The Rise of the Free Agent Workforce
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How business engages the most engaged workforce in the world. Trends and Research on the Rise of the Gig Economy and the Future of Work.
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The Rise of the Free Agent Workforce
- 31. IMAGE ATTRIBUTIONS • Slide 1: licensed royalty free by Field Nation • Slide 3: Creative Commons Attribution by Flickr User Ben Fredericson (xjrlokix) • Slide 4: Creative Commons Attribution by Flickr User nicholasjon Creative Commons: Attribution
Editor's Notes
- Freelancing is not new. Companies have been using contractors and outsourcing expertise for as long as there has been commerce. But until recently, these activities have been pushed down to the departmental and operational levels of business. As such freelancing been largely invisible to organizational strategy and relegated to staff augmentation / gap filling activities. Image Attribution: Flicker User: By Ben Fredericson (xjrlokix) creative commons attribution http://www.flickr.com/photos/xjrlokix/4428187766/sizes/l/in/photostream/
- Freelancing is not new. Companies have been using contractors and outsourcing expertise for as long as there has been commerce. But until recently, these activities have been pushed down to the departmental and operational levels of business. As such freelancing been largely invisible to organizational strategy and relegated to staff augmentation / gap filling activities. Image Attribution: Flicker User: By Ben Fredericson (xjrlokix) creative commons attribution http://www.flickr.com/photos/xjrlokix/4428187766/sizes/l/in/photostream/
- We’re here to share with you some of the preliminary findings from brand new research on the role of freelancers in the new economy and the enterprise pivot to the blended workforce.
- Outsourcing Whets Enterprise Appetite for External Expertise Organizations created new Program Management Offices (PMOs) in house that create or re-engineered business processes and management/accountability structures for engaging remote work forces. The PMOs created new models of interaction and results tracking that became indispensable for coordinating with and ensuring appropriate results from the remote work forces. The Enterprise Expertise Proxy Is Eroded By Actual Individual Experts It is no longer enough to be an organization who knows ABC industry / technology / vertical space Solutions are so highly specialized, customized and personalized that they require deep insight. That insight comes from time and on-ramping. That time and on-ramping is performed by individuals. Hiring companies don’t want to pay for that time / investment twice. Specialized Solutions require deep insight which takes time to develop that companies will only pay for once. Social, Communication & Collaboration Technology Brings Expertise Into The Room A Perfect Storm Of Trends To Spur The Freelance Economy the national dialogue on the Affordable Care Act (i.e. Obamacare) brought the terms and concepts of marketplaces back into popular discourse; establishing the context to bring those terms into different (non-healthcare related) discussions. At the same time, Craigslist, Ebay, Airbnb (2008 founded) and Uber (2009 founded) helped consumers and businesses alike become accustomed to searching for and finding specialized local services. In the technology sector, cloud computing and the entire concept of “elastic computing” hit major milestones in 2006 with the launch of Amazon’s Elastic Compute Cloud and then in 2009 with the popularity of web based application and platform structures. Mohamed, Arif (March 2009). “A history of cloud computing.”. ComputerWeekly.com. Retrieved 20 September 2014 At the same time, full time traditional W2 employees grew increasingly disengaged and dissatisfied with their jobs. Due to economic pressures, competition for top performers, irregularity in schedules (furloughs, wage freezes, greater demand for coverage of unfilled spots) and expectation-resource imbalances businesses found themselves with a disengagement dilemma. Philippe, Murat (24 Jan 2009). “The Engagement Dilemma: An Investment or a Cost?”. HR Solutions Inc. HR.com. Retrieved 20 September 2014
- Outsourcing Whets Enterprise Appetite for External Expertise Organizations created new Program Management Offices (PMOs) in house that create or re-engineered business processes and management/accountability structures for engaging remote work forces. The PMOs created new models of interaction and results tracking that became indispensable for coordinating with and ensuring appropriate results from the remote work forces. The Enterprise Expertise Proxy Is Eroded By Actual Individual Experts It is no longer enough to be an organization who knows ABC industry / technology / vertical space Solutions are so highly specialized, customized and personalized that they require deep insight. That insight comes from time and on-ramping. That time and on-ramping is performed by individuals. Hiring companies don’t want to pay for that time / investment twice. Specialized Solutions require deep insight which takes time to develop that companies will only pay for once. Social, Communication & Collaboration Technology Brings Expertise Into The Room A Perfect Storm Of Trends To Spur The Freelance Economy the national dialogue on the Affordable Care Act (i.e. Obamacare) brought the terms and concepts of marketplaces back into popular discourse; establishing the context to bring those terms into different (non-healthcare related) discussions. At the same time, Craigslist, Ebay, Airbnb (2008 founded) and Uber (2009 founded) helped consumers and businesses alike become accustomed to searching for and finding specialized local services. In the technology sector, cloud computing and the entire concept of “elastic computing” hit major milestones in 2006 with the launch of Amazon’s Elastic Compute Cloud and then in 2009 with the popularity of web based application and platform structures. Mohamed, Arif (March 2009). “A history of cloud computing.”. ComputerWeekly.com. Retrieved 20 September 2014 At the same time, full time traditional W2 employees grew increasingly disengaged and dissatisfied with their jobs. Due to economic pressures, competition for top performers, irregularity in schedules (furloughs, wage freezes, greater demand for coverage of unfilled spots) and expectation-resource imbalances businesses found themselves with a disengagement dilemma. Philippe, Murat (24 Jan 2009). “The Engagement Dilemma: An Investment or a Cost?”. HR Solutions Inc. HR.com. Retrieved 20 September 2014 Do What You Love Drives The Hunt For New Opportunity Work is more than where we go. Blurred borders between work and life balance are enabled by technology advances. This leads to an increasing identity crisis amid shifting expectations and businesses attempts to squeeze more blood from the stone. CONSPICUOUS SUCCESS OF PASSION COMPANIES Millennials enjoy massive success “doing what they love” Ideas are imbued with a new potential energy Ideas soak up capital fleeing traditional, recession afflicted, investment areas. Social proof & funding via kickstarters, angels & VCs become popular 2005 Apple’s Steve Jobs captured this theme in his commencement address to the graduating class of Stanford University. You've got to find what you love. And that is as true for your work as it is for your lovers. Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven't found it yet, keep looking. Don't settle. As with all matters of the heart, you'll know when you find it. And, like any great relationship, it just gets better and better as the years roll on. So keep looking until you find it. Don't settle. Jobs, Steve (14 June 2005). “’You’ve got to find what you love,’ Jobs says”. Stanford Report. Retrieved 21 September, 2014 It is estimated that 34% of the workforce are now freelancers, which represents an increase of 700,000 freelance workers in the last year. By 2020, more than 40% of the US workforce will be so-called contingent workers, according to a study conducted by software company Intuit in 2010. That’s more than 60 million people.
- We’re here to share with you some of the preliminary findings from brand new research on the role of freelancers in the new economy and the enterprise pivot to the blended workforce. Flicker User: by nicholasjon creative commons attribution http://www.flickr.com/photos/nicholasjon/4994344317/sizes/l/in/photostream/
- Free Agent Workforce Trends – what freelancers say (2-3 slides) The Pivot to A Blended Workforce What employers say (2-3 slides) Enablers – What Field Nation is doing to enable This (1-3 slides with case story) Discussion Topic What should people be doing about the Pivot to A Blended Workforce in a Gig Economy
- The motivational power of self-determination 3 out of 4 say that they would rather not be a paid employee 5 out of 6 cite non-financial reasons as their biggest satisfiers in being a freelancer This despite more than half citing predictable income and healthcare benefits as the top value of being an employee Interdependence, not independence 3 out of 4 would like to partner with other freelancers on projects The return to skilled artisans, but now in a knowledge economy Valued for skills in problem-solving, critical thinking, and verbal communication The part-time to full time spectrum 1 in 5 work full time 1 in 5 earn $50K+ Freelancing is still an emerging career option – only 1 in 4 learn of it in school Healthcare benefits are a pivotal issue HCA has enabled more affordable access to healthcare for some, but not for all
- The motivational power of self-determination 3 out of 4 say that they would rather not be a paid employee 5 out of 6 cite non-financial reasons as their biggest satisfiers in being a freelancer This despite more than half citing predictable income and healthcare benefits as the top value of being an employee Interdependence, not independence 3 out of 4 would like to partner with other freelancers on projects The return to skilled artisans, but now in a knowledge economy Valued for skills in problem-solving, critical thinking, and verbal communication The part-time to full time spectrum 1 in 5 work full time 1 in 5 earn $50K+ Freelancing is still an emerging career option – only 1 in 4 learn of it in school Healthcare benefits are a pivotal issue HCA has enabled more affordable access to healthcare for some, but not for all
- Research Examined Trends Between Larger Firms and Their Market Performance Freelancers Enable Growth and Competitive Advantage Strategies - Speed, Agility, and Quality Top Performing Firms Are Driving the Pivot Technical Skills and Teamwork in Getting Work Done Are Top Criteria Must be Selective in Talent Strategies to Enable Freelancer Performance Must Overcome Performance Management Barriers on the Path to Increased Use of Freelancers What Field Nation is Doing to Enable The Pivot
- 93% of enterprises see freelancers teaming with traditional employees. 97% of outperforming enterprises see this result. 76% of outperforming companies intend to engage more freelancers this year. Just 5% indicate they’ll engage fewer freelancers this year.
- Jan. 2016 Interview With John Fecteau, CEO of Worldlink.
- Top Performing Companies Are Driving The Pivot To The Blended Workforce. They’re doing it *NOT* just for extra coverage. But Rather for Strategic Growth.
- Top Performing Companies Are Driving The Pivot To The Blended Workforce. They’re doing it *NOT* just for extra coverage. But Rather for Strategic Growth.
- Emergence of technology enabled platforms Examples here Appeal to Values of Generations who will Dominate the Workforce of the Future Finding Common Ground in the Goals Shared Between Firms and Workers Maximizing productivity, innovation, and well-being by using technology and mobility Investing in Skill Building Field Nation University
- Emergence of technology enabled platforms Examples here Appeal to Values of Generations who will Dominate the Workforce of the Future Finding Common Ground in the Goals Shared Between Firms and Workers Maximizing productivity, innovation, and well-being by using technology and mobility Investing in Skill Building Field Nation University
- Sources: 2016 http://www.nbcnews.com/business/careers/workplace-future-you-re-your-own-better-or-worse-n504641 Jan 2016 http://www.weforum.org/agenda/2016/01/the-fourth-industrial-revolution-what-it-means-and-how-to-respond
- Flicker User: by nicholasjon creative commons attribution http://www.flickr.com/photos/nicholasjon/4994344317/sizes/l/in/photostream/