future of careers: DRIVING FORCE
People are increasingly diversifying their income sources
Fewer and fewer people depend on a single job as their only source of income. Far from wanting an iron rice bowl, people have multiple income streams: not just passive investments, but also side-hustles in running businesses, freelancing, and working short contracts in the gig economy. Increased exploration of Universal Basic Income by many countries also supports the question being asked by many younger workers: is full-time work necessary?
While the idea of a workforce almost entirely made up of part-time, short contract staff is terrifying (not least because of the complexity of managing payroll!), it opens up a huge opportunity: what if you could get that world expert for that special project, just for the 3 weeks you need (and can afford) her?
34%
of Americans currently have a side hustle¹
31%
of Americans started their side hustle in 2020¹
50%
of the Gen Z workforce have freelanced in 2019²
Is a full-time job necessary?
What new skills do managers need to lead teams of revolving part-time workers?
What additional talents or capabilities would your organisation have access to in a world where part-time is the norm?
What kind of HR ops will be needed to deal with multiple different kinds of contracts, benefits, and payment terms?
How will you attract talent who need flexibility?
Does your organisation’s policies reduce risk for freelancers?
Sources
¹Zapier. One in three Americans have a side hustle, Jan 2021.
²Upwork. Freelance Forward 2020, Sep 2020.
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