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Let’s dig in.
1. Are you in the business of ethical gigs?
(From Kartika Jobanputra for Entrepreneur)
"On the flip side, the gig economy presents its fair share of challenges. One of the prominent drawbacks is the lack of job security and employee benefits that traditional full-time jobs offer. Gig workers often lack access to health insurance, retirement plans and other essential perks.”
The evolution of the gig economy underscores the inevitable dissolution of the traditional 9-5 work model. As Kartika’s article points out, the gig economy presents both enticing flexibility and daunting instability. For businesses, this shift isn't just about adopting a new employment model but reimagining the entire ethos surrounding work. Leaders should take note:
- Flexibility is a double-edged sword: While the gig economy offers unparalleled flexibility, it equally demands businesses to be ethically accountable. The flexibility given to workers shouldn't come at the expense of essential benefits and job security.
- Innovation meets regulation: Businesses can't solely rely on the government to establish regulations. They should be proactive, ethically innovating ways to offer benefits, training, and stability, even in the face of the project-based nature of gig work.
- Globalization complicates gigs: With gig work crossing borders, companies need to be aware not just of local but also international regulations, benefits, and labor rights.
- Technology as an equalizer: The same tech that propels the gig economy can be leveraged to provide benefits, training, and fair compensation to workers. It's a call for businesses to harness technology as an instrument of social responsibility.
In essence, while the gig economy might hint at the end of 9-5, it equally signals the start of a more nuanced, responsible, and global approach to work. Business leaders need to be at the forefront, not just adapting but pioneering these changes, ensuring the 'gig' doesn't end the very essence of stable livelihood.
Full story: https://www.entrepreneur.com/starting-a-business/how-the-gig-economy-will-impact-the-future-of-work/458482
2. Gig economy leader on the power of “who”
(From Matt Blumberg For Bolster)
"I truly believe that your network is your net worth. Instead of a to-do list, I curate a ‘to-who’ list. Who do I need to engage with to get things done and to move things forward and to improve myself."— Craig J. Lewis, Founder/CEO at Gig Wage
In the episode of "The Daily Bolster," Matt Blumberg hosts our very own Craig J. Lewis, the CEO of Gig Wage, a partner with Bolster. The episode zeroes in on Craig's knack for professional networking, which he emphasizes isn't necessarily about constant selling but about nurturing relationships. Craig shares his top three networking tactics:
- Social media
- Text messaging
- Face-to-face meetings
Craig's approach to networking focuses on the importance of people in business. His standout concept, the "to who list," shifts from tasks to relationships, suggesting that success and progress are more about connecting with the right people than just ticking off tasks.
This human-centric approach redefines how business leaders should view networking in the modern age, prioritizing genuine relationships over transactional interactions. What a great tip!
Full story: https://podcast.bolster.com/public/142/The-Daily-Bolster-29d59cf2/13656921
3. Uber’s metatextual digital loop
(From GRIN: Creator Management)
"Uber hired Global Social Media Lead (TikTok) Phil Rosario to build its TikTok strategy from the ground up. With plenty of experience managing creators and creating content on behalf of brands, Phil knew he needed to solve a few major pain points: Organize and execute content production, customize compensation based on creator deliverables, and pay creators quickly and accurately.”
Uber's foray into TikTok via GRIN isn't just about a ride-sharing company dipping its toes into trendy waters. This dive into influencer marketing, managed through GRIN, underscores the evolving nature of the gig economy itself.
Now, it's not just drivers being gig workers; content creators are joining those ranks, using platforms to manage, monetize, and measure their impact. It's almost metatextual: Uber, a pioneer of the gig economy, harnessing another form of gig work (content creation) to bolster its brand.
It’s fitting, using one digital platform (GRIN) to optimize another (TikTok), all in service of a brand that has digitized traditional transportation. In essence, it's the digital gig world feeding off itself, showing how interconnected and layered the digital economy has become.
Full story: https://grin.co/case-studies/grin-uber-case-study/
4. Gig Economy's answer to inflation's grip?
(From Jessica Dickler for CNBC)
"As of July, 61% of adults still said they are living paycheck to paycheck, according to a new LendingClub report, slightly more than last year’s 59%. Yet, recent releases show that, at least compared with the soaring inflation of a year ago, consumers who have been squeezed by higher prices should be experiencing some relief."
Gig economy workers, often navigating the waters of inconsistent earnings and lack of traditional job benefits, are significantly vulnerable in the face of the current inflation squeeze.
For business leaders, overlooking this considerable and evolving segment of the U.S. workforce is a missed opportunity to address real-time economic challenges and strategize for a more inclusive future. Addressing the concerns of the gig workforce isn't just ethical, but also crucial for a holistic understanding of modern economic dynamics.
Full story: https://www.cnbc.com/2023/08/31/living-paycheck-to-paycheck-inflation-is-still-squeezing-budgets.html
5. The IRS shift and gig economy ripple effects
(From Polly Thompson for Insider)
"The law, which was introduced as part of the American Rescue Plan Act, will require sites such as StubHub and Ticketmaster to hand over the data of all sellers who make more than $600 to the IRS. Those sellers will then be required to fill out a 1099-K form, which is 'a report of payments you got during the year,' and their earnings will be subjected to tax income deductions."
The recent IRS clampdown on ticket resales is more than just a regulation change; it's a precedent. By lowering the taxable threshold to $600, the IRS is telegraphing increased scrutiny on micro-transactions and peer-to-peer platforms, which largely define the gig economy.
Business leaders leveraging the gig model must take heed.
If a simple ticket resale can be a taxable event, what does that mean for the plethora of transactions that occur daily on platforms like Uber, Airbnb, or DoorDash? This could be the beginning of tighter fiscal oversight in spaces previously left unchecked.
For businesses in the gig ecosystem, it's time to revisit tax strategies, ensure compliance, and brace for potential regulatory aftershocks. Ignoring this change might not just mean tax penalties but could jeopardize the very viability of some gig business models.
Full story: https://www.businessinsider.com/irs-resale-concert-tickets-profits-taylor-swift-eras-tour-beyonce-2023-9
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