February 26, 2020 Topcoder CEO Mike Morris Discusses the Future of Work on Bloomberg Radio

The skills market is undergoing a complete structural change and the future of work is under scrutiny. As headlines of low unemployment and hiring challenges blast across major networks, businesses find themselves amid an ongoing talent shortage. In what SHRM calls “The Global Skills Shortage,” 83% of HR professionals express difficulty finding suitable candidates in the job market. In fact, there are currently fewer people looking for work than there are job vacancies — leading to a significant job drought that’s forcing major organizations like Apple to turn to acqui-hire deals and disruptive work models.

However, there’s a strange variable at play in the middle of this skills crisis. Intuit predicts that 40% of American workers will be freelancers by the end of 2020. By 2027, that number is predicted to jump up to 50% of the total workforce. How can we prepare for an environment where half of workforce-ready Americans are working outside of the office?

As brands embrace the overwhelming technological changes of the fourth industrial revolution, and companies crave skilled tech talent in the drought-like workforce, solving the skills crisis is paramount to the global economy. But what if the answer to our current lack of skill lies in the gig economy itself?

HOW THE GIG ECONOMY CAN SOLVE THE TALENT GAP

Over the past few years, many businesses have turned towards cross-skilling and up-skilling to help them survive the talent gap. Others have even invested in best-in-class benefits packages and cultural changes to entice talent to join their crew. But perks and training don’t address the core of the current talent market. People are simply working differently than they did in the past.

The growing horde of freelancers craves the freedom, individuality, and challenges that come with working from home. Instead of thinking about how to lure new talent to your organization, organizations need to rethink their talent model. These freelancers and gig workers don’t lurk on job boards, either. They gather on on-demand platforms that offer new projects and exciting challenges.

Hear from Topcoder CEO Mike Morris as he discusses the future of work with Carol Massar on Bloomberg Radio.

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