Tag: Uber

Where we do business, who we do business with, and how we work are all changing. The rise of the gig or sharing economy – and the burgeoning success of apps like Uber and Airbnb – is creating a new breed of workers.

In this new economy middle man roles are eliminated or diminished, and people have no set hours or ongoing commitments.

Contractor life might sound great, but there is a degree of uncertainty that comes with not knowing how much you’ll make week to week.

Despite some of the obvious downsides – like no employee benefits – it’s estimated that some 150 million workers in North America and Europe are working as independent contractors – and the success of tech service platforms like Uber are at least partly credited with this transition.

But what challenges and opportunities does the gig economy present for leaders? Here are four key areas I’ve identified that need attention.

Staff Retention
As many of the best and brightest shift to working for themselves, staff retention will be a big challenge for companies. Team continuity is highly desirable, but a report by McKinsey recently found that “knowledge-intensive industries and creative occupations are the largest and fastest-growing segments of the freelance economy”. One potential solution? Adopting a startup mentality, often characterised by a culture of idea sharing. Creating a mission-driven culture where there is room for innovation and experimentation will help to keep your team engaged – and benefit your business.

Embrace Technology for Good
Technology – and especially mobile technology – is a major element of this new ‘gig’ economy, but leaders should be discerning about how, why and when a business will use technology. The end goal should not be digital disruption, but the enhancement of the end-to-end customer experience. The imperative to use technology to improve efficiencies should be balanced against the need for quality human connections. Leaders will need to reflect on the end-to-end consumer experience to a greater extent and ensure a client-centric model underpins all interactions. Ask: What opportunities do we offer for personal connection with our consumer? Stakeholder feedback will be critical too.

Innovation Isn’t Just an App
New technologies are an important aspect of modern workplaces, but they’re only part of the story. While uberisation – defined as “a different way of buying or using [a service], especially using mobile technology” – has its place, it isn’t relevant to all people and all businesses who want to use a service. Leaders must keep their target consumers’ needs front of mind, and can also consider some of the other ways to innovate as a business. Co-creation, waste minimisation and partnerships are some of the ways companies can implement innovative practices into their business. You can also check out this article I wrote recently about nine innovative consumer trends.

Accept the Pace
The pace of change is perhaps one of the biggest challenges for businesses across the board. In 2019 artificial intelligence (AI), augmented reality (AR), apps, drones, and advanced robotics have all become mainstream tech vernacular. Allocating and respecting the time and resources needed to think creatively as a business is essential. Leaders must accept that continuous innovation in business is no longer a choice. And continual review and assessment will be vital to getting it right.

As consumers, the gig economy means more choice and greater convenience than ever before. But, more than ever, businesses and leaders must ensure that you bring your team and customers along for the ride. This means balancing the need for fast-paced innovation against cultural considerations, and constantly assessing our end-to-end experience from both a technological and human experience perspective.­

‘Collaboration’ has long been a buzzword in the business world.

Companies recognise that remaining relevant requires not only internal collaboration and team work, but also collaboration in the form of partnerships with other organisations.

Defined as “the situation of two or more people working together to create or achieve the same thing”, collaboration makes good business sense.

Consider the success of fast fashion retailer H&M’s collaborations with luxury design houses such as Balmain and Versace, or Uber and Spotify’s value-add partnership that allows you to connect your Spotify account to your Uber car’s radio.

But with great reward often comes great risk. Collaboration can be seen as a smoking gun means to achieving greater brand awareness and financial rewards based on a partnership vision that focuses too heavily on the ‘what’ – the strategy – and not enough on the ‘how’ – the tactics, or fails to adequately recognise the risks.

In these cases, the results can be disappointing. Loss of autonomy, dilution of your brand, lost time and resources, or a negative impact on your brand’s reputation, are just some of the risks.

So today I’m challenging you not to mention the ‘c’ word without first taking these six steps to determine whether you or your business are really in a position to commit to a collaboration.

Do so and you’ll be well on the way to more successful partnership opportunities that yield better results for you and your partners.

  1. Time is of the essence

The first key question you should consider is whether you have the time and resources to nurture a collaboration opportunity. You should consider the potential drain on company resources, both in terms of the number of hours key staff would likely spend on such a partnership, and upfront financial costs. Remember that the drain on financial and company resources is often greater than expected.

  1. Identify your processes

Before entering into any external collaborations or partnerships, you should identify your processes for critiquing the value of your collaboration. Ask: what am I seeking to get out of the partnership first and foremost? Once you know this, you’ll be able to deduce how best to measure this  – whether it be greater brand awareness, a spike in sales of a particular product or service, or customer satisfaction levels.

  1. Leverage your strengths

When negotiating any partnership, be sure to know your strengths. Consider both your access to knowledge and people. For example, you may have a small team, but you could have expert specialised knowledge that is particularly valuable to a potential partner. Alternatively, you may have a broader organisational focus, but perhaps you have the people power to support this work and do more of the heavy-lifting. Knowing and leveraging your strengths before commencing negotiations with prospective partners will ensure you get a better deal for your business. Be prepared to ask yourself and your team the tough questions about what you bring to the table as an organisation.

  1. Mind the gap

Also be aware of your skill gaps – and ensure you partner with an organisation that doesn’t have the same gaps as you. Consider whether you have complementary skill-sets, and creative ways to bridge any skill gaps.

  1. Better off alone?

Finally, assess the ideas and opportunities that collaborations offer and weigh these up against the potential challenges. Ask yourself: am I really better off collaborating, or could I/we be better off alone? Consider what you could do with the resources required for your collaboration if you decide not to go ahead. Which option is more favourable from a commercial perspective? And don’t forget to consider brand reputation and PR risks. LEGO’s collaboration with Shell is one example of a company failing to recognise the PR risk of such an association, as attitudes to Shell’s environmental practices have shifted over time.

  1. Trust is a must

Finally, weigh up the ‘co-opetition’. The term, utilised to describe collaborations with organisations that would often be considered your natural competitors, sums up the need for trust. In order for partnerships to be truly successful, all parties need to be willing to share ideas and insights. At the same time, protecting your IP and business plans is essential to mitigate unnecessary risk.

So, be sure to exercise consideration and caution when using the ‘c’ word. While collaborations aren’t for everyone, successful partnerships can offer immense value to all parties.

I’m interested in your thoughts… Do you have a favourite company collaboration? And are there any other considerations you would weigh up before using the ‘c’ word?