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?

Warning: Your Job is At Risk

Rethinking Excellence in the Smart Machine Age

 

Artificial intelligence will change everything. It’s coming. In some areas, it has already arrived.

Take Amazon. Its new grocery store has no cashiers and no baggers.

How about water meter readers? Just yesterday someone appeared at our door explaining that those days are over for our neighborhood.

And it’s not only these jobs that are changing. Millions of jobs will be affected from manufacturing to services.

Machines have access to more data than we do. They can analyze it faster than we can.

 

“We can be humble and live a good life with the aid of the machines or we can be arrogant and die.” -Norbert Wiener

 

Edward D. Hess is a professor of business administration at the University of Virginia Darden School of Business. In addition to fifteen years in academia, he also spent twenty years as a business executive. His research is in high performance in the midst of change.

He argues that we need to change our definition of smart. We need a new smart. We need to be good at what machines can’t do well. His new book, co-authored with Katherine Ludwig, is Humility is the New Smart: Rethinking Human Excellence in the Smart Machine Age.

I recently spoke with him about the changes ahead.

 

“A good listener is totally focused on the speaker with an open mind.” -Hess, Ludwig

 

Millions of Jobs Will be Automated

What jobs will be automated?

Over the next decade or so, tens of millions of service and professional jobs will be automated along with more manufacturing jobs. Service jobs that are at risk include retail, fast-food, manual laborers and construction workers, truck drivers, accountants, administrative people, paralegals, customer service reps, and security guards. Increasingly, professional jobs will be automated reducing the number of professional workers needed in the fields of accounting, law, finance, consulting, marketing, strategy, management, journalism, medicine and architecture.  The Chief Economist of the Bank of England in November of 2015 predicted that over the next decade or two 80,000,000 jobs in the United States could be automated.

 

How to Prepare for the Smart Age

The Future of Happiness: How to Be Happy in the Digital Age

How to Be Happy in the Digital Age

 

We live in the digital age.

Some bemoan the constant interruptions and endless internet surfing. Others celebrate the new-found freedom and capabilities.

How has the digital age impacted our happiness?

Amy Blankson is one of the world’s leading experts on the connection between positive psychology and technology. She is the only person to be named a Point of Light by two presidents (President George Bush Sr. and President Bill Clinton) for creating a movement to activate positive culture change.  A sought-after speaker and consultant, Amy has now worked with organizations like Google, NASA, the US Army, and the Xprize Foundation to help foster a sense of well-being in the Digital Era.

Her new book, The Future of Happiness: 5 Modern Strategies for Balancing Productivity and Well-Being in the digital Era, is a blend of research, case studies, and practical tips to improve your happiness, productivity and health in the midst of the onslaught of apps, devices, and constant connection.

I recently spoke to her about staying positive in the midst of it all.

 

Research: Positivity equals 3x more creativity and 31% higher productivity.

 

Happiness in the Digital Age

I want to start with the question that an entrepreneur asked you at one of your presentations: “Social media and technology are destroying our happiness, right?”

In recent months, I have seen a growing number of posts about how bad technology is for us. Technology is blamed for social isolation, disconnection, and corruption.  But I’ve also heard and seen how technology can be used for good — a means to connect, to share knowledge, to empower, even to save lives.  So, which is it: Is technology good for us or bad for us?  Does technology make us less happy or more happy?  As Shakespeare once said, “There is nothing either good or bad, but thinking makes it so.” Technology is a tool, a means to an end–and WE get to decide how that story ends.

 

Fact: 95% of Americans spend 2 or more hours a day using a digital device.

 

Since technology can both bring joy and destroy it, tell us a few ways you’ve used it to your advantage. And tell us about what apps you’re using for happiness, productivity, and to “tune in, not zone out.”

One of my favorite examples of “happytech” is the Spire stone.  The Spire stone is a small wearable that clips onto your bra strap or waistband to monitor your respiration and, in turn, lower blood pressure, reduce stress, and increase the flow of endorphins in your blood stream. The Spire uses your breathing patterns to figure out when you are tense, calm, or focused, and provides gentle notifications to guide you when you need it most.

When I first started testing out the Spire stone, I had a particularly poignant experience.  Last spring, my family jumped into our backyard pool to enjoy the unseasonably warm weather. In an unfortunate turn of circumstances, my younger daughter jumped into the pool a bit too close to her older sister, landing on her neck and breaking her neck.  I happened to be out of town when this happened, so I didn’t know how bad the situation was until I returned home and took my older daughter to the doctor.  I was wearing my Spire stone the whole time and had managed to stay fairly calm through the doctor visit; however, as I was walking out of the hospital with my daughter in a giant neck brace, my Spire stone began to vibrate to let me know I was feeling tense.  Pausing to think about what was going on, I realized that I was actually anxious about how other people would perceive me as the mother of a child with a broken neck. The nudge was just enough to help me reframe my thoughts to be more present for my daughter rather than worried about myself, and I was able to short-circuit an emotional response that might have taken me a week or more to realize before I had the Spire stone.

 

“You can see the computer age everywhere but in the productivity statistics.” –Robert Solow

 

Tell us about the Happiness Cliff.

Sometimes tech is fun just for the sake of the endorphin rush and the dopamine boost. But at what point do those focus-altering diversions cause us to lose sight over what we really care about? At what point do diversions turn into fixations that are distracting?

Sometimes we become so engrossed in our diversions that we don’t notice that they are no longer making us happy anymore. Like Wile E. Coyote in Looney Tunes, we get our legs going so fast that it actually takes us a moment to realize that we have run right off the Happiness Cliff. Let me assure you that this never turns out well for poor Wile E.

According to the Law of Diminishing Returns, many diversions can actually be beneficial for our productivity and happiness—up to a point. Beyond that point, the diversion simply becomes a waste of time and eventually a time suck that becomes harmful to our productivity. To avoid falling off the happiness cliff, start your day by setting your intention for how you want to use your time.   When you start to find yourself engrossed in a task, pause to ask if your technology use is helping you tune in (helping you to achieve your intention) or causing you to zone out.  If your answer is the latter, then try to set a time limit for yourself to engage in that activity so that you don’t get sucked in and lose focus.

 

Happiness Tip: pause to see if you are tuning in or zoning out.

 

Train Your Brain to Be Positive

What does the latest research tell us about our ability to train our brains to be more positive?

The latest research from the field of positive psychology reveals that training our brains to be more positive is not only possible, it’s actually essential to striving after your full potential. Why? Because when your brain is positive, it receives a boost of dopamine, which turns on the learning centers in the brain and makes you able to see more possibilities in your environment.  In fact, a positive brain has been linked to: 37% higher sales, 3x more creativity, 31% higher productivity, 40% increase in likelihood of receiving a promotion, 23% decrease in symptoms of fatigue, 10x increase in the level of engagement at work, a 39% increase in the likelihood of living to age 94, and a 50% decrease in the risk of heart disease.

 

Research: Positive people have a 40% increase in likelihood of a job promotion.

 

Create a Habitat for Happiness

The Secret to Higher Profits in a Digitized World

The Decline of Customer Satisfaction

Customer satisfaction is going down, not up.

How can that be in a world with unprecedented technological progress?

 

“A brand is the sum of the good, the bad, and the off strategy.” –Scott Bedbury

 

Tema Frank founded Web Mystery Shoppers International, the world’s first company to test omnichannel customer service. Her new book, People Shock: The Path to Profits When Customers Rule , shows off both her decades of business experience and the research from interviewing over 150 business leaders. She developed a formula to help businesses improve the customer experience in the midst of a digitized world.

I recently asked her about her research.

 

“The key to getting work done on time is to stop wearing a watch.” –Ricard Semler

 

What is PeopleShock?

As we automate more and artificial intelligence wipes out jobs, the smaller amount that is left for human to human interaction becomes critical. Companies that are people-focused (while using technology to support those people) are the ones that will win in an era of increasing competition and social media power. If you get the people side right, PeopleShock is your key to success. Ignore it and your company will soon be history.

 

“If you’re too busy to build good systems, then you’ll always be too busy.” –Brian Logue

 

Get the 3Ps of Profit Right

Please share your 3P Profit Formula with our audience.

Customers are cranky, and they’ve got more choices than ever before. So you’ve got to keep them happy, and that means getting all of the 3 Ps of Profit right:

Promise – Having a clear aspirational, inspirational and memorable reason for doing what you do inspires staff and customers. It also gives staff a filter for decision-making: Would their action be consistent with the company’s promise?

People – Business success comes from connecting effectively at a human level with people inside (staff) and outside your organization. Outsiders include not only prospects and customers, but people we sometimes overlook, like suppliers, distributors, lenders, investors, media and the public.

Process – As time goes by, some of the processes that got you to where you are stop making sense.  To deliver consistently great customer experiences, you have to regularly re-assess how you’ve been doing things. Start by looking at processes from a customer point of view. What do they experience? Then look at how that lines up with what you do internally.

 

“CEOs are the ones who must conduct the corporate orchestra.” –Tema Frank

 

How does this translate into higher profits?

Does Your Organization Have The Right Attitude?

What’s Your Organizational Attitude?

What distinguishes great customer service?

Is your website easy to navigate?

Would customers describe the experience with your organization as amazing?

Some companies are leveraging the power of the Internet in such a powerful way they are increasing market share, earnings, and revenue at an incredible rate. Others are struggling, not fully realizing the potential or understanding what it takes to win with today’s technology.

 

“Net attitude is a state of mind.” –John Patrick

 

It’s All About Attitude

What differentiates winners from losers?

John Patrick’s answer is that it is all about attitude. He says companies with a “net attitude” have an extraordinary advantage over those who don’t.

Having a net attitude “makes constituents happy,” says John Patrick. Because your “website is your brand,” it’s important to make it accessible, easy to use, and focused relentlessly on a positive customer experience.

 

“The prescription starts with a single word, attitude.” –John Patrick

 

Beyond this, John indicates business vocabulary needs to change to adapt to a new mindset.

John believes we are only using about 10-15% of the power of the Internet. The potential represents an extraordinary opportunity ahead.

Money and scale are not enough. It takes the right attitude. And any entrepreneur or company who adopts a net attitude has a sustainable advantage that will propel them to greater success.

 

“Think big, act bold, start simple, and iterate fast.” –John Patrick

 

Copyright John Patrick, Used by Permission Copyright John Patrick, Used by Permission