Making the Gig Economy Work for You - with Diane Mulcahy

Are you tired of the grind of the 9 to 5 world? Maybe you’ve dreamed of working independently from home as a consultant, freelancer, or independent contractor. Chances are that you envision the opportunity to maintain a healthy income combined with increased flexibility, autonomy, and control over your own success. The gig economy may hold the answer for you. Don’t miss today’s show to find out more!

 

Diane Mulcahy is here to discuss the flexible work force, the future of work, and what people should consider if they want to make the leap from full-time employee to well-paid gig worker. Diane is a writer, speaker, consultant, and a current adjunct lecturer at Babson College. She is also a Senior Fellow at the Kauffman Foundation and the author of the book, The Gig Economy. Her class at Babson on the gig economy was named by Forbes as one of the Top Ten Most Innovative Business School Classes in the country. Her work on the gig economy has been featured in numerous publications, including Forbes, The Harvard Business Review, The NY Times, The Wall Street Journal, PBS, and as part of NPR’s future of work series, among others. 

 

Diane’s background as an innovative thinker

 

After attending Harvard for both undergraduate and graduate school, Diane knew right out of college that the traditional style of work was NOT for her. She wanted ways of working that provided more geographical flexibility and more flexibility in working with a variety of projects, assignments, and people. Diane eventually figured out how to make this work, and she has been working independently--and NOT in an office--for over a decade. In “practicing what she preaches,” she has created an interesting portfolio of creative gigs over the years. 

 

What is “the gig economy”?

 

Diane begins by explaining that the gig economy is NOT Uber drivers! The gig worker is anyone who is not a full-time employee in a full-time job that might function as a consultant, independent contractor, freelancer, part-time worker, and on-demand worker. Don’t think of the gig economy as a marketplace for disposable labor, because it actually covers a wide range of income levels, education levels, and a huge number of industries and sectors of the business world. Skills diversification is easier within the gig economy because of the online learning opportunities that are available to help people acquire specific skills. Labor platforms exist for these workers in which specific skills and job experiences are targeted. 

 

The pros and cons

 

You might look at the gig economy and think it’s a glamorous world! Diane says the glamour comes from the control you have over your life and the freedom to decide when and where you work best. Diane loves to be “geographically agnostic,” not having to be in the place where her employer or client is. What independent workers love is being autonomous, flexible, and having control over their work and their schedule. One drawback is that the transition from full-time work is challenging and managing the “small business” aspect of this work can seem intimidating. If gig work is for you, Diane says you have to exercise personal preference in what you like to do, then try to minimize or outsource everything else.

 

How the gig economy works for procrastinators

 

Like anyone who works from home in any capacity, being a gig worker can be difficult for those who tend to procrastinate. Not having set demands on your location, schedule, and work can be too much freedom if you’re not careful. Diane says that having clear deadlines works well for motivation, even for interim work. Some have found that working for a specific amount of time and then giving themselves some kind of reward is beneficial. You have to figure out what works best for you in managing your energy and focus. Fortunately, there are many apps that can help you set goals, manage distractions, and even allow a virtual ( or literal) co-working experience. 

 

Job security vs. income security

 

Diane says that there is no job security anymore in full-time jobs, even for the best workers. You have to face the velocity at which our current economy moves and how rapidly companies can change through takeovers, mergers, acquisitions, and startup failures. It’s simply a myth that you’ll have job security if you’re a good worker. For income security, you have to evaluate the lifestyle you live vs. the lifestyle you want. Consider your priorities, values, and what success really means to you. Step back and look at the fundamental building blocks of y