Many articles have been written recently about The Gig Economy – an economic model that capitalizes on available resources to meet short term (sometimes immediate) demand. Uber, Taskrabbit and Airbnb are all examples of this model serving mostly consumers, but there are also number of technology platforms that enable companies to easily source out work to skilled individuals. McKinsey recently published a study that estimates 20-30% of the working age population engage in some form of independent work (or gigs).
When I imagine the independent worker; I often picture a young, hip individual hunched over a laptop working in a coffee shop. It won’t surprise you that more than one third of Millennials are independent workers. This was no doubt partly driven by the lack of jobs they faced as they entered the work force during a challenging economic period. But I am certain that their career aspirations and desire for work life balance was heavily influenced by their workaholic boomer parents who voiced their hatred of their soul sucking corporate jobs at the dinner table.
Also not surprising is that almost 24% of americans aged 55-75 (Boomers) are engaged in alternative work arrangements. Many are now retired either by choice or circumstance and find themselves still very much able to work and potentially in need of a little extra income.
It may surprise you to learn that the largest group to embrace the gig economy is Generation X. Most Gen-Xers started their careers (aspiring to be yuppies) with the belief that a corporate job was their only option to make a living. Many have now pivoted their approach to develop a revenue stream that meets their desire to do interesting work that they are passionate about. They may not be earning as much as the corporate jobs paid, but they are able to better control their schedule and spend time on personal pursuits such as family, travel, fitness, or other activities that bring them joy. Their priorities have shifted from gathering more stuff to having great experiences and the flexibility of the gig economy facilitates that.
What is interesting to note is that Gen-Xers are the least likely to choose independent work for the money. Doing what they love is the top driver for them. Because of their age, they offer companies who hire them a deep experience base and extensive networks to support the project delivery. In addition to leveraging their networks through traditional methods, many Gen-Xers are are flocking to sites like Freelancer, Upwork, and HourlyNerd to secure their next gig.
Still many of us Gen-Xers haven’t yet embraced this new life model. We still equate freelance work with risk and feel uncomfortable with the fluidity of it. The Millennial’s innate expectation of anywhere and anytime connectivity isn’t second nature to us Gen-Xers. We forget that we can deliver our work remotely from a cottage on the top of a mountain, a beach house we rented on Airbnb, or a park bench in our neighbourhood. After years of conditioning, many of us still associate work with an office environment.
If you are feeling unfulfilled in your current job, may I suggest some reflection on what makes you happy rather than rich? Embrace new technologies that will facilitate securing contracts and working on what you want, where you want.
Nathalie Belanger 