I've Heard of It, But What Is It?: The Gig Economy The Gig Economy The Gig Economy The Gig Economy

THE GIG ECONOMY
What it really is and how it will affect us.
I’ve heard of it, but what is it?

The gig economy –as the name implies– is work that’s performed usually in a collaborative or
sharing environment, and rewarded on a project basis which is short term in nature. Wow, that’s
quite a mouthful.
Okay, let me try that again in simple English. It’s basically the Freelance Market. Wait, I think I
can do better. Try, On-Demand Workforce. One more for the road - Freedom Economy.
"I’ve got a gig coming up," was something we’d usually hear an artist or band say when they are
hired to perform.In the old days before the rise of apps such as Upwork, Uber or even Craigslist -
if you were, say a handyman you’d be classified as a freelancer who took jobs on a project basis
and paid accordingly. It wasn’t really classified as a job in the office and you’d usually not have an
employer who would take care of your employment contracts or provided you an office space.
The Tide of Technology

Today, the middle man is no more. Customers (including employers) are connected directly to the
suppliers. In fact, in a recent study by CNN, the gig economy is a whopping 34% of the American
workforce. In a separate study by Recode, it's predicted that these numbers will double up in the next
four years!
Hang on, I’m not just talking about Uber drivers or web designers. It’s the whole lock, stock, and
barrel that can be found online these days; From gym trainers, dog walkers, chefs, part time
cleaners, food delivery, virtual concierge, copywriters, researchers, promoters, videographers, etc.
Let’s look at what’s happening around the

world
• By 2020, it is estimated that more than half of the American workforce will move into the Gig
Economy.
• It’s not just in America, The European Union saw a 45% increase in the number of
independent workers from 2012 to 2013.
• India’s independent workforce, the second largest in the world at 15 million, fills about 40% of
the world’s freelance jobs.
• According to a report by Upwork: Although the gig economy spans all age groups, Millennials
make up the largest portion:
o More than one-third of Millennials are independent workers.
o In 2015, Millennials became the largest demographic age group in the workforce.
o 32% of Millennials believe they will be working 'mainly flexible hours' in the future.
• In Singapore, the Ministry of Manpower has recognized the monumental increase in the gig
economy and has new surveys to monitor changes.
• The Malaysian government encourages its citizens to take more 'gigs.'
The Pros & Cons

There are always two sides of a coin. Let’s jog through this.The gig economy is about freedom,
passion, and usually less stressful environment (think Starbucks or WeWork space sharing).
The downsides are that there’s almost zero staff benefits, protection or coverage (i.e. medical, dental,
insurance) and that the income is unstable because it lacks a safety net (unlike a fixed income, you
don’t get paid unless you get a gig). Being a freelancer (unless you drive an Uber), chances are you’d
have to be a decent marketer because the better you are, the less you’d have to spend on marketing
yourself.
Making the Gig Economy work for you
Being caught in this tide means different things to different people. And since you’re in the Joey
Jo ey Yap
mailing list, you’ve already got an edge when it comes to gaining foresight and anticipating changes.
To apply the knowledge and tools of Chinese Metaphysics, I’ve broken it down into three groups (find
one that suits you best).
First, let’s touch on the downsides. Hiring, training, and retaining talent is going to be more
challenging than ever. If you think the quality of graduates is dropping but don’t know why – this is it.
Focus on retaining key staff and training them to recruit freelancers. This can be an upside for your
business. Freelancers value freedom and the ability to express their work. Using BaZi, look for staff
who score highly in The Director (Direct Wealth, DW) Profile as it represents the ability to manage
well.
Image 1 (Above): This BaZi Chart highlights a person's strength for The Director (Direct Wealth, DW) Profile at 89%. People
with high DW are great at creating systems and structures or anything that is process management. People with strong DW
profile tends to find it easier to see projects to fruition.
This is the golden era for entrepreneurs and startups. With the power of just your mobile phone, you
now virtually have access to a worldwide workforce of talent.
Focus on finding ‘co-founders’ or freelancers that can do the things you cannot. Sounds ironic, but
the key here is to leverage on someone else’s abilities and talents that complement yours (no one’s
strong at everything, that’s where your co-founder will cover you). I’ll give you an example if you’re
great at Programming but bad with marketing (The Artist Profile, Eating God, EG) then search for co-
founders or freelancers with such skills (The Performer Profile, Hurting Officer, HO).
Image 2 (Above): In this BaZi Chart, The Performer (Hurting Officer or HO) Profile is at 98%. People with high HO are good with
coming up with ideas and concepts. Being attention grabbing will be second to nature to someone with the HO profile. Sales and
marketing comes naturally to a person who has a high HO
Whilst I’m not encouraging you to moonlight, it is undeniable that now is probably the best time to
test your market with very minimal risk (you still have a secured job). There are two ways make this
work for you: (1) Become literate with the gig economy and how to capitalize and internalize hiring
your own army of freelancers and (2) Decide what you’re good at and start serving the market.
Focus on improving yourself especially in with knowledge and know-hows in repackaging and
marketing yourself. For non-millennials (Gen X, Y and Baby Boomers), it’s essential to be able to
understand what these changes mean and how technology should be embraced. For this purpose,
use the Great Moon Deity to seek the knowledge, wisdom, and understanding.
Here’s how you do this.
Step 1: Plot the Qi Men Hour Chart (it’s Free and can be found here at qmdj.masteryacademy.com)
S tep 2: Look for where the MOON is (in this example, it’s in the Southwest)
Step 3: Sit with your back against that direction
Step 4: Get into sage mode. Clear your mind, be in the present and find your equilibrium
Step 5: Manifest and ask for the knowledge you seek.
Image 3 (Above): Example of Qi Men Chart taken on 17 Jul 2017, between 11:00am to 12:59pm, has the Great Moon deity at the
Southwest (SW) Sector. With that, manifest for your desired outcome by backing at the direction of the deity as shown in the
image.

I've Heard of It, But What Is It?: The Gig Economy The Gig Economy The Gig Economy The Gig Economy

Uploaded by

Copyright:

Available Formats

I've Heard of It, But What Is It?: The Gig Economy The Gig Economy The Gig Economy The Gig Economy

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

I've Heard of It, But What Is It?: The Gig Economy The Gig Economy The Gig Economy The Gig Economy

Uploaded by

Copyright:

Available Formats

What is the gig economy?

What are some examples of gig work?

THE GIG ECONOMY

What it really is and how it will affect us.

I’ve heard of it, but what is it?

The Tide of Technology

Let’s look at what’s happening around the

The Pros & Cons

Here’s how you do this.

Step 3: Sit with your back against that direction

Step 5: Manifest and ask for the knowledge you seek.

You might also like