We are living through a fundamental transformation in the way we work.
PwC Report
Following COVID, companies downsized millions reinforcing the idea they don’t offer lifelong employment opportunities and guarantees. VUCANs must look out for #1 doing DIY work. You got a full-time gig, but need extra money for fun or the new kid. Or, you want to diversify your income with multiple project gigs. Everyone seems to have a side-hustle in this new work economy.
Over the last 10 years, there has been a huge growth in creative gig-work. Gig-workers are called independent workers, freelancers contingent workers, creative workers, project workers, or itinerant labor. The common element to many of these creatives is they involve knowledge work. Gig-workers can be coders, engineers, consultants, builders, barbers, truck drivers, lawyers, and almost any type of worker.
How does the typical gig-work? The gig-worker may have an unused asset such as a vehicle to offer personalized, on-demand services. An online platform brings customer and gig-worker together to provide a seamless online interaction. The platform takes a percentage of the negotiated deal usually 5 to 10% of the total amount of the transaction.
We’re seeing the online gig platforms following a traditional disruptive model of providing a service or product with a relatively low value, but moving upstream to provide higher-value project based services and products. Gig-work or the side-hustle is also a global phenomenon. Work needs to be done. VUCANs need money. Work is contracted out. Risk-takers are starting ventures. The percentage of gig-workers varies by country. Gig-work is rising throughout the world. Most gigs are short term and project based.
Work Lesson Earned: How do you know if you’re choosing the right side-hustle. Great question. There’s no easy answer. What’s your risk appetite, unused asset, knowledge, time, and effort. It involves your RBPS and RBDM. What do you require, want, and expect of a gig?