Page 36 - GS170101

CoverStory

Alternative work is nothing new. The mechanics behind
it are what's shifting. "We've had independent contractors
and freelancers, but they were all individuals working
on their own and trying to find jobs on their own," said
Michael Ting, Senior Vice President of Digital Markets
at Hyperwallet Systems Inc., whose firm initially built
its platform to manage cross-border payments for the
direct selling industry, but has since expanded.

"What these new companies have done is essentially
create a platform for people to showcase themselves
and to acquire jobs," he said. "It also enables people
of all skill levels to participate." He added that newer
independent contractors are often unaware of the
business implications, which means the demand for
products and services aimed at providing business
management tools for this labor force will generate
opportunities for experienced providers.

Experts have indicated that the on-demand niche is
one of enormous scale. "There have to be companies
like Hyperwallet and others that are bridging that
gap between the legacy payment infrastructure and
financial services infrastructure, and allowing it to be
usable for the new type of companies and new type of
workers we're seeing today," Ting said.

He noted that most companies in the digital marketplace
and on-demand space are technology companies first,
so they prioritize technology. "It means that all the
partners within their ecosystem have to match the
advanced level of sophistication and the ease of use of
their technology," he said. "When they plug into our
platform, behind it is a global payment network that
allows us to transfer funds to bank accounts in over 90
countries."

Outside the gig economy, hiring across the board for
U.S. employers appears to be robust. ManpowerGroup's
national net employment outlook for Q1 2017, derived
by subtracting the percentage of employers planning
to hire from the percentage expecting decreased hiring
activity, stood at 16 percent with all 13 industry sectors
surveyed planning to increase payrolls.

"This is a positive sign for job seekers and the economy
at the start of 2017," said Kip Wright, Senior Vice
President of Manpower North America "But not all
skills are created equal. We continue to see significant
differences between industries and employers
demanding increasingly specific skills to fill positions."

Consumer spending outlook

At the end of 2016, the value of U.S. consumer assets
totaled more than $100 trillion, creating optimism
that opening of wallets will continue into 2017. "Third
quarter total consumer assets were $103.8 trillion,"
LaBrecque said. "To put that in perspective, in the first
quarter of 2009, they totaled $68.5 trillion. And the debt

36