The Spark Partners dive deep into one of the biggest marketplace trends, the Gig Economy, with their discussion brought on by California’s Assembly Bill 5 (AB5) that’s impacted tons of workers and businesses, like Uber and Lyft. The law passed in 2019 attempts to redefine independent contract workers as employees, going against the growing trend of gig work and the age of information that we live in today. We no longer need the established employer-employee model needed to run the obsolete industrial economy. It’s time for business leaders, government heads, and even unions to embrace the gig economy and gig workers’ needs for the infrastructure -- access to resources such as healthcare, workers’ compensation, and unemployment insurance -- to be successful. Unlike traditional employer models, the gig economy enhances adaptability for all workforce participants, and allows entrepreneurs to redirect their time and resources towards maximizing their VALUE. When will you enter the gig economy?

Thinking Points:

• How can you shift your business to adapt to the gig economy?
• Can you adapt to the gig economy AND the other three major trends dominating the marketplace?
• What resources and expenditures could you save by utilizing gig workers in your business rather than formally hiring employees?