Gig Economy - Future Work Pattern

Gig Economy - Future Work Pattern
Few weeks back while talking to some young kids in their mid-twenties I realized that all were working and even earning good but none of them who were musician, psychologist, a teacher of Yoga, editor in film industry and even a consultant in legal matters had a job.

They were all doing their work out of their own choice and liking and they all chose to be independent, not get tied up in a routine or working for someone else.

I believe these youngsters are the ones who fit into ‘gig economy’ – a way of working in temporary arrangements or work based arrangements, paid on the basis of work done and not working for an employer.

Such gig workers may do this out of choice or compulsion and can be classified as free agents, casual earners, unwilling and financially strapped. Everyone is differently motivated and may belong to any age group and not just restricted to millennials.

This is mainly because of industrialization (technological shift) resulting into different nature of employment in the corporates.
The share of manufacturing is globally reducing in contributing to GDP. Employment is growing in services sector supported by technology. New jobs have suddenly become available in the developing countries like driving taxi, renting part of the house, and there are customers for all this. The ease of finding work has vividly increased.

The future of work will be driven by services, and will be informal like gig. Given the level of technology advancement and automation, manufacturing jobs though created will not be able to create a greater impact the way they created in early 1900s. Many old fashioned skills or occupations are endangered by technology like AI and 3D printing. The gig economy rewards relevant and highly skilled and not reasonably skilled.

Selling one’s own skill today is a core ability of today’s youngster as he/she is active on social media creating own brand for the work to follow..

In a way these millennials have to market their skills to get work, manage customer, and not just earn money as they believe to freelance this kind of work independently for a long period thus calling themselves entrepreneurs.

Industrial revolution improved productivity though, destroyed several industries and job professions.

Technological revolution with its surplus automation techniques, with cars have started driving themselves, robots are making products, AI is taking decisions on trade and software has long back started answering calls along with stagnating jobs has created uncertainty and anxiety about the future.

The future of work will be in the areas of Technology

There has been an explosion of technology usage from phones to wearables, IoT to drones; technology has become ubiquitous creating demand for skills in the area.
Health services – Emerging economies do not have adequate access to healthcare and ageing of population will create demand doctors, nurses, care givers. Home care services will grow multifold.

Wellness – Now a day’s people do not want to get sick and proactively take measures to prevent sickness. They will run, trek, gym and do all that that will keep them fit. Professions like trainers, gurus, dieticians, beauticians and such will be in demand.

Entertainment – if technology will work for humans, there will be market for those who provide entertainment services like music, sports, organize holidays, events etc.

Luxury services providers like designers, planners money managers, advisors in different areas will be on the rise as super rich communities will increase and would need their service.

Terrorism and crime will increase hence Security will a profession in demand.

Digital content will be on rise and will need analysis for economic benefit. Governments will want to monitor citizens and corporations will spy on each other. Skills in analytics, data management, hacking, and data security will have ample opportunities.

There will be huge spending on the environment protection and people with skills in pollution control, organic farming, waste management etc. will be in demand.

Good education will become a differentiator and providers of education such as teachers, tutors will find suitable work.

Flexibility and choice will allow workers (craftsmen) who prefer to be independent will be able to find and work for themselves. This type of outlook called as Uberization or ‘e-lance economy’ will act as a major disruptor. Corporates will have to encash on this trend and talent by facilitating appropriate platforms.

Are we ready for this change?
We as individuals, in a given capacity have to answer this critically.