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Supertemp: How We Can Get Ready for the Oncoming “Gig Economy”

shutterstock 321052268
shutterstock 321052268

The encroachment of the gig economy on our career plans has anxiety levels through the roof. We need to become adaptable yet specialized, thoughtful yet gregarious. And we definitely need to learn how to manage our finances.

The “supertemp,” coined by an author from Harvard Business Review, will be the new model for work in our near future. A study by Intuit predicts that 40 percent of the workforce will be a gig, or contingent, worker by 2020. Yikes!

Why will this be the case and how can we best prepare ourselves for a fluid labor system?

Connecting workers and businesses

Broadly, technological advances have allowed for this economy to surface because of how they connect talent with businesses that need it. Similar to how Uber cuts out the middle man and brings together people who need a ride with someone who has a car, online platforms have emerged that connect all kinds of workers with jobs.

Contently, a technology company that consults businesses in regards to branding and content, helps journalists, photographers, designers, videographers, and literally any of these types of professionals pair up with businesses in need of sprucing up their brand.

Whether businesses are looking to raise capital, expand their operations, research a particular market, or make sure they are effectively running their firm, HourlyNerd easily connects the best and brightest consultants to these projects. By comparing consultants through reviews, experience, and price, getting the right person for the job has become super easy.

The struggle of the hustle

An inconsistent stream of income is probably the number one struggle of the gig hustle. Finding stable income is hard to come by when you are contracted out to do a particular job or project. Once the project is complete, you’ve got to land another one, and then another one.

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Oftentimes, giggers find themselves working a couple jobs at once due to the uncertainty of landing another one in a timely fashion. The result is income streams that look more like a combination of waterfalls and ponds.

Also, saying goodbye to the standard 9-to-5 work week can be a struggle for some. Many times, giggers may work into the night or on weekends, at home or coffee shops, to complete the tasks contracted to them. Having to be independently motivated and not distracted by a new Netflix Original series, a bong, or literally anything, separates the sheep from goats in the gig arena.

The in-kind benefits that have traditionally been provided by a stable employer are also gone. It is up to you to find health insurance, a retirement fund, and/or a decent laptop. Also, the bowling team that you would have been a part of at an orthodox employer is gone, too.

Yeah, there’s an app for that

Despite the struggles, this new economy is addressing the issues in the same way it continues to transform industries.

A plethora of financial apps have emerged to combat the costs and perplexity of managing our finances. Budgeting apps that help direct your income effectively are everywhere. More importantly, apps, like Acorns, promote financial security by helping you invest the income you do receive.

For those that struggle with scheduling and workspace, WeWork is yet another platform that allows contingent workers to find workspaces in their city all over the world. As the gig economy continues to bloom, workspace will be cheaper and easier to find.

The Affordable Care Act helped alleviate the problem of getting health insurance, but unfortunately has not always hit the mark when it comes to affordability, especially for healthy millennials. Although health insurance can be a mess and complicated, we can rest assured that these issues will be addressed as technology continues to reduce costs and increase accessibility to health care.

Our take

This new economy will level the playing field between large, small businesses, and contractors, as they all have access to the global economy and are able to make a larger impact at the local level.

However, in order to be successful in the sharing economy, education is key. Mastering a particular skill will be paramount. We, along with trade schools, development bootcamps, online modules, and more specific skill trainings at traditional universities, will have to rise up to this challenge.

Being adaptable by taking on jobs that don’t align perfectly with our skill sets may be inevitable as we try to land jobs that do. You may have to take on driving for Uber while searching for the big consulting project that pays the big bucks.

Finally, the flexibility of freelancing in this economy will help workers focus their efforts on issues about which they are passionate. Seeing as this generation is the most socially conscious to have ever existed, spontaneous creation of issue-based communities will flourish and have more of an impact than ever before.

The sharing economy platforms will help like-minded people come together and tackle issues like never before, giving way for a better planet and even better bowling team.

 

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