I’ve set out what I see as the revolution towards individual’s commercializing their own earnings power in multiple ways. There are already many signals that this is happening – recent data suggests one third of the US workforce is involved in the gig economy, many alongside full time or other employment. And that’s only likely to be a sub-set of those involved in this – many of the traditional ways we measure how people work are dependent on tax status – and many of the newer ways to earn money aren’t easily picked up by tax assessments.
So I’ve been thinking about what the commercialisation of earnings power means for individuals, corporates, government and society: here’s some of the impacts that are likely from the evidence today (these will be the tip of the iceberg as we look back over time I suspect!).
Individuals
· People will have a broader perspective on the range of possible income sources they could have: – choosing how many to engage with, and which routes to earn money will depend on their risk appetite, their stage of life and economic / social circumstances, their knowledge of those opportunities and skill sets accessible to them.
· Purpose has been discussed a lot as a driver – it will definitely come into the equation, but what the term will cover for each individual will I suspect be very broad, and not easily classified. Values may well be a more pertinent label – but even that probably will be hard to define. Nor do I think it will be the sole driver – just one of the multitude of variables that people will consider when making their choices
· Influencers and communities of interest will I think become increasingly important in those decisions: – for example, at a very crude level, gaming and esports as a revenue generator is attractive partly because of the community involved – very much a community of shared interests. And, where those with highly developed competitive instincts can hone and apply those rigorously.
This then raises all kinds of interesting questions around relevant skill sets and how to continue developing those, financial responsibility, access to (and information on) potential opportunities, where networks and relationships fit in etc etc
Curious about change 