Let's Talk Business: Workforce Series (part 2)

Jun 11, 2017

Many sources predict that 40% of our workforce will be freelance in the coming years. This is part 2 of my 3-part series on Workforce.

The “gig economy” is changing the face of work in the U.S. Currently about 1/3 of workers are doing part or all of their work from home. This number is expected to rise, and as I said at the top of the show, 40% of all workforce will likely be freelancers in the coming years.

This means a few things for businesses here and all across the country. First and foremost, you are no longer just competing for employees with other businesses in your community. More and more talented individuals will have opportunities to work for companies and live anywhere they want, including southeast Missouri. I know several smart people living in our community working remotely for companies outside our area.

Another trend I hear a lot about is the changes that come with the millennial generation. There’s a lot of information out there on the topic, for instance it’s reported that this generation has three times the number of narcissistic personality disorder diagnoses as the baby boomer generation. Conversely though, this is the most educated and tech-savvy group of workers we’ve ever known. Bottom line is this, millennials now make up the largest portion of our workforce and the things they value in a workplace are very different than those before them. We can argue about who is right and who is wrong, but time will give this win to the millennials, those moving into management positions while other generations are moving into retirement.

None of this is easy. Shortage of available workers, increased competitiveness for talent, changing views of work…businesses are facing workforce challenges they never imagined they would face. Next time, we will talk about what lies ahead.