NEW Podcast: The Gig Economy
Colleen sits down with EVP Rick Cobb to discuss the rise of the gig economy, both in the US and globally. Where is it growing, is it good for the overall economy or the workplace in general? Find out on this episode!
The "Gig" future - It's already here.
Published on October 23, 2016
By: Truman Cobb (Rick)
EVP Sales, Global Board Member, Keynote Presenter and Lifelong Lea
Having 2 or more part time jobs to make a living is now being referred to as the “Gig Economy”. It’s not a new idea. The label makes it sound like a recent phenomenon, rather than simple survival or a desire for more. Everyone’s heard the story of someone’s great grandparent who came to this country with nothing, and who hauled ice during the day and worked as a night watchman to make ends meet. Gig is just a new hook to catch your attention. However, what’s happening in this “gig” economy has the potential to change work…perhaps permanently.
McKinsey Global recently published a study that suggests between 20-30 percent of the work economy is of a gig nature. The data is hard to pin down, as it’s not a priority of those trying to eke out a living, to spend time keeping records and reporting. Many of us recall the financial hardships in the smaller members of the EU in the last recession. Greece’s economy was guessed to be 60% “off the books” making it impossible to accurately set the price of a bailout loan.
Recent destabilizing businesses like Uber, Air BnB, food trucks and a myriad of other platforms, are getting a lot of media attention. Cab drivers, hotels and restaurants are feeling the pinch, and complaining to their local leaders. Governments are regularly ruling on whether to allow such ideas to take root in their country, state, county or city. The threat to existing systems has caused a political backlash. We all need to understand what is happening. How our governments react, or don’t react, will determine the course of future work.