Build, Buy, or Borrow: The Gig Economy Impact on Talent
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The gig economy is a relatively new topic for some business leaders, but it is actually a great tool for leveraging the talent available outside the organization for getting things accomplished. In this short presentation, delivered Ignite style, we cover some of the key aspects of the trend and why it matters.
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Build, Buy, or Borrow: The Gig Economy Impact on Talent
- 1. Build, Buy, or Borrow Rethinking todayโs evolving talent decisions
- 2. The Future is Here
- 7. โข Airbnb for work: Regus, spacebase Source: JPMorgan Chase
- 8. Growth of W-9's vs W-2's W2 W9*Illustration purposes only
- 10. Flexibility | Variety | Passion
- 18. Token Cheesy Stock Photo ๏ถ Performance ๏ถ Training ๏ถ Onboarding
- 20. Build, Buy, or Borrow Key Takeaways: โข The gig mentality is penetrating the workforce โข Unexpected sources can deliver amazing talent โข Talent is more than what you can just build or buy
Editor's Notes
- For some time the conversation around talent has been to build or buy. Do we hire or do we develop? Today that conversation has evolved to include โborrow,โ which is a reference to the new on-demand workforce. Today weโre going to dig into the gig and sharing economies to learn how they affect the workplace.
- Fiverr, Uber, Airbnb are becoming the norm/default for many. Seven in ten Americans have used at least one shared or on-demand service.
- Gigs are nothing new, but using them to handle things that employees can do is.
- These are a few of the examples of companies that are changing how we access talent. TopTal lets companies hire just the top 3% of developers. Wonolo allows retail managers to push a button and get a worker within hours.
- New research says that there are 800,000 people in the gig economy in the US working through intermediaries. The actual gig economy is much larger. If the "gig economy" was considered an employer it would be the second largest in the US, more than double the size of McDonald's.
- World Bank Group: Internal eBay of talent
- Green=capital platforms. Blue=labor platforms. Participation is rising steadily
- I talked with a large organization earlier this year that was able to compare W2 volume with W9 volume, and while W2's remained steady, W9's for that same population went up fairly dramatically, so these are not just people doing odd jobs, this is in addition to day jobs.
- So many people are disengaged at work. Is it because of this โgigโ mindset? Or maybe people feel like itโs no big deal because they can get satisfaction from other work and projects?
- What employees get from the external gigs they do that they canโt always get from work.
- New competition is coming. In a global study of CHROs, IBM found that the number one concern for these talent leaders was industry convergence. Itโs no longer enough to look at your biggest 2-3 competitors. You have to be aware of things outside your industry to fully understand the competition.
- To give some context, STORY ABOUT UBER/CARNEGIE MELLON.
- To give some context, STORY ABOUT UBER/CARNEGIE MELLON.
- The point here is that the toughest competition and *best talent* donโt always come from the sources we expect. Look elsewhere.
- People always think this wonโt happen. This reminds me of some recent research by Pew Research Center. They did a study and 2/3rds of people believe that robots or computers will take over jobs in the future, but 80% said that it wouldn't affect their own jobs.
- I see a major oncoming conflict with how we get access to this on-demand talent. Government rules are outdated. Companies want flexibility and granular control over the who, what, and when of talent decisions.
- Tug of war between new sharing services like Uber and the boundaries of who is and isn't an employee, and this type of demand will eventually drive change at the legislative level given enough pressure from the market. 84% of independent contractors are working that way by choice.
- Integrating nontraditional workers into the employee lifecycle Performance Training Onboarding
- This is an on-demand world and we have an on-demand workplace.
- Next time you need talent, consider the options. Will you build, buy, or borrow? Thank you.