Thanks for reading. Welcome to the Independent Era™ Roundup.
Each episode, we share the things you absolutely need to know about the gig economy and modern talent—from industry news and media analysis to labor trends and customer insights—you’ll learn why the gig economy is transforming work culture. You can also find (subscribe to) this feed on the Gig Wage LinkedIn page.
Let’s dig in.
(From Noah Sheidlower for Insider)
"It is a growing population of interest in this, and it is an interesting finding considering the strength of the job market, how wages have increased over the past 18 months," Tracey Lazos, head of TransUnion's gig economy business, told Insider. "They have found ways to make this work for them with the flexibility and the income potential in gig economy work across the different segments of the gig economy.”
Younger gig workers, especially Millennials and Gen Z, earn more from gigs than older generations, with many earning over $2,500 monthly, according to a TransUnion study. 45% of Gen Z and 44% of Millennials achieve this income, surpassing Gen X and Boomers. The youth's gravitation to gig jobs is due to flexibility and opportunity variety. However, challenges like fraud and competition from a saturated job market pose risks to gig platforms.
As the traditional job market morphs, the gig economy's allure proves more potent for the young, resonating with their quest for autonomy and flexible income. This shift emphasizes a changing perception of job security and success in modern society.
Full story: https://www.businessinsider.com/gig-workers-millennials-and-gen-z-out-earn-older-workers-2023-10
(From Craig J. Lewis for Empire Startups)
"It’s time to pay attention to the true nature of The Future of Work – of which the gig economy is an accelerant. Payments, banking, insurance, RegTech, cybersecurity, WealthTech, blockchain, and cryptocurrency – you are all likely bumping up against this more and more.”
In the emerging "Independent Era," gig work is booming, with a shift from the structured "Employer Era" to self-driven, flexible work. In 2023, about 43% of the U.S. labor force are freelancers, a drastic rise from previous years. The new challenge: Trust.
Previously built over years in traditional settings, trust now needs quick establishment in a globalized, digital world. Enter FinTech. With instant payments, transparent histories, and advanced verification, FinTech anchors trust in fleeting interactions. As we evolve, nurturing this trust will shape the gig economy's future success.
As gig work defines our age, trust becomes our currency. FinTech's role? To be the bank where that trust is both deposited and withdrawn.
Full story: https://empirestartups.substack.com/p/trust-the-currency-of-the-gig-economy
(From Alina Dizik for WSJ)
“With two working parents, they realize that they literally can’t be in three places at once,”
Parents juggle schedules but hit a wall with after-school drives. With more returning to the office and school-bus driver shortages, the solution is the "driving nanny" – professionals who drive kids. Some see it as a modern necessity, yet hesitate to share due to perceptions. With rates up to $35 an hour, car nannies can work nearly 20 hours weekly.
New services emerge, from ride-shares with teen accounts to specialized driving services for minors.
As work demands soar and bus options dwindle, parents turn to car nannies. It's no longer just about childcare; it's about car-care.
Full story: https://www.wsj.com/lifestyle/afterschool-driving-nanny-parents-26bb3e13
(From Dan Smolen for WHAT'S YOUR WORK FIT?)
“𝘛𝘩𝘦 𝘪𝘮𝘱𝘢𝘤𝘵 𝘰𝘧 𝘵𝘩𝘦 𝘎𝘶𝘪𝘭𝘥 𝘌𝘤𝘰𝘯𝘰𝘮𝘺 𝘰𝘯 𝘌𝘵𝘴𝘺 𝘢𝘭𝘰𝘯𝘦? 𝘐𝘯 2022, 𝘵𝘩𝘦 𝘱𝘭𝘢𝘵𝘧𝘰𝘳𝘮 𝘨𝘦𝘯𝘦𝘳𝘢𝘵𝘦𝘥 $2.6 𝘣𝘪𝘭𝘭𝘪𝘰𝘯 𝘪𝘯 𝘴𝘢𝘭𝘦𝘴. 𝘞𝘰𝘸."
Guilds, once the backbone of pre-Industrial Europe, empowered generations to master crafts and support families. After fading during the 20th century, the essence of guilds is returning. Post-pandemic, people, especially professionals, are reviving crafts, leading to booming sales on platforms like Etsy. The rising trend suggests a shift to a new Guild Economy, where passion-driven craftsmanship meets modern marketplaces.
Modern professionals are looking back to find the future; trading offices for workshops, spreadsheets for handcrafts, and igniting a Guild Economy renaissance.
(From Jessica Bursztynsky for Fast Company)
"The 'Return a Package' feature allows for Uber’s gig workers to pick up prepaid and sealed packages and drop them off at the post office, UPS, or FedEx."
Uber launches a "Return a Package" service, letting users skip post office visits. Gig workers collect and drop off sealed, prepaid packages to postal services for a fee. With the rise of online shopping returns, Uber joins DoorDash in this venture.
As online shopping surges, gig platforms pivot to solve the return hassle, turning everyday chores into monetized services.
Full story: https://www.fastcompany.com/90961898/ubers-next-ride-taking-your-returns-to-the-post-office
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November 7, 2023
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