LIFE FOR THE MODERN WORKER
Notes on the future of work:
The labour market is in for a huge shake up over the next decade and things are going to change dramatically for workers. We are already seeing a fractionalisation in the workforce as more and more people are taking up temporary work, caused broadly by two factors:
1. Workers are looking for more control in their lives.
2. Full time opportunities may no longer exist as more organisations are looking increasingly towards greater flexibility in their overheads.
This structural change will have widespread ramifications and it is important that society is ready to deal with this change. At Sidekicker, we are trying to help this transition and are noticing the following challenges for the modern worker:
GROWING A PERSONAL BRAND
The modern worker will be required to grow a personal brand through online mediums as they move from employer to employer. These online profiles will become their credit scores around a skill set.
The strength of these profiles will dictate the rate an individual will charge and the demand for their services and it won’t be limited to creatives. If you are a hospitality professional, a brand ambassador, an accountant or even a lawyer, you will see a high increase working for employers around projects or fixed term roles.
These online profiles will highlight your skills, experience and most importantly, ratings & reviews from jobs you have completed. This profile will become your capital and your livelihood.
BEING PART OF A COMMUNITY
Communities of talent based on skill sets will allow the modern worker to develop their skills, networks and professionalism which will play an increasingly important role in supporting modern workers.
Communities will need to be more than online groups as humans crave social interaction. Coworking spaces such as inspire9, The Hub, Electron Workshop and York Butter Factory in Melbourne to name a few are already providing an offline community that provides freelancers and entrepreneurs the community and social interaction of larger organisations.
ENSURING REGULAR AND CONSISTENT PAY
The greatest challenge for the modern worker will be managing inconsistent cash flow and ensuring payment for services provided. We are seeing freelancers treated as a supplier which can mean payment terms of 30+ days. The modern worker will need to ensure that payment is via credit card and billed on installments. Companies like Uber and Airbnb have lead the way of the “Virtual Wallet” and payment occurs with a click of a button.
SAVING FOR RETIREMENT
As modern workers regularly move from one employer to the next around projects and assignments, it is imperative steps are taken to ensure superannuation is being contributed. Too many existing freelancers are simply not putting any funds into their super for a variety of reasons including a lack of understanding.
The modern worker will need to look for more agent type companies that manage all of the tax and superannuation requirements in the same way that current employers do. The structural changes will be a challenge for the modern worker and at Sidekicker, we are implementing the support and education to support these workers.