Gig Economy: Agile 'Freelancer' Talent
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Transcript of Gig Economy: Agile 'Freelancer' Talent
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Gig Economy: Agile ‘Freelancer’ TalentDr Susan Entwisle
HPE Distinguished Technologist / Executive Director
@scentwisle
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Gig Economy gives companies access
to global talent pool that can be
scaled, as need.
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Average lifespan S&P 500 company decreased from 67 years
in 1920s to 15 today. By 2020, more than three-quarters of
S&P 500 will be companies you have never heard of yet.
Source: Professor Richard Foster,Yale University
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$4,000 average cost to hire in US
68 days on average to hire in Australia
36% of employers can’t find talent when needed
$2.7 trillion impact to global GDP from use of more efficient
talent platforms - McKinsey
Time to hire has more than doubled over last 5 years
Source: LiveHire Investor Presentation
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46% of companies are sometimes or frequently
understaffed. Impacts customer experience.
Source: ShiftGigs
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Command and control, hourly model has
not really changed in decades.
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Only 24% of Australians are engaged with their job.
60% are not engaged and 16% are actively disengaged.
Actively disengaged workers account for more quality defects, safety incidents, higher rates of absenteeism and lower retention rates.
Cost of absenteeism estimated at $7 billion each year.
Cost of presenteeism estimated at almost $26 billion.
Source: Gallup Study
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CEO’s have rated talent management as top 3 challenge for a long time.
Source: PA Consulting
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By 2020, millennials will form 50% of the global
workforce.
Source: PwC
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Average life expectancy heading to 100
Source: UK Telegraph
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Diversity and inclusion improves performance
Increasing need to integrate work into and
across life
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Our world is hyper connected, flat and untethered
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Today’s workers want flexibility and choice
enabled by technology
72% millennials want to be their own bossSource: Forbes 2015
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Globalisation
+
Generational Shifts
+
Technology
Source: Shiftgigs
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Gig economy provides agile talent needed to
thrive in ever increasing competitive marketplace
Significantly reduce time to hire - agility
Fill skills gaps – access talent needed
Challenge status quo thinking
Lower headcount – costs
Adjust to cyclical patterns – seasonality, market cycles
Achieve better outcomes – right engaged person, rewarded for results
Fixed price – better cost and risk management
Increased diversity – minority groups overrepresented
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How the Gig Economy Works
Customers
post Gigs
Individuals
find Gigs
Marketplace
for Gigs
transaction fee for both parties
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Key Characteristics
ONLINE PLATFORM connects workers to customers
Work WHEN you want on tasks of INTEREST
SPECIFIC RATE is paid for tasks
PAYMENT is INTERMEDIATED by platform
Source: Gig Economy & Future Work, N. Maganha
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Uber has not only taken market share from
taxi industry but also increased its size
2012:
Annual earnings in taxi
industry BEFORE Uber:
$120 million
2014:
Uber’s annual earnings in the
city:
$500 million
Source: Gig Economy & Future Work, N. Maganha
San Francisco, USA
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Source: Freelancer Investor Presentation
CONSULTANTS
BRAND AMBASSADORS
TECHNOLOGISTS
HOUSEKEEPERS
RECEPTIONISTS
SERVERS
BARTENDERS
COOKS
PORTERS
CALL CENTER AGENTS
RETAIL WORKERS
WAREHOUSE PACKERS
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Freelancer is booming
40%American workforce
will be freelancers
by 2020
1in3Millenials freelance
3/4British freelancers
see their role as
long-term
78%Freelancers
recommend it
Source: Gig Economy & Future Work, N. Maganha
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Task to be performed
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Crowdsource ideas
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No one size fits all model
Source: Forbes
Exception
Strategic
Augmentation
Workforce
Strategy
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Source: Toptal
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For workers, is this a race to the bottom?
Wage degradation – increased global competition -impact standard living.
Misclassified as contractor instead of employee – deprived of protections and insurance guaranteed by law.
Lack of job security, increased competition and longer hours -impact stress-levels / mental health.
Unregulated markets – regulators slow to respond – tax avoidance.
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