VIDEO SCRIPT: Decades of super-employment awaits us. Be prepared!

As a result of Covid-19 and the forces at play within the 4IR we are moving into decades of super employment. Covid-19 came as a blessing in disguise and forces us away from the false security of employment and a paycheck mentality!

Let me explain ….

The majority of new jobs will be structured as freelance projects rather than full-time jobs and it will change the nature of work! We refer to this as the emergence of the GIG Economy. The term GIG is a slang word, specifically out of the music industry, and refers to a job that lasts a specific period of time. A gig economy is a free market system in which temporary positions are common and organisations contract with independent workers for short-term engagements. This will be one of the BIGGEST SHIFTS in the world of work and business in the coming decades! Pre-COVID-19, and as a result of 4IR it was already the fastest-growing job market in the world and will become a full-time occupation. Covid-19 has fast-forwarded & cemented this as a reality! There were predictions that by next year, 45% of American workers would be independent contractors, also referred to as contingent workers, and 80% of large corporations plan to substantially increase their use of a more flexible workforce in the coming years. As a result of Covid-19, these numbers will increase EXPONENTIALLY and within a much shorter timeframe. It was also predicted that in 2027, at pre-covid-19 growth rates, the number of ‘white-collar’ freelancers will exceed the number of full-time employees – this target will be reached within the next 6 months.

Let’s look at this from a BUSINESS PERSPECTIVE:

So rather than hiring someone full-time, companies can create a short term contract of 2 years, 2 months, 2 weeks, 2 days, or even 2 hours and align the needs of a business with the talent of individuals in far more precise ways than ever before. We already have the tools for managing this type of work relationship and have the ability to apply the precise amount of talent, as needed, whenever a new situation arises. Companies also have the ability to contract with experts for specific projects who might be too high-priced to maintain as staff. In a gig economy, businesses save significant resources in terms of benefits, office space, and training. Contract workers increase business efficiency, agility, and flexibility and turn employment expenses into variable costs. Companies address the need of the millennial generation for more flexibility and don’t have to worry about the costs & inconvenience involved of people that change jobs several times throughout their working lives. Employers will have more choices than ever, and the freelance world will provide an attractive alternative to traditional employment.

From the perspective of the FREELANCER:

A gig economy can improve work-life balance over what is possible in most jobs. In the digital age, the workforce is becoming more mobile and work can increasingly be done from anywhere. As a result, job and location are being decoupled. Covid-19 gave us a crash course in this and remote work is fast becoming the new norm. That means that freelancers can select among temporary jobs and projects around the world, while employers can select the best individuals for specific projects from a larger pool than what's available in any given area. Ideally, the model is also powered by independent workers selecting jobs that they're interested in, rather than one in which people are forced into a position if that is the only employment available.

To EMPHASISE:

The idea of a permanent, regular job will become a relic of the 21^st century. Only a minority will still pursue a linear, sequential career part of study, job, family, retirement. In actual fact, cradle-to-grave employments will be a fantasy, the days of nine-to-five jobs are almost over and a portfolio of jobs will replace the concept of a career. We will thus see an increase in freelancers, part-time workers, project workers, full-time workers, but what is missing is having a single employer.

Given these realities, self-employment, personal & micro-business numbers will increase going forward.

Two things should happen:

Firstly:

We need to rethink entrepreneurship in general and our concept of business. Being an entrepreneur in the 21st century is not just about starting a conventional business. It is about micro-enterprises that start up, offers a service for a period of time, and shut down as the owner-managers move on in a new direction.

Secondly, the effect on education will and should be enormous:

People will be challenged to develop skills constantly through continuous life-long education and will have to learn quickly and efficiently in order to remain relevant. It is not about the accumulation of certificates and academic qualifications, but rather about the continual need to remain relevant and acquire, not only skill sets that can be commercialised, but also the attributes to run a ”gig - business of one”.

The future of work & business can be summed up in three words: adaptability, flexibility, and mobility and the illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn and relearn.

Individuals will need to embrace change and develop the capacity to upskill, re-skill and reinvent themselves many times over.