S8 E4 The rise of individualism and what it means to you as an employer with Jeremy Gray

People are rethinking about the sense of agency they have over their lives. The continued rise of the side hustle or gig economy has made it easier to seek out new income streams. The increase in the “me vs we” mentality will have implications on how organizations lead their employees. Covid has been with us for nearly two years which has changed we live our lives. People are rethinking who they are, what matters to them, and they are in many cases finding the confidence to show up as themselves rather than what society previously expected of them. In China there is a movement called “tang ping” which means lying flat. The movement espouses the idea of being content with attainable achievements rather than overworking. A rebellion against the 996 culture; working from 9:00 AM to 9:00 PM six days a week. It is increasingly being accepted that admitting you are not OK is no longer a sign of weakness. A study found that 53% of executives reported struggling with mental health issues at work. 76% of employee believe that their employees should take more responsibility for their mental wellbeing As economies opened up the job market has swung to one of demand. People are leaving their jobs before finding a new one. Taking the time to reconsider their personal priorities. The Great Resignation. Globally over 40% of employees are consider changing their jobs in the first half of 2022. In China and Vietnam factories are struggling to find workers, partially due to Covid concerns but also due to changing priorities. In the UK job vacancies reached a record high of 1.1 million, here in Singapore there are nearly 3 jobs for every one job seeker. Employers are not only competing with each other; they are competing with everything else people want to do with their lives. The ability to take on a side hustle is becoming easier thanks to technology and platforms enabling people to turn themselves into businesses. Anyone can use a no code platform to set themselves up an e-commerce retailer. This has grown into a $100 billion business and is set to grow. However, achieving success in such a crowded market is not easy. Employers are struggling on how to manage the new normal as societies open up. Contrast Deutsche Bank calling for the end of remote working while Australian Canva announced new flexible working arrangements that means that employees only need to be in their office 8 times a year. Spain recently passed legislation preventing employers contacting employees outside working hours. Employers face a leadership challenge. They need to balance the flexibility offered to individuals with the needs of the team and the organization. The need to attract and retain talent while accepting that employees are reducing their dependence on their job for income. Business culture needs to reaffirm the “we” in today’s me over we culture. Business is a team effort and leaders need to emphasize the value of teams, and the importance of engagement innovation and creativity. For brand owners people desire to have more control means they might seek more information when making a buying decision. They wish to make an informed decision about what is right for them. This gives brands an opportunity to guide people in the purchasing journey by helping find the information they are seeking. There will be business opportunities as the gig economy continues to grow. The infrastructure to support the platforms, the ability to deliver an audience to content creators. Services such as helping to finance a house purchase will benefit from a fresh perspective. The traditional mortgage model is based on the concept of permanent full-time employment. Similarly, insurance and health care.