Gig Profits, Brand-Creator Relationships, 3 Trends Will Shape the Future of Work, and More...

Approximately 60 million independent workers in the United States represent $1.5 trillion in U.S. GDP and growing. Projections estimate that 50% of our U.S. workforce will be independent workers by 2025- 2030. The Gig Economy represents a trend that will digitally transform the future of work.

Every?organization?in?every industry?needs a Gig Economy strategy. Not having one is like missing the internet trend in 1990 or the mobile revolution in 2010.

The Freelance Revolution

The rise of independent contractors and the globalization of knowledge work is the Industrial Revolution of our time. We can see the U.S. workforce undergoing a massive structural change everywhere we look.

Can new E.U. rules make gig work fairer??-?The European Union has approved draft labor rules that will recognize the employee rights of gig workers, from food delivery drivers to micro workers, who work through digital platforms. The draft legislation aims to tackle "bogus self-employment" among gig workers and may entitle millions of European gig workers to pensions, paid leave, and workplace accident insurance. The proposals also seek to protect workers against abuses resulting from workplace automation and to safeguard against "algorithms deciding working times, assigning clients and evaluating performance."

Gig companies are now obsessed with profits—not just revenue growth, says analyst?- Gig economy companies are shifting focus towards profitability, according to Michael Morton, senior research analyst for internet stocks at MoffettNathanson. The firms, such as Uber and DoorDash, are maturing beyond the previous focus on growth at all costs and are starting to show profitability growth for shareholders. Morton also noted that gig economy firms could see an increase in workers looking to supplement their incomes during an economic slowdown.

Team incentives keep workers from leaving gig jobs, finds research?-?According to a study by the University of Michigan, greater connection with co-workers and the company will keep gig workers from leaving, as it provides a sense of identity and a bond with the team. The researchers employed identity economics and market design to develop randomized field experiments at a large ride-sharing platform. The results showed that having teams compete for cash prizes increased worker engagement and revenue, even after the contest was over, highlighting that companies can leverage team identity and contests to increase worker engagement in a gig economy.

For most, working in the gig economy is not a stopgap measure?-?A vast range of industries and fields are represented by the gig economy in the U.S., which includes only professional services, consulting, agriculture, seasonal work, I.T., creative work, and construction, among others, and provides a range of salaries for gig workers, according to a report. The research shows that most gig workers engage in the sector for the long term and examines their gender, geography, education, and relationships. Challenges to studying the gig economy include a need for more definition and the wide variation of professions and income levels.

How India's gig economy is shaping up, thanks to startups?- Indian startups have helped to create a new type of gig economy with their workforce, creating a competitive edge for the nation, according to Rajinder Balaraman, Matrix Partners India's managing director. It is estimated that India has 7.7 million gig workers, which is predicted to increase to 23.5 million by 2029-30, according to NITI Aayog. The Indian gig workforce in the non-farm economy could grow to 90 million over the long term, based on an estimate by Boston Consulting Group, with startups having a significant impact on India's transition to an organized market.

The Creator Economy?

The Creator Economy is like the sharing and gig economies in 2012-2015 that ushered in an explosion of creativity driven by individuals, technology platforms, and hype. All are guided by the dream of living by doing what you love. At over $100B+, the creator economy is just getting started.

Here's How AI Will Transform the Creator Economy?-?Entrepreneurial creators will lead the way in integrating artificial intelligence (A.I.) and transforming work as we know it, according to Roger Patterson, a serial entrepreneur. Creators will find new use cases for A.I., particularly for routine tasks and business processes, and they will use A.I. to build the scaffolding of full-fledged businesses. While integrating A.I. into daily workflows will require focus and restraint, the creator economy, in the aggregate, will quickly discover best practices and pitfalls, helping shape the future of A.I.

This Is the Future of Brand-Creator Relationships as the Creator Economy Grows?- Venture capitalists invested around $2bn in 50 creator-focused startups last year as the total size of the creator economy was estimated to exceed 50 million people. With social media being used by independent influencers, bloggers, and videographers to create online communities, significant platforms have announced plans to invest in programs for creators to earn more money on their platforms. This shift in content creation has led to even more influencer marketing, as monetization of both short- and long-form content makes the relationship between creators and brands more lucrative.

Why athletes like the NBA's Kevin Durant are aggressively investing in the creator economy?-?Athletes are increasingly investing in creator-centric businesses, which have arisen to take advantage of the growing influence of individual online creators. The latest example is Goldenset Collective, an incubator for digital creators, which launched with $10 million in seed funding, including backing from NBA star Kevin Durant's investment firm. With a firsthand understanding of the creator economy and lucrative athletic salaries, traditional athletes are expected to continue to invest in this space as the divide between athletes and digital creators continues to dissolve.

MrBeast's president wants you to know the creator economy is not dead?- Marc Hustvedt, president of MrBeast, is considered an old-timer in the world of the 'creator economy.' In a Fast Company interview, Hustvedt talks about how he switched from blogging to participating in the creator space and how YouTubers at the top of their game obsess over building subscriber bases. He also discusses how people most misunderstand the creator economy today, saying that although it is "still hot", there are still people who don't see the value yet.

The Changing Workplace

We see unprecedented numbers of companies implementing remote work programs. How we work has forever changed and requires new skills and leadership approaches.

The Hidden Link Between Workaholism and Mental Health?-?Workaholism can be a form of addiction that people use to treat their emotional problems, such as anxiety and depression, rather than being caused by it, according to some psychologists. Workaholism has been linked to anxiety and depression, and it has been common to assume that compulsive work leads to these disorders. Researchers have also found that people who self-medicate for anxiety using alcohol are more than six times as likely to develop persistent alcohol dependence. According to the article, some workers may have increased their work hours during the pandemic to feel busy and productive.

3 trends will shape the future of work; according to Microsoft's CEO?- Satya Nadella, Chairman and CEO of Microsoft, has identified "productivity paranoia," where leaders question productivity while workers feel burned out, as one of the critical themes of the future of work. In an interview with the World Economic Forum at Davos 2023, Nadella also said artificial intelligence would aid workers in their tasks rather than replace them entirely. People-to-people connections and learning soft skills will be vital for success. As the world of work enters a state of constant evolution, Nadella believes addressing productivity will require an interrogation of the data and making a plan to improve.

9 Future of Work Trends For 2023?- According to Gartner's "Future of Work" trends for 2023, for organizations to set strategic workforce and talent goals, they must consider the following nine trends: quiet hiring, hybrid flexibility, manager support, the pursuit of non-traditional candidates, healing pandemic trauma, diversity, equity and inclusion (DEI), personal employee support, algorithmic bias transparency, and skills gaps in the Gen Z workforce. Quiet hiring is a new talent acquisition strategy, which seeks to hire new skills and capabilities without adding new full-time employees, focusing on internal talent mobility, stretch and upskilling opportunities, and gig workers. Hybrid flexibility is set to offer more flexibility to frontline workers, while managers require support to cope with the competing expectations of leadership and employees. The pursuit of non-traditional candidates expands talent pipelines, and organizations need to assess candidates' performance, not just their credentials or prior experience. Pandemic trauma has led to increased mental health challenges, which opens the path to sustainable performance, and employees want their organizations to see them as whole. DEI remains a priority, and personal employee support creates new data risks, leading to more transparency in recruiting tech. Finally, the skills gap in the Gen Z workforce reveals the workforce-wide erosion of social skills.

The next era of work will be about skills–not pedigree. Here's how employers are changing the way they judge potential, according to LinkedIn and Jobs for the Future?- The labor market is shifting from a pedigree-based model to a skills-first approach, with employers increasingly relying on skills as the critical filter through which to evaluate a candidate's potential and ability, according to LinkedIn. Around 24% of job postings in the U.S. no longer require degrees, up from 15% in 2020, with over 40% of H.R. teams using skills data to fill roles. Employers can make skills-based recruitment a CEO-level priority and zero in on one department or practice to embed this approach across their enterprise, leading to more equitable outcomes for overlooked workers, including those who do not hold a four-year degree.

PAUL ESTES, founder of?XpertLinkAI?and the best-selling author of the best-selling book?Gig Mindset, is an unstoppable advocate for ensuring that all voices are heard and that all people have access to opportunity. This passion is inspired by the quote from the late?Leila Janah?"Talent?is equally distributed,?opportunity is not."?Now is the time to address systemic?location bias?and encourage companies to reach beyond their organizational boundaries to engage the world's best minds.?For 20 years, He struggled to balance his life with fast-moving leadership roles at Dell, Amazon, and Microsoft. He led a team of progressive H.R., procurement, and legal trailblazers to launch Microsoft's Gig Economy freelance program. Hiring his first virtual assistant transformed the way he lived and worked.

Paul is the former host of the Gig Mindset and Talent Economy podcasts. Each week, Paul provides insights and perspective to over 100,000 readers of his weekly LinkedIn newsletter, and he frequently shares his insights as a keynote speaker and panelist.?