Financial Executive Network

Group (FENG)

Tuesday, October 10, 2017GIG economy

Mae Jennifer (MJ) Shores, CMO

How Will We Gig-Along?

UCI Applied Innovation

Lunch and Learn

Nov 17, 2017

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

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

State of the Gig Economy

GIG economy

201716%-36%of US workforce

2020-3020%-50%of US workforce

2007-1766%↑

Growing Economic Impact

$37 billionexports – goods

& services

$1 trillionearnings

6%of US GDP

GIG economySource: MBO Partners, 2016

Why People Gig

GIG economySource: 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”

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

All Generations Do It

Millennials 40%

Gen X27%

Boomers31%

Matures2%

(71 years+)

(21-36)

(37-51)

(52-70)

GIG economy

(71+)

Source: MBO Partners, 2016

Where the Gigs Are

Software & IT Services

Media & Communications

Health Care

Education

Corporate Services

223K

166K

164K

154K

132K

GIG economy

What’s Driving

the Gig Economy?

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

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

Driver 2: Technology

GIG economy

Driver 2: Technology

GIG economy

Driver 2: Technology

• Fueled by Automation

• Amplified by Social Media

• Custom Products & Services

– Hyper-Specialization

– On-Demand

• Co-Creation of Brands

GIG economy

Driver 2: Technology

GIG economy

Source: knightscope.com Source: upi.com

Driver 2: Technology

GIG economy

Amazon’s Echo

Hayley: Alexa,

Please add the MJ

to the Lunch and

Learn calendar

Driver 2: Technology

GIG economy

SNL’s Echo Silver for Seniors

Senior: Alexandra, Alberta,

Amanda, Ariadne….

where are my keys?

Alexa: In your hands.

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

How You Can Survive

What You Can Do

Remain

RelevantMaximize Your

Options

Get in Financial

Shape

$

GIG economy

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

Remain Relevant

GIG economy

Remain Relevant

Massive Open Online Courses (MOOCs)

GIG economy

Other Online Options

Remain Relevant

GIG economy

Get in Financial Shape

GIG economy

Maximize Your Options

GIG economy

8,810,000+ resultsgig job sites

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 StrategyGIG economy

How Your Business

Can Survive

Evolving Business Structures

GIG economy

• Fewer W-2 Employees

• New Org Charts

• Convergence: HR, IT,

Marketing, and others

• Blended Executive Teams

Changing Job Demands

GIG economy

• Routine Jobs Disappear

• Continued Automation

• Agile Methodologies

• Project-based Work

• Compliance

– Court challenges

– “New” class of worker

– Portable benefits

The Future of Work

Cybernetics

GIG economy

GIG economy

Dystopian [dis-toh-pee-uh n]

GIG economySource: FutureTimeline.net

Utopian [yoo-toh-pee-uh n]

OECD USA

Historical Historical

Future Future

GIG economySource: briansolis.com

Centric [sen-trik]

For More Info or to Connect…

Mae Jennifer “MJ” Shores

mjshores100@gmail.com

linkedin.com/in/mjshores/

@MJShores

instagram/maejennifershores

GIG economy