tail market for specialists on oDesk •  2007: Just 4 categories represented 90% of work on oDesk •  2012: Now 35 categories represent 90% of work on oDesk, with 41 categories growing quickly
  • Major Forces Are Transforming Work
  • “Traditional” work models are outdated: They’re bad for business restrictive time-consuming competitive expensive “Traditional” work models won’t allow businesses to reach their full potential
  • And bad for workers, who want flexibility 6 Source: oDesk & Millennial Branding “Millennials & The Future of Work” survey, Spring 2013 And workers want freedom to seize more opportunity and work flexibly
  • 7 Work no longer needs to be a place “Now, the Internet can bring the work to the worker, rather than the worker to work” " ~ Gary Swart, oDesk CEO We call this online work.
  • Online Work Has Arrived
  • Online work in the staffing landscape 9 Traditional Outsourcing $246B globally in IT 3 Local Temp Staffing $98B in U.S. 2 Local Hiring $1.6T spent on U.S. knowledge workers1 1. Estimate based on data from BLS & Simply Hired 2. American Staffing Association, 2011 data 3. Gartner Group, May 2012 Online Work $1B globally in 2012 $1B+ spent on oDesk to date! “Online staffing [is] the fastest-growing area of staffing, and arguably the most revolutionary” " ~ Staffing Industry Analysts
  • E-commerce shows online work’s potential 10 Online retail is still a small percent of all retail but a huge market. Work is an even bigger market than retail – imagine if only 2% moves online. Find Select Pay Hire Manage Pay Shopping Online Work
  • 11 Why is online work disruptive? “Traditionally, the biggest friction for businesses in the labor market is the difficulty of finding an available worker with the skills needed. Online workplaces are removing this friction by opening up a flexible, global talent pool — helping the best-matched businesses and workers find each other when demand exists.” " ~ Ramesh Johari Stanford professor/oDesk Research Team
  • 12 Online work is gaining recognition “When you connect everybody and everything the whole world becomes " available to you. You can think about your workforce much beyond local — you can find the best person to do anything anywhere. ” " ~ Marina Gorbis, Institute for the Future “Not far from the world of regimented cubicles… a quiet revolution is stirring… A swelling army of global freelancers is already disrupting traditional outsourcing.”" ~ Jeremy Wagstaff, Reuters “‘Talent exchanges’ on the web are starting to transform the world of work.”" ~ Matthew Bishop, The Economist
  • 13 oDesk established market leadership in 2009 $0 $1,000,000,000 2005 2006 2007 2008 2009 2010 2011 2012 Since 2009, oDesk has grown 9x in cumulative gross services to date. “By 2009 oDesk surpassed the nearest competitor, and they are now the clear leader… in the rapidly emerging ‘online work’ industry.” ~ Bill Gurley, Benchmark Capital
  • 14 oDesk continues to lead the market, with $1B+ spent “Last year oDesk posted more jobs than were advertised in any other medium.” ~ Marina Gorbis, Institute for the Future oDesk is bigger than the next 10 competitors combined. 1M+: Hours worked" 900K+: Clients registered" 4M: Freelancers registered 4K: Jobs posted every day" Key oDesk Metrics
  • Clients are increasingly international 15 In 2007, non-U.S. clients represented just 22% of total U.S. dollars spent. In 2012, they represented close to 40%. oDesk Gross Services by country Source: oDesk database U.S. Australia Canada UK UAE 144 other countries Germany
  • Hiring hot spots span the globe 16 Top Client Countries (by gross services, trailing 12 months) 1. United States 2. Australia 3. Canada 4. United Arab Emirates 5. United Kingdom 6. Germany 7. Netherlands 8. France 9. Israel 10. Denmark Fastest-Growing Client Countries (by gross services, based on 2-year CAGR)* 1. Latvia 2. Pakistan 3. Romania 4. Lithuania 5. Ukraine 6. Russia 7. Malaysia 8. British Virgin Islands 9. China 10. India Source: oDesk database; *Countries only in top quartile in 2013 Gross Services
  • Talent hot spots are equally diverse 17 Source: oDesk database; *Countries only in top quartile in 2013 Gross Services Top Freelancer Countries (by gross services, trailing 12 months) 1. India 2. United States 3. Philippines 4. Ukraine 5. Pakistan 6. Russia 7. China 8. Bangladesh 9. Canada 10. United Kingdom Fastest-Growing Freelancer Countries (by gross services, based on 2-year CAGR)* 1. Greece 2. Armenia 3. Portugal 4. China 5. Croatia 6. Tunisia 7. Kenya 8. France 9. Bangladesh 10. Serbia
  • 18
  • 19
  • What Online Work Adoption Means to Businesses
  • 21 Online work’s transparency opens up a world of skills •  Freelancers listed 2,389 skills in the past year! •  More than 2.6M skills tests taken as proof of these skills
  • 22
  • Online work started in tech, but is rapidly branching out 23 Source: oDesk database oDesk Gross Services by category Customer Service Business Services Sales & Marketing Administrative Support Design & Multimedia Networking & Information Systems Writing & Translation Software Development Web Development
  • 24 Fastest-Growing Global Categories: (By gross services, based on 2-yr CAGR) 1.  Engineering & Technical Design 2.  Project Management 3.  Translation 4.  Copywriting 5.  Game Development 6.  Writing & Translation 7.  Mobile App Development 8.  Phone Support 9.  Data Entry 10.  Advertising Tech Non-tech Source: oDesk database The top 10 growth skills
  • A long-tail market for specialists is growing overall 1  
  • 26 In 2007, just 4 categories represented 90% of total dollars billed. In 2012, 35 categories represented 90% of dollars billed, with another 41 smaller categories growing quickly. Source: oDesk database. All data represents skills listed in jobs posted during the month of May 2013. Graph shows one month’s worth of skills on oDesk (out of almost 2,400 skills listed over 2013) Size and color of each skill dot indicates the numbers of job openings that skill was listed in. For more information please visit the oConomy section of oDesk’s blog for a post on this visualization. A long tail of these specialists is emerging on oDesk
  • 27 Source: oDesk database These specialists are among the highest paid Highest Paid Skills on oDesk (By mean hourly wage, 2013) 1.  Netsuite (Software suite) 2.  Legal (Contract drafting, services, & advice) 3.  DevOps (Software development method) 4.  FileMaker Pro (Cross-platform database app) 5.  RSpec (BDD framework for Ruby) 6.  D3.js (JavaScript library) 7.  Rackspace (IT hosting) 8.  Apache Tomcat (Open source web server) 9.  iOS development 10.  Startup consulting
  • Resources For more, please visit oDesk’s Client Resource Center
  • 29 “Cloud computing is making it easier to start businesses anywhere. Over the next decade the ‘rise of the rest’ will play a key role in creating jobs.” ~ Steve Case “Where, how, when and even why we work is changing rapidly. 5 generations – from digital natives to digital immigrants – are all in the same work place, but with different expectations. Organizations must strategically invest in human capital or face epic failure.” ~ R. Ray Wang “Technology is transforming our relationship to assets and ownership. Technology unlocks the idling capacity…” ~ Rachel Botsman “We’ve passed into a new economic era, confronting business and individuals with mounting challenges. Work marketplaces based on social platforms – ‘placeforms’ – fill a new societal need.” ~ Stowe Boyd Where does work go from here? Futurists on the evolution of work
  • 30 “Millennials will be 75% of the workforce by 2025. They see no need to be confined to a corporate office, view the future of work as virtual, and want freedom and flexibility to work anywhere and anytime they please.” ~ Dan Schawbel “It will become difficult to distinguish online workers from traditional employees.” ~ Jeremiah Owyang “Work is no longer a place. Future teams will be flexible and results- focused. This creates more economic opportunity for both businesses, that need to get more done, and professionals, who want to be untethered from a desk.” ~ Gary Swart Where does work go from here? Futurists on the evolution of work (cont.)
  • Case Studies
  • 32 Businesses find the skills they need Meet Adam Neary •  Hires for what he calls “obscure” skills; recently hired a theoretical physicist. "Instead of having 6 generalists in NYC, we found a ton of specialists online.” •  “We're able to work with 9 specialists to 1 generalist, which is incredibly fast and effective.” •  Learn more about Adam’s story here. •  CEO/Founder, ActiveCell •  Founded startup called Profitably; after 2 years and a million dollars in funding, the product was still struggling •  With only $1,000 in the bank and no employees left, he decided to go all in with online freelancers, and staffed his entire business through oDesk •  Six months later, his product was reinvented (renamed ActiveCell), and he says he’ll never work any other way
  • 33 While freelancers offer their skills Meet Stanley Smith •  “Here I’m 60 years old and life is getting better and better in that sense. I’m just having the time of my life and it’s a field day for me.” •  Learn more about Stan’s story here. •  Highly specialized “Algorithm Scientist” •  Working in data analytics for 34 years •  BA and MA in physics, post-grad studies on " law of theoreticals •  Before online work, Stan struggled to find relevant work locally. Today, he keeps raising his rate because online demand keeps growing—he’s up to 5 project requests per week and has to turn jobs down.
  • 34 Businesses benefit from flexibility Meet Jay Shapiro •  CEO/Co-Founder, Infinite Monkeys •  Runs his business from a 33-foot trailer as he and his family travel the world. •  Launched the business with a completely virtual team of 140+ freelancers on 6 different continents, now runs it with a steady group of 30 to 40 oDesk freelancers •  “I can hire people from anywhere, wherever I find the best talent, and I don’t have to be licensed in every country where I want to do business, I don’t have to open offices. I just find talent and hire them and I go back to the creative end of running my business.” •  Learn more about Jay’s story here.
  • 35 Flexibility also benefits freelancers Meet Marcel Morgan •  Ruby developer •  Jamaica-based developer left " full-time job to freelance full time. •  Has since raised his rate to $80/hour. •  “I have the freedom to do the work I want on my schedule. I no longer have a difficult commute to a place where I wasn’t doing the work I enjoyed. Since I have stopped making that commute, I get to go to the park to exercise three mornings per week and I can spend time with my family.” •  Learn more about Marcel’s story here.
  • As online work grows, so do earnings 36 Freelancers on oDesk on average increase their hourly wage almost 60% in the first year and close to 190% over 3 years [more info] Josh •  Web developer •  U.S. (Texas) •  Increased wages 6X •  Read more here Salvatore •  Mobile developer •  Spain •  Increased wages 4X •  Read more here Siobhan •  Editor •  France •  Increased wages 2X •  Read more here
  • Online work glossary
  • Always-on technology The practice of having workers on a blended team (both in- house and distributed) keep a webcam or iPad on and next to them as they work, to recreate the passive social aspect of physical offices. For more on how this works, see this oDesk blog post. See related: water-cooler culture, blended team   Blended team A team comprised of both on-premise and remote workers, in a fairly balanced ratio. Teams with high percentages of members working remotely are most commonly referred to as distributed. See related: distributed team Online work glossary
  • Client A person or business hiring through an online workplace. Collaborative economy Industry analyst Jeremiah Owyang of Altimeter Group coined this phrase; defined as “an economic model where ownership and access are shared between people, startups, and corporations.” Owyang includes oDesk as part of this trend as it provides “talent-as-a-service.” Also known as: collaborative consumption, peer-to-peer economy; See related: talent-as-a-service •  Hashtag: #CollCons Co-located teams Being (in this case, working) in the same place as someone else. The opposite of distributed teams. Online work glossary
  • Commission The fee an online workplace receives after work is conducted. oDesk’s commission is 10% on work completed through the platform. Other online workplaces have different fee models, sometimes charging for monthly membership fees, job postings and/or premium programs. For more information on fees, see this post by Benchmark venture capitalist Bill Gurley. Contractor See “freelancer.” Online work glossary
  • Coworking space A shared office where independent professionals or small startups rent desk space. This is typically to join a community of similar individuals and to avoid the isolation that can come from working at home or running one’s own business. Coworking spaces become informal ‘offices’ where people can get work done, network with others around them, and access shared resources like coffee and office supplies. For more on coworking, see this oDesk blog post.   Digital nomad One of a growing number of people (both business owners and professionals) who leverage the freedom afforded by technology to work as they travel or to eschew a traditional, rigid “home base” in favor of living “nomadically” for extended period of time in different locales. See Jay Shapiro’s story (for the business owner perspective) or Bernard Vukas’s story (for the independent professional perspective).   Online work glossary
  • Distributed team A team structure in which all or most of the team members are located in different geographical locations, allowing the business to find the best workers rather than limit themselves to a local talent pool. Also known as: remote team, virtual team, online team; See related: global sourcing, remote worker Fixed-price projects Online work projects that pay a set amount for a specific piece of work, with both the price and the deliverable agreed upon at the beginning of the contract. Online work glossary
  • Flexible bench The practice of having a go-to roster of tested freelancers to pull in on projects as you need them. Cultivating a flexible bench of trusted experts can help businesses stay lean without hurting their ability to scale up quickly when needs arise, and can be used as a way to augment a core in-house team with the intermittent use of experts. “Online work is on demand, so this is your flexible bench,” oDesk VP of Marketing Jaleh Bisharat told Australia’s herBusiness.tv. “So if you just need someone to do your accounting for 5 hours a week... you can.” Flexible work The removal of traditional set-time and set-pace boundaries (e.g. 9am to 5pm, in the office) so that workers have greater freedom to work whenever and wherever they prefer. See related: results-only work environment (ROWE) Online work glossary
  • Freelancer A professional who works independently, procuring their own roster of client contracts and projects. According to the Freelancers Union, there are currently 42 million freelancers in the U.S. alone (or 1/3rd of the national U.S. workforce). Online workers are freelancers who are working via Internet. Also known as: Independent professional; See related: solopreneur Online work glossary
  • Future of work Major forces are rapidly changing the way businesses staff and people work. As industry analyst R. Ray Wang (of Constellation Research) puts it: “Where, how, when and even why we work is changing rapidly. Five generations – from digital natives to digital immigrants – are all in the same work place, but with different expectations. Organizations must strategically invest in human capital or face epic failure.” For more thoughts on the future of work, follow its popular hashtag on Twitter (below), or see this especially forward- looking report from the Institute for the Future. •  Hashtag: #futureofwork Online work glossary
  • Global sourcing Finding and hiring the best talent, regardless of where it happens to live. For example, the CEO of GitHub (whose own teams are distributed) recently said: “Anyone who is not running his company in a distributed way is – by definition – not hiring the most talented people in the world. Because while Silicon Valley has a lot of talent, it certainly doesn’t possess all of it. Gross services The total amount spent on a company’s services. In the case of online work, it refers to the amount clients spend hiring freelancers through an online workplace. Online work glossary
  • Home base When a company has a blended team of both in-house and remote workers, the HQ office is sometimes called the ‘home base’ for remote team members when they want to visit or check back in. See related: blended team Hot-desking The practice of doing away with assigned desks, offices or cubicles, and having workers reserve shared desk space only for the times when they will be in the office, thus eliminating the need to pay for office space that goes unused. This is gaining popularity as a way to use office space more efficiently when much of the company works remotely or flexibly. Also known as: hoteling Hoteling See “hot-desking.” Online work glossary
  • Hourly project Online work projects billed by the hour. On oDesk, the hourly rate is set by the freelancer (and agreed upon by the client at the beginning of the contract), and the hours are then automatically tracked. Setting payment as hourly rather than fixed price more closely mimics the way long-term relationships are compensated in the offline world, and represents the majority of work on oDesk. Independent professional See “freelancer.” Insourcing The opposite of outsourcing; work is brought “in” and done by local workers for foreign clients, as opposed to flowing “out” to foreign workers. This is a newer phenomenon emerging as globalization increasingly opens doors to work in all directions. Online work glossary
  • Labor market friction In traditional labor markets, the biggest barrier to optimal functioning is companies’ limited ability to find an available worker with the skills they need. This barrier leads to skills gaps or “friction,” which means that the market is not achieving its potential as some demand is left unfilled. Online work is helping to remove this friction by opening up a flexible, global talent pool that lets the best-matched business and freelancers find each other when and where demand exists. Online work glossary
  • Lean startup Coined by Eric Ries—an entrepreneur and startup advisor— in his 2011 book “The Lean Startup,” this methodology refers to applying hypothesis-driven experimentation to business development and product releases. It focuses on shortening product development cycles, launching with the simplest product possible and then continually testing and improving it. Many startups using this methodology also use online work because it helps them stay lean, by only hiring people with the skills they need, when they need them. For more on ‘lean startups’ as it relates to online work (especially with ‘lean development’), see this oDesk blog post. Online work glossary
  • “Lift not shift” A phrase used to explain the impact of online work’s disruption on the labor market; refers to the fact that most businesses hiring online workers would not otherwise be able to complete the work they’re hiring for. According to a 2012 study of oDesk clients, 85% would not have hired locally had they not been able to find an online worker, so the majority of online work represents new job opportunities that wouldn’t have existed otherwise – thereby “lifting” economic demand overall rather than “shifting” it. Millennials A generation comprised of people between the ages of 19 and 30 years old (inclusive). It is estimated that 75% of the workforce will be Millennials by 2025. As digital natives, Millennials are adopting online work rapidly – the average online worker is a Millennial. For more information on Millennials and the Future of work, see this survey of freelancers on oDesk. Online work glossary
  • Moonlighting Freelancing on the side while also holding a “regular” job. Approximately 40% of freelancers on oDesk fall into this category. On-demand access A byproduct of the sharing economy, or the ability to access resources (typically shared resources) quickly and online in the amount needed at that time – resulting in cost savings and a more efficient use of resources. For example, Zipcar provides on-demand access to cars, which customers can rent almost instantaneously for as little as one hour of use. This is often expressed in “-as-a-service” terms, from Software-as-a-Service (SaaS) to Infrastructure-as-a-Service (IaaS). See related: sharing economy, talent-as-a-Service Online work glossary
  • Online internship Working online while completing a degree – an emerging form of internship that helps students gain not only experience but a proven online record of skills acquired through this experience. Of those freelancing on oDesk, 21% are still enrolled in a college or university, many enterprising students take this to the next level. Online team See “distributed team.” Online work Any type of work performed via the Internet rather than in person, typically within an online workplace. Also known as: virtual work, remote work; See related: online workplace, online worker Online work glossary
  • Online worker A freelancer working via the Internet (typically through an online workplace). See related: online workplace, online work, freelancer Online work industry An entirely new industry that has emerged with the growth of online work, encompassing all online workplaces. Online work refers to businesses hiring team members to work with the company directly, often in a long-term capacity very similar to traditional work relationships, regardless of where the team members happen to be located. The market is growing rapidly (more than 67% in 2012, according to Staffing Industry Analysts), and as it emerges, smaller markets within it are also being defined (such as crowdsourcing and microtasking). Also known as: online work market; See related: online workplace Online work glossary
  • Online workplace An online marketplace for work; specifically, a network of people working together combined with a technical platform (the actual “workplace”) through which this work is performed. The technology underlying an online workplace makes it easier for people to work together virtually by providing functionality in three main areas: 1) finding and hiring, 2) managing and 3) paying. Open office design An office intentionally designed to have a lot of open spaces for solo or group work in a more comfortable, creative setting. Online work glossary
  • Outsourcing Traditionally, hiring foreign workers via a contingent staffing firm (i.e. Manpower, Adecco, etc.) to augment teams. All work is done by workers abroad (flowing “out” of a region) and the person hiring typically does not have a direct relationship with the person doing the work. Therefore longer- term relationships with team members are uncommon and the quality of the work can be difficult to control. “Placeform” Coined by futurist Stowe Boyd, defined as “work marketplaces based on social platforms.” For more on his thinking, see Stowe’s foreword here.  Online work glossary
  • Portfolio career Instead of working for just one company at a time, a person with a ‘portfolio career’ (typically a freelancer) builds a ‘portfolio’ of clients and projects in order to have varied work opportunities and a diversified client base that protects against risk of lost income. Project duration The amount of time a client and freelancer work together online for a given contract. On oDesk, the average relationship between a client and online worker is approximately 62 days, or 9 weeks. Remote work See “online work.” Online work glossary
  • Remote worker A team member (can be a freelancer or an employee) working via the Internet rather than in person. Also known as: virtual worker; See related: online worker, distributed team Remote team See “distributed team.” Results-only work environment (or “ROWE”) A management strategy that allows workers to work whenever and wherever they choose, as long as they do good work. In opposition to a face-time-based evaluation of performance (where the longer you are at the office, the better an employee you appear to be), ROWE evaluates performance based on results. Best Buy pioneered this program in 2003, and made headlines when they canceled it in early 2013. For more on results-focused management and how it affects remote teams, see this oDesk blog post. Online work glossary
  • “Rise of the rest” A phrase coined by AOL co-founder Steve Case and examined in this WSJ column, which describes how tech innovation is empowering startups located outside of traditional entrepreneurial epicenters. Sharing economy The shift towards an economy based on shared access versus ownership. Benefits include resource conservation, cost savings for the buyer and incremental revenue for the seller. This trend is typically referred to within the context of consumer sites such as Airbnb and Lyft, but is seeing some enterprise adoption. See related: collaborative economy, on- demand access •  Hashtag: #sharingeconomy Online work glossary
  • Solopreneur Those who are building their own career paths and therefore can be considered highly entrepreneurial solo business owners. In fact, 60% of freelancers consider themselves entrepreneurs. See related: freelancer Specialization long tail A market in which there’s the opportunity to sell a large number of things with relatively small quantities of each, typically by widening the pool of potential buyers beyond local demand. The Internet is the main driving force of long tail markets, as suppliers of these more unique items are now able to tape into buyers via online marketplaces. Talent-as-a- service The on-demand access model applied to work. This is typically used to describe online workplaces, as businesses can quickly find and hire skilled workers on an as-needed basis. See related: on-demand access Online work glossary
  • Talent exchange Another term for an online workplace used in the following quote by Matthew Bishop in The Economist’s June 2013 issue: “Talent exchanges on the web are starting to transform the world of work.” In the same article, he also used the term “online labor exchange.” See related: online workplace Talent wars The shortage of skilled talent in a given area leading to a hyper-competitive recruiting environment for companies in that area, as they fight over the best candidates and often have open positions that go unfilled. California’s Silicon Valley is a common example, though it can be argued that companies worldwide are experiencing a talent war. For more information, see oDesk CEO Gary Swart’s article on the oDesk blog. Online work glossary
  • Telecommuting The practice of working somewhere other than an office, typically from home. The term implies an employee-employer relationship, where a full- or part-time employee does the same work they would do in an office, except from elsewhere. Telecommuting can be a full-time arrangement or only certain days of the week (for example, employees at oDesk telecommute every Tuesday). Also known as: telework; See related: WFH Virtual business A company with no physical office and an entirely distributed team whose members work from wherever they happen to be. Virtual team See “distributed team.” Virtual work See “online work.” Online work glossary
  • Wage growth An increase in hourly earnings. As online work is increasingly adopted as a new work model and online workers build up their portfolios and reputation, their wages are growing. Analysis of oDesk’s data shows that the average active freelancer on oDesk increases their hourly wage 190% over three years. Water-cooler culture The casual, spontaneous collaboration and relationship- building that occurs in physical offices. Many virtual teams and companies invest in creating a virtual environment that fosters this type of interaction. See related: always-on technology WFH The common acronym for “work from home,” an option that a growing number of workers are requesting. A common part of flexible work arrangements. See related: telecommuting Online work glossary
  • Work transparency The ability for clients to fully understand past and present work as it happens. As a result of online workplaces, measures such a proven skills, work experience and even record of actual work happening are becoming more transparent. This transparency helps ensure the best possible match is found when hiring, and fosters trust (which is critical when work isn’t happening in person). Online work glossary