Capitalize on the Gig Economy

Gig Economy

Introducing the New World of Work

 

Work is changing.

Technology continues to change everything, and work is no exception. In just a few years, we have seen companies emerge from Uber to Instacart. New digital platforms are emerging that explore different business models.

Marion McGovern founded M Squared Consulting and Collabrus. Her new book Thriving in the Gig Economy: How to Capitalize and Compete in the New World of Work, is a thoughtful exploration of the new world of work. Whether you’re looking to make some extra money or you’re in management, you will want to familiarize yourself with these trends.

 

“The best gig is the one you’ve got.” –Live Shreiber

 

Gig and the New Economy

What is the Gig Economy?

Before I answer that question, let’s clarify the meaning of the word “gig.”  The term was first used with jazz musicians in the 1920s, where they would book one club for a week and another for a few days in a different club across town. A gig referred to work that could vary in duration and was for a variety of employers.  So gigs have been around for a long time. I started my company, M Squared Consulting, in 1988 to match independent consultants with projects. It was a gig economy company long before the term had even been coined. The “Gig Economy” refers to the people who work independently for a variety of entities as well as the companies that enable that work, both the new digital talent platforms, as well as traditional intermediaries and staffing companies.  Additionally, you could include the vast eco system that has sprung up to support this work, including co-working space, productivity apps, collaboration tools, and financial service products targeted at the independent workforce.

 

Successful gig workers have grit, resilience and learn from mistakes.

 

A few years ago, you received two calls that got your attention in a new way. How did that alter your thinking?

Actually there were three random and unrelated calls from venture capitalists and private equity guys who wanted to talk to me about digital talent platforms. One idea was for a platform for professional moms who wanted to work flexibly after the kids were older. Another was to build a pool of on-demand oil field services workers in Western Africa, and the third was to create a product to hire recent college graduates into entry level management positions in a way that would require no human intervention.  All of the players were technologists who had never run a service business, let alone a people-intensive one.  Much of the magic was to be in the algorithms which would match talent and opportunity seamlessly and quickly.  Many of the fairly basic questions I asked—like who would hire the moms? Would they be employees or contractors? And how would the platform make money?—had not yet been answered.  I was struck by the disconnect of talent being the most important thing to the success of an organization, but nonetheless the goal was to eliminate humans in the process of securing that talent. It inspired me to take a much deeper dive into the burgeoning world of digital talent platforms.

 

How is the Gig Economy growing?

Master the Boomerang Principle and Inspire Lifetime Loyalty

Inspire Loyalty

I remember when my grandfather retired many years ago. He had been at the same company for decades. My father, too, worked for one employer for the majority of his career before retiring.

Today, it’s not uncommon to change employers every few years. Millennials especially move around. After all, companies aren’t as loyal to employees as they once were, so it’s only natural that employees’ loyalties have also shifted.

What are the implications of these changes? What should companies do?

 

“Build a culture of value that consistently greens your own pastures.” -Lee Caraher

 

Lee Caraher has built several companies, and she’s an expert on Millennials. She argues that it’s important to create long-lasting relationships with your employees even after they leave. In today’s environment, you want them to be raving fans of the organization no matter where they turn up.

I love this philosophy. I followed up with Lee to ask her more about her experience and research into what she calls The Boomerang Principle.

Lee Caraher is the CEO of Double Forte, a national PR and social media firm, and the author of The Boomerang Principle: Inspire Lifetime Loyalty from Your Employees.

 

“Boomerangs are the drivers of sustainable business.” -Lee Caraher

 

How Expectations Have Shifted

What organizational traits do Millennials look for?

The Quiet Power that Elevates People and Organizations

Awakening Compassion at Work

 

Someone once told me that if you treat everyone as if they are suffering in some way, you will be right most of the time.

Throughout my life, I’ve remembered the wisdom in this advice. Some leaders have told me that work is a place where you focus on business results and anything else is a waste of time. How short-sighted and wrong.

Suffering in the workplace is a reality and a natural part of life. It’s an unquantified drain on productivity. It can prevent people from doing their best.

Monica C. Worline, Ph.D., is founder and CEO of EnlivenWork, an innovation organization that teaches compassionate leadership. She is a research scientist at Stanford University’s Center for Compassion and Altruism Research and Education, and she is the executive director of CompassionLab, the world’s leading research collaboratory focused on compassion at work. Monica holds a lectureship at the Ross School of Business, University of Michigan, and is an affiliate faculty member at the Center for Positive Organizations. She and her colleague Jane E. Dutton, Ph.D., are co-authors of the new book Awakening Compassion at Work: The Quiet Power that Elevates People and Organizations. 

I recently spoke with her about compassion at work.

 

“The purpose of human life is to serve and to show compassion and the will to help others.” –Albert Schweitzer

 

Compassion at work isn’t something we typically think about, but we should. Tell us more about your research and findings about compassion at work.

It’s true, Skip, we do need to think more about compassion at work—especially if we care about generating great business results—because over the past fifteen years, my co-author Jane Dutton and I have been doing research that demonstrates that compassion is central to human-based capabilities in organizations. As a CEO yourself, I’m sure you are aware that there is an epidemic of disengagement and despair at work. By some measures, up to 70 percent of people don’t feel like anyone cares about them when they go to work every day. That leaves them emotionally out in the cold. They may physically show up, but psychologically they’re checked out.  Compassion is an overlooked, undervalued essential asset in today’s workplace.

 


Up to 70% of people don’t feel anyone cares about them at work.

 

Why is compassion at work so important?

In our bookAwakening Compassion at Work, we offer a full business case for compassion as a source of strategic advantage for organizations. This is something many business leaders haven’t considered, but there is now reliable evidence from a variety of disciplines of research to support that compassion fuels the capability for high-quality service delivery, better innovation, collaboration, and adaptation to change. Compassion at work helps an organization retain its most talented people and its most valuable clients—that’s why it is so important for leaders like yourself. But on the human side of work, let me be quick to add that many people still carry around the myth that suffering should be kept outside of the workplace, and it’s really important to challenge that myth. The reality is that work is suffused with suffering—both brought in from home and created within the workplace—and compassion is the answer to helping to heal this suffering. But left unacknowledged and unaddressed, suffering robs workplaces of humanity, dignity, and motivation.

 

“If you want others to be happy, practice compassion. If you want to be happy, practice compassion.” –Dalai Lama

 

How to Respond to Suffering

6 Steps to Understand and Engage the Next Generation

Chasing Relevance

 

You may have read the facts:

83 million millennials are in the United States. That’s 36% of our workforce today and 75% by 2025.

How do we best connect with this next generation?

How do we attract and retain them?

What’s the best way to care about their success?

 

Dan Negroni’s new book, Chasing Relevance: 6 Steps to Understand, Engage, and Maximize Next-Generation Leaders in the Workplace, tackles the challenge. Dan is the CEO of launchbox, an attorney, a sales and marketing executive, and an expert on the millennial generation. I recently asked him about his work empowering the next generation.

 

60% of the world’s population is under 30.

 

Understand the Generational Divide

Is today’s generational divide greater than the ones that have come previously?

Yes, the difference surrounds how this generation was raised versus others.  The first difference is technology.  The rapid change in it and the connectivity in the world and dynamics of social media have changed the nature of who we are and how we interact.  We have focused less on the interpersonal and more on the phone or device as a means of communication together with the immediacy of action.   This generation wants action and now.  Millennials are not schooled in relationship-building skills, so they are not wired to connect.  This is the biggest difference.  Instead of dealing with the differences, we are just complaining that millennials are not good enough.

The biggest gap involves perspective and myths.  Each side is completely steeped in their views that the other perspective is flawed. For example:

Do the following statements about millennials ring mostly true or mostly false?

  • They have a sense of entitlement, and expect everything now!
  • They’re lazy and don’t want to work hard like we did; work/ 
life balance is more important than hard work.
  • They are disloyal and jump ship if they are not engaged or 
growing.
  • They need feedback all the time, 24/7/365. (“Please tell me 
how great I am. Every day. Twice.”)
  • They have different career goals from non-millennials.
  • They want everything digital.
  • They don’t deal well with authority.

Here’s the answer: It was a trick question.

All these are true . . . and false . . . and none of that matters. They are assumptions—myths, really—and there is no right or wrong when it comes to them. That’s because while myths, assumptions, stereotypes—whatever you want to call them—may be false as blanket statements (“all Americans are overweight” and “all fashion models are anorexic”), they come from a place of partial truth (more than two-thirds of Americans are overweight and many models are unrealistically thin). But who wants to be viewed through the lens of myths like these?

Consider the quiz from the other side. Do the following statements about non-millennial managers ring mostly true or mostly false?

  • They obey the Golden Rule: “I’ve got the gold, I make the rules!”
  • They are only in it for the money.
  • They are inflexible and don’t like change; they’re stuck in 
their ways.
  • They are so not tech savvy.
  • They don’t care about their teams or people.
  • They are “hard graders” and couldn’t care less about 
recognizing others.
  • They are afraid of nontraditional approaches.
  • They are willing to trade the pursuit of true passion for
stability.

If you are a non-millennial manager, does this sound like you? Or sound like how you want to be perceived in this world? Well, these are the things most millennials say about us. How much is true? Not much. Just as you are guilty of creating myths that lead to disconnect and frustrations with millennials, they are guilty of perpetuating myths about you.

managers vs millenials

 

Work from the Inside-Out

What do you mean when you say to “work from the inside out?” 

The secret to job and life satisfaction is internal self-awareness and growth.  Youth in general is a time where, if we can understand ourselves, we can start to create a journey to build great careers and lives. Millennials in particular require training on how to understand and accomplish learning about themselves to impact the world.  We believe the secret to success is predicated on understanding yourself to impact others, and they need help to learn how to engage themselves in the world and subsequently to create a talent and career track.  If we can have them connect to their inside motivation and goals, we can universally have them succeed along their journey.

 

“Focus on where you want to go; not on what you fear.” -Tony Robbins

 

Bust Millennial Myths

Redefining Work-Life Balance

The Changing Nature of Work

How we work is changing. Technology is ushering in new possibilities. New generations enter the workforce with different expectations. With all the changes in play, there are some things that stay the same: the desire for fulfillment and purpose, the need to balance the professional with the personal.

Mason Donovan tackles these challenges in his new book, The Golden Apple: Redefining Work-Life Balance for a Diverse Workforce. Mason is managing partner at The Dagoba Group, a New England-based diversity and inclusion consultancy. I had the opportunity to ask him about the changing nature of work, including generational changes, balance, mindfulness, and inclusion efforts.

 

Success Tip: Balance improves your relationships, satisfaction and productivity.

 

Achieve Greater Satisfaction with Balance

Is work-life balance possible? Why is it so important?

Work-life balance is possible.  There are a lot of gurus out there that say it is not in order to capture your attention in this crowded field.  Emphasis is on the word balance.  If you ever walked on a high beam or anything else in which you needed to physically balance yourself, you most likely fell off a few times.  Your balance will fall off to one side or the other.  It is important that you anticipate for these moments of imbalance, so you have a plan to get up.

Achieving balance will make you more productive in and out of the workplace.  It will enrich your relationships and allow you to achieve greater satisfaction in life.

 

“Alignment of purpose allows for the elimination of distractions.” -Mason Donovan

 

How is finding your purpose related to achieving balance?

In the book, I tell the story of executives on an interpersonal retreat climbing a mountain.  Their primary purpose was to reach the summit without talking about business.  The objective was for them to get to know each other better personally and share an accomplishment.  Without spoiling the story, their original goal is interrupted because they lost their purpose.

In order to know where you are going in life, it is important to understand why you are going there.  Work-life balance is no exception.  Only a handful of people actually stop and reflect on why they get up every day to spend the majority of their waking life in an organization.  When that somewhat simple-but-necessary reflection does not take place, you will default to acquiring things and making money, which almost inevitably leads to the golden handcuffs phenomenon.  You work more because you have to make more money.  You make more money so you can acquire things that require you to work more.

There has been a societal shift in why individuals engage in work.  Part of that shift is due to generational changes, while for others it was their awakening due to the Great Recession.  Aligning your personal purpose in life with your work and organizational purpose will help you eliminate all of the noise that does not fit that purpose.  Balance comes from awareness.  In The Golden Apple, I provide simple exercises to not only develop, but also align your purpose at each level.

 

“Work is not a four-letter word.” -Mason Donovan

 

Understand Generational Change

What are you finding in terms of generational changes? What are the new generations demanding at work? What’s the best way for current leaders to respond?

It is important to note that we are all unique individuals but are influenced by our shared group memberships such as our generation.  Clumping everyone together and solely defining them by generational attitudes can overgeneralize any particular person.  It is helpful to understand the influence of generational membership, which will give you a starting point when discovering their individuality.The Golden Apple

Each generational cohort has a defining moment in the shaping of their shared psyche.  When it comes to employment, for Generation X it was the broken promise of the organizational loyalty which fostered the cradle to grave jobs their parents subscribed to.  Millennials were highly influenced by the Great Recession which ushered in massive layoffs, foreclosures and lowered career expectations.  These defining moments create a collective influence on how cohorts view the work-life equation.

PwC’s NextGen study uncovered a generational shift when it came to work and personal engagement for their Millennial population.  Uncovering this shift was important to them since by the year 2020, they expect that fully 80% of their employees will be Millennials.  In short they found this group was far less likely to give up their personal life today for the prospect of a partnership down the road.  The value structure was shifting more towards experiences than acquiring things.

Interesting to note is how this new value structure is also being reflected in Baby Boomers.  The Great Recession robbed them of the ability to retire early as they saw their investments fail.  It required them to reassess what they valued in life: time or things.  Most have decided to choose to have life experiences in the time they have remaining.  Downsizing acquisitions and upsizing experiences has become the trend for this generation.

Leaders need to better understand the value they offer to their current and future employees.  By integrating work-life balance into their overall package, they will increase engagement and retention.  They should look at this challenge through a holistic lens so they do not perceive it simply as a specific generational or gender issue.  Policies and practices should be geared towards an inclusive solution that impacts the overall workforce.

 

Study: long working hours made 58% more irritable and over 25% depressed.

 

Mindful Practices