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Jeff Wald — On-Demand versus Remote Workers: Regulation, Opportunities, and Skills
Jeff Wald — On-Demand versus Remote Workers: Regulation, Opportunities, and Skills
ratings:
Length:
43 minutes
Released:
Oct 23, 2020
Format:
Podcast episode
Description
Jeff Wald, founder and former CEO of WorkMarket, shares his data-rich perspective with authoritative clarity to discuss the evolution of the On-Demand Economy, including the impact of technology, regulation, and the pandemic on its future direction and potential. Jeff considers how new understanding about remote working affects opportunities for on-demand workers, what is the ‘future of the firm’, and the critical issues facing us all with shifting business conditions and labor markets. TAKEAWAYS [03:44] A lack of systems and processes was holding back the On-Demand economy. [04:57] The IRS has a 2-factor test to determine if someone should be classified as an employee or not. [06:02] Each company has a complicated task to decide relevant criteria for their on-demand workers. [06:55] Labor force regulation needs simplifying, but there’s zero near-term possibility of it happening. [07:25] The impact (or continuing uncertainty) resulting from California’s Uber lawsuit conclusion. [08:36] How regulation-related confusion is causing companies to consider hiring fewer freelancers. [11:00] How much the On-Demand economy has been going over the last 10 years. [12:20] Regulation has been hindering growth, but software has helped interpret regulations. [12:39] Jeff guesses that regulation will shrink the on-demand economy over the next 10 years. [14:48] Are more companies tapping into the ‘total extended workforce’ strategically? [17:00] The percentage the remote workforce will grow as a result of COVID19. [17:31] 42% of the US workforce CAN work from home. [18:03] Moving on from ‘productivity equals presence’ mindsets. [19:27] How policies, procedures, and infrastructure changed in March 2020, so that everyone possible could work remotely. [20:11] Humans are social animals—the ‘Hub and Club’ role of offices in the future. [21:39] The percentage of people wanting flexible work arrangements going forward. [23:53] Needing to be more responsive, organizations can adapt the employee/freelancer composition of the workforce. [24:42] One impetus for WorkMarket was the prediction that firms have small fixed cost kernels with everything else done on-demand. [25:08] Understanding ‘total talent management’ where companies see all their labor resources together. [26:08] Job versus income security relating to full-time jobs and on-demand work. [27:12] How the economic environment might affect workers’ attitudes towards full-time positions. [30:00] The changing social contract and convergence between full-time and on-demand workers. [32:05] The depletion of training budgets with responsibility shifting to workers. [32:49] The COVID19 disruption enabling non-incremental change and crafting new work conditions and practices. [33:50] The rise of robots means displaced workers and re-skilling—but who owns workers’ training? [35:15] What the impact of workers getting left behind means for society. [36:00] Now, the average skill diminishes in four to six years, rather than 30 years. [38:52] Jeff’s interim full-time gig with the Biden campaign, supporting the democratic process, and the need for Presidential support of the working class and retraining. [40:31] Jeff’s next entrepreneurial venture—potentially helping companies benefit from staying connected with former employees. [34:14] IMMEDIATE ACTION TIP: Jeff’s lingering question—'who should own employees’ retraining?’ Until there is a clear answer, be proactive, keep learning, and keep your skills updated! QUOTES“The tailwind pushing the on-demand economies, people wanting to be more agile. The headwind is regulation pushing the other way.” “My guess is that regulation wins that fight, and that the on-demand economy shrinks.” “There is convergence between the part-time or on-demand worker, and the full-time worker.” “You will see millions of workers that need to be retrained…and as a society we have not done that retraining well
Released:
Oct 23, 2020
Format:
Podcast episode
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