How Will we Gig Along? | MJ Shores | Lunch & Learn
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How Will we Gig Along? | MJ Shores | Lunch & Learn
- 1. Financial Executive Network Group (FENG) Tuesday, October 10, 2017 GIG economy Mae Jennifer (MJ) Shores, CMO How Will We Gig-Along? UCI Applied Innovation Lunch and Learn Nov 17, 2017
- 3. GIG economy Agenda • Who’s Taking the Leap • Drivers of the Gig Economy • How You Can Survive • How Your Business Can Survive • The Future of Work • Q&A
- 4. Emerging Field GIG economy “Gigsters” • Freelancers • Consultants • Contractors • Casual Workers • Contingent • Independent • Fractional Workers • Solopreneurs Gig Economy • Collaborative • On-Demand • Peer-to-Peer • Platform • Sharing
- 5. State of the Gig Economy GIG economy 2017 16%-36% of US workforce 2020-30 20%-50% of US workforce 2007-17 66%↑
- 6. Growing Economic Impact $37 billion exports – goods & services $1 trillion earnings 6% of US GDP GIG economy Source: MBO Partners, 2016
- 7. Why People Gig GIG economy Source: EIWA Survey, Federal Reserve, 2016 13% 2% 10% 20% 26% 29% Other Maintain or acquire skills Earn $ to help family members For fun (or hobby) Primary source of income Augment other regular income “Side Hustle”
- 8. All Income Levels Do It Sources: EIWA Survey, Federal Reserve, 2016; MBO Partners, 2016 30% 15% 25% 13% 18% $100,000+ $75,000-$99,000 $40,000-$74,999 $25,000-$39,999 <$25,000 GIG economy 64% over 2011 Average: $65.3K
- 9. All Generations Do It Millennials 40% Gen X 27% Boomers 31% Matures 2% (71 years+) (21-36) (37-51) (52-70) GIG economy (71+) Source: MBO Partners, 2016
- 10. Where the Gigs Are Software & IT Services Media & Communications Health Care Education Corporate Services 223K 166K 164K 154K 132K GIG economy
- 11. What’s Driving the Gig Economy?
- 12. Driver 1: The Economy • Recession & Layoffs • Declining Real Wages • Longer Unemployment Time ~2.1 ― 21+ months • Rising Employer Benefit Costs • 460% in New Firm Failures GIG economy
- 13. Driver 2: Technology GIG economy • Declining Manufacturing Jobs – 5.6m jobs lost (2000-2010) – 87% = automation, robotics • Future US Job Losses 38% ― 47% • “Scalable,” “On-Demand” – Digital (video, music) – 3D Printers
- 14. Driver 2: Technology GIG economy
- 15. Driver 2: Technology GIG economy
- 16. Driver 2: Technology • Fueled by Automation • Amplified by Social Media • Custom Products & Services – Hyper-Specialization – On-Demand • Co-Creation of Brands GIG economy
- 17. Driver 2: Technology GIG economy Source: knightscope.com Source: upi.com
- 18. Driver 2: Technology GIG economy Amazon’s Echo Hayley: Alexa, Please add the MJ to the Lunch and Learn calendar
- 19. Driver 2: Technology GIG economy SNL’s Echo Silver for Seniors Senior: Alexandra, Alberta, Amanda, Ariadne…. where are my keys? Alexa: In your hands.
- 20. Driver 3: Changing Worker Sentiment • 72% of Public: Companies Are Increasingly Dishonest • Lifetime Careers Disappear • New Expectations – Showcase Unique Skills – Diverse Roles | Industries – Work | Life Balance GIG economy
- 21. How You Can Survive
- 22. What You Can Do Remain Relevant Maximize Your Options Get in Financial Shape $ GIG economy
- 23. Remain Relevant • Project Management (PMP) • Strategic Planning • Accelerated Learning • Innovative & Adaptive Thinking • Social Skills (Team Building) • Cross-Disciplinary Skills • Computational Thinking / Analytics • Media Literacy GIG economy
- 25. Remain Relevant Massive Open Online Courses (MOOCs) GIG economy Other Online Options
- 27. Get in Financial Shape GIG economy
- 28. Maximize Your Options GIG economy 8,810,000+ resultsgig job sites
- 29. Maximize Your Options • Operate from Strength – 1099 Financial Health Benefits All – Fewer Benefits = Higher Wages – Temp to Perm • Get it in Writing (Contracts) – Deposit / Payment Terms – Scope of Work (SOW) – Exit Strategy GIG economy
- 30. How Your Business Can Survive
- 31. Evolving Business Structures GIG economy • Fewer W-2 Employees • New Org Charts • Convergence: HR, IT, Marketing, and others • Blended Executive Teams
- 32. Changing Job Demands GIG economy • Routine Jobs Disappear • Continued Automation • Agile Methodologies • Project-based Work • Compliance – Court challenges – “New” class of worker – Portable benefits
- 33. The Future of Work
- 36. GIG economy Source: FutureTimeline.net Utopian [yoo-toh-pee-uh n] OECD USA Historical Historical Future Future
- 37. GIG economy Source: briansolis.com Centric [sen-trik]
- 39. For More Info or to Connect… Mae Jennifer “MJ” Shores mjshores100@gmail.com linkedin.com/in/mjshores/ @MJShores instagram/maejennifershores GIG economy
Editor's Notes
- No standard definition. An evolving field Some like platform because it implies a digital connection Sharing economy died when it became apparent that very little was being shared
- US, UK Australia – great media atten; Asia = lgst mkt for this Contingent Workers 16% 20-30% Informal Paid Workers Ardent: 50% (Contingent vs. Informal Paid Workers) I have a daily google alert set up on the gig economy and receive an average of 15-20 new published articles daily Top universities, global consulting firms and research institutes, US government (Federal Reserve and Department of Labor), staffing agencies Net employment growth = Katz & Krueger (Harvard? and Princeton) 27% of all new jobs in past 2 decades = alternative Does not include undocumented workers or those who are paid under the table.
- MBO Partners Research – 6th Annual Report: $1 trillion or 6% of US GDP: >the combined annual revenues of Walmart, ExxonMobiil & Apple. Exports of good and services: expats and remote workers or “digital nomads;” find them renting seaside mansions out to fellow remote workers for a month at a time, each working remotely while creating a community Cropping up in throughout the US and OC Places in OC – rent out space to gig workers. – can work in a common area with others, have an office of your own in an office complex with a front receptionist, coffee, printer, phones – all the office amenities REGUS Millennials
- Regular income could include W-2 job, retirement, pension, disability, etc 20 million workers or 26% of the workforce do freelance work because they can’t find better work or pay, according to a McKinsey Global Institute report
- Contrary to popular opinion, gig jobs are not concentrated at the lower levels of income. There are opportunities that pay well, as many of you in the room are aware of. Commodity-based gigs (low level, providing a service such as – Uber, Task Rabbit) vs project-based (higher level jobs) 2017 avg gig income is above national median income of $59K = 2016 median US income $100K+ = 65% increase over 2011
- Disparity among the groups is surprisingly small. Aside from Matures, the range is 27% at the low end for Gen X and 40% at top end for Millennials.
- Programmers who know SQL Corporate Services: law, finance, accounting, business processes
- 4 Trends Millennials, the largest cohort in the workforce inherited a bad economy, little prospect of home ownership, and bear deep college debt 9.7 X increase in duration of employment #1 Expense = Salaries & benefits (Dr. Bob)Labor = most valuable and expensive resources at most firms. Benefits account for 28-32% of costs. Larger cos look to shift from fixed labor costs to variable labor costs most valuable and most costly asset Scholarly research shows the gig economy’s growth stems largely from employers’ interest in contract employment rather than millennials.
- Peaked in 1979 (PwC; Oxford University) Chatbots, automated jobs Jobs at risk within next few decades (PwC syas 2030s and other says sev3ral) Chat bots are computer programs that mimic conversation with people using artificial intelligence. They can transform the way you interact with the internet from a series of self-initiated tasks to a quasi-conversation. Mfg jobs peaked in 1979. Mfg, however, has increased steadily and the US now produes more goods than any country other than Chna. It’s not the first time the world faces this crisis. At the time of the industrial revolution many predicted unemployment to rocket as machines replaced factory workers. Although it happened to some extent, fairly rudimentary machines meant workers were required to oversee and maintain the new tools, and when the economy expanded other jobs were created as a result. Farmers that had moved to the cities were first trained as factory workers, then many were re-trained as delivery drivers and other new jobs as the need arose. Now, as autonomous vehicles Amazon uses 30,000 Kiva robots in its global warehouses, reducing operating expenses by approx. 20% Decrease mfg jobs, but increase mfg output. Automatic telemarketing: Dr. Bob: competing factors 4 jobs: no more phone operators, replacing people – example of phone that automatically dials 30 people at one time, phone operator talks to first person who answers, all other lines are dropped. More efficient.: rather than employ 30 telemarketers Good news: can’t dulicate emotions.
- Customers are evolving away from highly standardized, mass market products and services and increasingly On-Demand: Amazon same-day delivery Expect highly tailored products and services that meet their unique needs Something as simple as a business card Tailored to specific needs “hyper-specialization” Places ability to produce in hands of small business and customers. Reduces need for mass produced goods, which could ultimately benefit the US economy Ability to prduce goods “on demand” Co-create brands: your brand is not just your logo or tagline, but the customer experience. Cos are engaging in reputation management. Many C-Suite titles reflect this emphasis: Chief Experience Officer, Chief Apology Officer.
- Investment will increase as firms look to tap into complex systems, advanced analytics, and machine learning technology. Vendors that are already embedding cognititve computing capabilities intotheir solutions – schas Adobe Google, IBM, Persado, Salesforce, and Squirro – will prosper. SNL – Alexa Silver for Seniors.
- Investment will increase as firms look to tap into complex systems, advanced analytics, and machine learning technology. Vendors that are already embedding cognititve computing capabilities intotheir solutions – schas Adobe Google, IBM, Persado, Salesforce, and Squirro – will prosper. SNL – Alexa Silver for Seniors.
- Investment will increase as firms look to tap into complex systems, advanced analytics, and machine learning technology. Vendors that are already embedding cognititve computing capabilities intotheir solutions – schas Adobe Google, IBM, Persado, Salesforce, and Squirro – will prosper. SNL – Alexa Silver for Seniors.
- 72% EY Beacon Institute 70% of contractors who switched jobs in the past year moved to a different industry. Untenable: Faith Popcorn, CEO & fonder of Faith Popcorn’s Brainserve) Flexibility of Hours and location
- Are things you can do regardless of whether you work in a traditional W-02 or you gig now and/or later.
- In-Demand Competencies Forrester. Select jobs will continue to be in negative unemployment, placing a strain on talent mgt and talen acquisition. Higher order skills – not just tactical or technical, but strategic. Skills that cannot be replaced by AI and automoation. AI Supervisors Most susceptible jobs are those requiring rote, rational skils
- 24
- Neuroplasticity of the Brain – brain can keep regenerating new skills – can learn new things well into the 80s “Evolving at all Tmes” Massive Open Online Courses: unlimited class sizes via the web; free access to students. Features top academicians from top universities. MOOCS Global Institutions (e.g., UCI, Johns Hopkins, Tecnológico de Monterrey, Universidad Politécnica de Madrid) Coursera top-ranked Univs (Harvard, MIT Penn, Duke, etc) Modestly prices A massive open online course (MOOC) is an online course aimed at unlimited participation and open access via the web. In addition to traditional course materials such as videos, readings and problem sets, MOOCs provide interactive user forums that help build a community for the students, professors, and teaching assistants (TAs). MOOCs are a recent development in distance education. Although early MOOCs often emphasized open access features, such as open licensing of content, open structure, learning goals and connectivism, to promote the reuse and remixing of resources, some notable newer MOOCs use closed licenses for their course materials, while maintaining free access for students.
- 1 way to minimize ageism where it exists. Increasing awareness of how to relate with other generations. Also extends to being aware of new technologies. Professor couldn’t turn on computer. That’s how many millennials look at Boomers who don’t use online chats such as Slack.
- Such as Joe Teske, whou will be speaking in greater detail about this in June Schwab MoneyWise SunTrust OnUp Movement Get a Finacial Checkup – meet with financial advisor, check credit score, financial fitness quiz Plan for variable streams – . Make automatic transfers from checking to savings Advance funds during slow weeks, add savings during good weeks Employ high-quality mechanics
- In addition to traditional job sources as networking recruiting consider the growing platforms out there I love this cool, easy app! Available in the apple store and Google play, this app makes job searching fun by allowing you to search for jobs quickly from your phone. Simply swipe right if you’re interested in a job, or swipe left if you’re not interested. Employers and recruiters are automatically notified when a candidate is interested in their job. And, when recruiters and employers are interested in you(!) they’ll use the on-line chat feature to connect with you, set up an interview, etc. It’s simple, fast, and even eliminates the need for that annoying cover letter. :) Sparehire: $75+ hour ere’s a little known fact from SmartRecruiters.com about finding jobs - 62-percent of jobs are posted on niche job boards 70-80% of jobs acquired through networking; particularly true in the gig economy, which is relationship based D&B – Newport (ask who has used this) General Recruiter vs Executive Search – depending upon where you are in career or where you want to be. Hoovers – company info/ glassdoor/indeed = salaries
- Remember: business relationships are two-sided Pmt terms – weekly, monthly, etc. Freelancers are stiffed an average of $6,000 annually. Unfortunately, gentleman’s handshake, if it ever worked, doesn’t anumre. Contracts protect both interests
- By….will have a Fortune 500 company that has only a CEO/CFO Remember: business relationships are two-sided Pmt terms – weekly, monthly, etc. Freelancers are stiffed an average of $6,000 annually. Unfortunately, gentleman’s handshake, if it ever worked, doesn’t anumre. Contracts protect both interests
- In-Demand Competencies Project Management (PMP) Strategic Planning Accelerated Learning Innovative & Adaptive Thinking Social Intelligence (Team Building) Cross-Disciplinary Skills Computational Thinking & Analytics Digital Literacy
- Investment will increase as firms look to tap into complex systems, advanced analytics, and machine learning technology. Vendors that are already embedding cognititve computing capabilities intotheir solutions – schas Adobe Google, IBM, Persado, Salesforce, and Squirro – will prosper. SNL – Alexa Silver for Seniors.
- 1 extreme: the Luddites’ cause was the use of machines to replace labour, the process of capital intensification that has remained a key feature of industrial capitalism until the present. But beyond their legitimate complaints against the manufacturers, the Luddite rebellion was a protest against the Industrial Revolution as a whole: as Kirkpatrick Sale puts it in his book Rebels Against the Future, the rebellion was a fight not against machines but against The Machine of industrial capitalism. The Luddites were defending the integrity of their existing way of life and communities that were being torn apart by the Industrial Revolution. Labor exploitation 70% of contractors who switched jobs in the past year moved to a different industry. Empowerment or Renaissance Stephen Hawking and Elon Musk consider the uncontrolled rise of artificial intelligence as a matter of alarm and concern for humanity's future. The consequences of the singularity and its potential benefit or harm to the human race have been hotly debated by various intellectual circles.
- 1 extreme: the Luddites’ cause was the use of machines to replace labour, the process of capital intensification that has remained a key feature of industrial capitalism until the present. But beyond their legitimate complaints against the manufacturers, the Luddite rebellion was a protest against the Industrial Revolution as a whole: as Kirkpatrick Sale puts it in his book Rebels Against the Future, the rebellion was a fight not against machines but against The Machine of industrial capitalism. The Luddites were defending the integrity of their existing way of life and communities that were being torn apart by the Industrial Revolution. Labor exploitation 70% of contractors who switched jobs in the past year moved to a different industry. Empowerment or Renaissance Stephen Hawking and Elon Musk consider the uncontrolled rise of artificial intelligence as a matter of alarm and concern for humanity's future. The consequences of the singularity and its potential benefit or harm to the human race have been hotly debated by various intellectual circles.
- 1 extreme: the Luddites’ cause was the use of machines to replace labour, the process of capital intensification that has remained a key feature of industrial capitalism until the present. But beyond their legitimate complaints against the manufacturers, the Luddite rebellion was a protest against the Industrial Revolution as a whole: as Kirkpatrick Sale puts it in his book Rebels Against the Future, the rebellion was a fight not against machines but against The Machine of industrial capitalism. The Luddites were defending the integrity of their existing way of life and communities that were being torn apart by the Industrial Revolution. Labor exploitation 70% of contractors who switched jobs in the past year moved to a different industry. Empowerment or Renaissance Stephen Hawking and Elon Musk consider the uncontrolled rise of artificial intelligence as a matter of alarm and concern for humanity's future. The consequences of the singularity and its potential benefit or harm to the human race have been hotly debated by various intellectual circles.