Quitting Big tech make you happier?, Finance Functions are leaning into AI, Freelance Protection Law, 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 Industrial Revolution of our time is the rise of independent contractors and the globalization of knowledge work. The U.S. workforce is undergoing a massive structural change.

The Role of the Gig Economy in Addressing Labor Shortages in Blue-Collar Industries - The gig economy is helping address labor shortages in blue-collar industries by providing flexible work options. It offers benefits like increased wages, work-life balance, and skill development. However, challenges include job security and benefits. The gig economy is expected to grow, with 50% of the US workforce participating by 2027. Companies are adapting by offering gig-like flexibility to attract workers.

As gig work defies iffy economic outlook, HR leaders look to reshape policies - Despite economic uncertainty, the gig economy continues to grow, with 39% of US workers participating. HR leaders are adapting policies to attract and retain gig workers, focusing on flexibility, benefits, and career development. Companies like Walmart and Target are offering more flexible schedules. The trend is driven by workers seeking autonomy and companies needing agility. Challenges include misclassification risks and maintaining company culture.

Los Angeles Publishes 'Model Contract' Under Freelance Worker Protection Law - Los Angeles has released a model contract for freelance workers under its new Freelance Worker Protection Ordinance. Effective July 1, 2024, the law requires written contracts for work valued at $600 or more. The model contract includes key provisions like scope of work, payment terms, and dispute resolution. Employers must use this contract or a similar one, meeting the ordinance's requirements to avoid penalties.

My Side Hustle Almost Got Me Fired. Here's Why It Was Worth It - The author shares their experience of nearly losing their job due to a side hustle. Despite the risk, they found the experience valuable for skill development, networking, and financial gain. The side hustle provided a safety net during layoffs, leading to new career opportunities. The author advises checking company policies and maintaining work-life balance when pursuing side gigs.

AI Meets Talent: The Age of Generative AI

With the "Big Bang" moment in November 2022, OpenAI's ChatGPT was launched, ushering in a new era of generative AI, accelerating the fusion of Technology and talent, and presenting challenges and opportunities for individuals and businesses alike.

58% of Finance Functions Using AI in 2024: Gartner Research - Gartner research reveals that 58% of finance functions will be using AI by 2024. The need for improved efficiency, accuracy, and decision-making drives AI adoption in finance. Critical applications include financial forecasting, risk management, and fraud detection. The report highlights the importance of AI skills development and ethical considerations in finance AI implementation.

AI Project Management Boosts Enterprise Workflow Efficiency - AI is revolutionizing project management by automating tasks, predicting outcomes, and optimizing resource allocation. Benefits include improved productivity, reduced costs, and better decision-making. AI tools like Asana, Trello, and Monday.com are integrating AI features. Challenges include data privacy and the need for human oversight. The article predicts that AI will become increasingly crucial in project management, enhancing efficiency and collaboration.

AI Carbon Emissions & Climate Solutions - AI's energy consumption raises concerns about its carbon footprint. However, AI is also used to combat climate change through improved energy efficiency, optimization of renewable energy, and climate modeling. Companies like Google and Microsoft are working on reducing AI's impact on the environment. The article emphasizes the need for sustainable AI development and deployment to maximize its potential for climate solutions.

Edtech startup Headway says AI improved ad performance by 40% - Edtech startup Headway reports a 40% improvement in ad performance using AI. The company leveraged AI to optimize ad creatives and targeting, increasing engagement and conversions. This success demonstrates AI's potential to enhance marketing efficiency and effectiveness in the education technology sector.

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.

White-collar workers who refuse to return to the office can't get hired - White-collar workers insisting on fully remote work face hiring challenges. Many companies require at least partial office presence, citing collaboration and cultural benefits. Job seekers demanding 100% remote work are limiting their options. The article suggests that flexibility and willingness to compromise on work arrangements may improve job prospects in the current market.

I quit big tech after a decade in the industry and two layoffs. I'm so much happier now - A former big tech employee shares their experience of leaving the industry after a decade and two layoffs. They found greater happiness and work-life balance in a smaller company. The article highlights the challenges of job insecurity and intense work culture in big tech, as well as the potential benefits of exploring opportunities in smaller organizations.

Sick leave is getting more complicated in the hybrid work era — and Gen Z is struggling to navigate it - The hybrid work era complicates sick leave policies, particularly for Gen Z workers. Issues include uncertainty about when to take sick days while working remotely and pressure to work through illness. The article discusses the need for more straightforward guidelines and employer communication regarding sick leave in hybrid work environments.

I was laid off from Deloitte after 2 years. I'm happier at my new job — the work culture at my old one felt toxic - A former Deloitte analyst shares their experience of being laid off and finding a more satisfying job elsewhere. They describe the work culture at Deloitte as toxic, citing long hours and high stress. The article highlights the importance of work-life balance and positive company culture in job satisfaction.

There's a shortage of accountants because young people don't think taxes are sexy enough - The accounting industry faces a talent shortage as fewer young people pursue accounting careers. Factors include perceptions of the field as unsexy and concerns about work-life balance. Major firms like PwC and KPMG are adapting recruitment strategies and offering more flexibility to attract talent. The article discusses the need to rebrand accounting as a dynamic and rewarding career path.

PAUL ESTES has been at the cutting edge of technology for over 20 years, having leadership roles at Dell, Amazon, Microsoft, MURAL, MagicLeap, and Ally Robotics.? He struggled to balance his life with these fast-moving leadership roles, so he hired his first virtual assistant, transforming how he lived and worked.? He shares his experience in his best-selling book Gig Mindset. It helps people and organizations understand that 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.

He is inspired by the work of the late Leila Janah, author of Give Work: Reversing Poverty One Job at a Time, and her quote, "Talent is equally distributed, opportunity is not." This inspiration inspired Paul to lead a team of progressive H.R., procurement, and legal trailblazers to launch Microsoft's Gig Economy freelance program.

Paul is the former host of the Expert Intelligence Podcast. 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.