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 Mike Ramsay for SHRM)
“Once the pandemic hit, employees actually started asking for what they needed. The new generation coming in is demanding it.” — Maria M. Trapenasso, SHRM-SCP
As traditional employers champion innovation in paid leave policies, the gig economy watches from the sidelines. Many gig (1099) talent, integral to today's dynamic work landscape, often find themselves without even basic benefits.
This evolving environment risks extending the two-tier system, where only traditional (w-2) employees reap the rewards of progressive HR policies.
As we redefine the future of work, it's essential to celebrate these advancements but to ensure they are inclusive.
Addressing the disparities between permanent staff and independent workers is crucial. All workers, regardless of their employment status, should be beneficiaries of progressive employment protections and benefits.
Full story: https://www.shrm.org/hr-today/news/all-things-work/pages/an-expanding-view-of-paid-leave.aspx
(From Marketplace Risk and Gig Wage)
“Each honoree, including GigWage, is a beacon of excellence in risk management. Their nuanced insights, fortified by futuristic technologies, have consistently emerged as game-changers, empowering businesses to tackle digital marketplace challenges head-on.”
Gig Wage, a pioneer in GigForce Management with an emphasis on Instant Payments, has been honored in the prestigious Marketplace Risk Solution Provider Excellence Program.
This program spotlights top tech solutions that fortify online platforms against internet risks. Our vision closely aligns with Marketplace Risk's, striving to ensure digital businesses remain secure.
Gig Wage CEO, Craig J. Lewis, sees it as affirmation of our pivotal role in seamless financial transactions. As Marketplace Risk's founder, Jeremy Gottschalk, underscores our transformative impact, we remain inspired to pioneer, collaborate, and shape a secure digital economy future.
Full story: https://gigwage.com/blog/gigwage-recognized-in-2023-marketplace-risk-excellence-program
(From Financial Executives International)
"To fully harness this transformation, financial executives can consciously make the choice to recalibrate their engagement strategies with gig economy workers. The cross-pollination of in-house staff and freelancers who can bring a broad outside perspective can deeply enrich internal culture." – John Godfrey, Director of Leveling-Up at Legal & General
The gig economy is reshaping the workforce, with projections indicating a majority of U.S. workers moving into gig roles by 2027.
For CFOs, this evolution poses both challenges and opportunities. Balancing compliance with the desire to tap into this vast talent pool requires a nuanced understanding of tax classifications, benefits allocation, and addressing pay disparities.
As the gig economy's value soars, CFOs are positioned to lead by providing security and loyalty incentives to gig workers, ensuring regulatory adherence while promoting innovative staffing solutions.
By doing so, they can maximize the benefits of this workforce while promoting company growth and innovation.
(From Gridwise)
"While rideshare observes an increase in trip volume and higher pay per ride, the duration of trips also increases due to pedestrian congestion and vehicular traffic. This affects delivery drivers as well. Even though football fans increase demand for food being delivered, the congestion big games create makes it more difficult to complete deliveries in a timely manner. This affects driver productivity and can indicate a need to incentivize drivers."
The Gridwise data underscores a pivotal shift: the gig economy is reshaping traditional business models and consumer behavior.
Its dynamic responsiveness to events, as observed during Pro Football games, signals the economy's adaptability and influence.
For any business leader, regardless of industry, it's a wakeup call to recognize and integrate gig economy insights into strategic planning. Ignoring this sector may risk obsolescence in an evolving talent and task marketplace.
(From Ryan Ellis for The Hill)
"Starting in January, activities as casual as garage sales could trigger a tax form, potentially leading to audits. With the new $600 threshold for 1099-K forms, distinguishing personal from business transactions becomes challenging. The National Taxpayers Union Foundation projects a flood of 14 to 40 million 1099-Ks, introducing unfamiliar tax challenges for many."
The key takeaway here for business leaders utilizing gig talent is the evolving regulatory landscape around the gig economy.
With the potential lowering of the 1099-K tax form threshold from $20,000 to just $600, there will be an increased burden of tax paperwork for many independent contractors.
Leaders should anticipate these changes and support their gig workforce in navigating this new tax terrain. Staying informed and proactive will ensure business continuity and prevent disruptions.
It's also an opportunity for businesses to demonstrate their commitment to their gig workforce by offering guidance, resources, and tools to help them manage these upcoming changes effectively.
––
If you enjoy Independent Era™ Roundup, please consider sharing this page with your network. In the meantime if you stumble across a story you think we need to cover, email us: marketing[at]gigwage[dot]com
November 7, 2023
December 26, 2023
