MJ Shores - Lunch & Learn November 17, 2017
Transcript of MJ Shores - Lunch & Learn November 17, 2017
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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
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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
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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
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State of the Gig Economy
GIG economy
201716%-36%of US workforce
2020-3020%-50%of US workforce
2007-1766%↑
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Growing Economic Impact
$37 billionexports – goods
& services
$1 trillionearnings
6%of US GDP
GIG economySource: MBO Partners, 2016
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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”
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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
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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
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Where the Gigs Are
Software & IT Services
Media & Communications
Health Care
Education
Corporate Services
223K
166K
164K
154K
132K
GIG economy
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What’s Driving
the Gig Economy?
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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
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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
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Driver 2: Technology
GIG economy
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Driver 2: Technology
GIG economy
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Driver 2: Technology
• Fueled by Automation
• Amplified by Social Media
• Custom Products & Services
– Hyper-Specialization
– On-Demand
• Co-Creation of Brands
GIG economy
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Driver 2: Technology
GIG economy
Source: knightscope.com Source: upi.com
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Driver 2: Technology
GIG economy
Amazon’s Echo
Hayley: Alexa,
Please add the MJ
to the Lunch and
Learn calendar
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Driver 2: Technology
GIG economy
SNL’s Echo Silver for Seniors
Senior: Alexandra, Alberta,
Amanda, Ariadne….
where are my keys?
Alexa: In your hands.
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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
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How You Can Survive
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What You Can Do
Remain
RelevantMaximize Your
Options
Get in Financial
Shape
$
GIG economy
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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
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Remain Relevant
GIG economy
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Remain Relevant
Massive Open Online Courses (MOOCs)
GIG economy
Other Online Options
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Remain Relevant
GIG economy
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Get in Financial Shape
GIG economy
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Maximize Your Options
GIG economy
8,810,000+ resultsgig job sites
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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
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How Your Business
Can Survive
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Evolving Business Structures
GIG economy
• Fewer W-2 Employees
• New Org Charts
• Convergence: HR, IT,
Marketing, and others
• Blended Executive Teams
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Changing Job Demands
GIG economy
• Routine Jobs Disappear
• Continued Automation
• Agile Methodologies
• Project-based Work
• Compliance
– Court challenges
– “New” class of worker
– Portable benefits
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The Future of Work
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Cybernetics
GIG economy
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GIG economy
Dystopian [dis-toh-pee-uh n]
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GIG economySource: FutureTimeline.net
Utopian [yoo-toh-pee-uh n]
OECD USA
Historical Historical
Future Future
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GIG economySource: briansolis.com
Centric [sen-trik]
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For More Info or to Connect…
Mae Jennifer “MJ” Shores
linkedin.com/in/mjshores/
@MJShores
instagram/maejennifershores
GIG economy