The Business of Work

Nadira Hira, Jason Dorsey, and Neil Patel discuss the money behind the U.S. workforce—how the workforce is changing to reflect the values of young people, and how to find your dream job without ruining your life.

Transcript
Close Disclaimer
The material provided on this website is for informational use only and is not intended for financial or investment advice. Bank of America and/or its affiliates, and Khan Academy, assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment options.
Close Transcript

Today, we’re discussing your career
which brings us to our next topic:

The Future of Employment.

Let’s go to our next stat.

Nearly half of adults in the U.S. have
participated in the “gig economy”.

Alright, let’s start off really basic,
Nadira, what is the gig economy?

- It's all of us having gigs, right?
- Okay.

Like, it’s not the going to work
in a traditional environment

and staying there for thirty years,

and it actually used to be

that people were very concerned
that millennials were changing that

and that we wouldn’t
want to stay at companies,

but now that’s more the norm,
right, across the board?

Yeah, the way we
would define the gig economy

would be taking
short-term assignments,

not necessarily
a good thing for millennials,

because it gives
them a lot of options,

but it can be harder to build
a long term career

if you’re not with a single company
over a longer period of time.

But isn’t that semantic, right?

Because if you’re in a big city
and you’re good in your field,

if you have a number of 3-6 month
stints and you put them together,

you’re a consultant, right?

You’re building a career but you’re
doing it around the things that,

because you’re doing it, rather,
around the things that matter to you

and the kind of work
you want to do in the long term.

And sometimes, you also
need some financial stability

to work in the gig economy,
right, Neil?

The biggest problem with it is that
there’s seasonality, there’s trends,

there’s things that happen

that you can’t control.

If a young person
were to ask you right now,

should I work in the gig economy
or should I take a full time job?

If you don’t have
a lot of responsibilities,

you have fun,
you want to travel, see the world,

you’re not worried
about building a career…

- So it’s less financially secure?
- Yes.

Hi, I’m Lisa.
So, I have a lot of friends

who are pursuing master’s degrees
to try to get ahead,

but it kind of feels like a scam
to me because of big investment,

so what do you guys think?

Neil, do you think
grad school is a waste of time?

There’s a lot of jobs out there
in which, in careers,

where it doesn’t matter
if you have a bachelor’s degree,

master’s degree or PhD.

You can learn from experience,

and I do believe,
in most cases, not all,

but learning from experience is
much better than going to school.

I often joke, you know, people
are like, “What did you study?

Did you go to journalism school?”

My degree is in poetry,
like, in being a poet,

and the only graduate work
I did was at bartending school,

and it’s worked out, right?

But it’s because I knew what
was necessary in my profession,

I wasn’t just trying to fill up the
space with degrees and with classes

to keep myself from
living my actual life.

Now I’ll tell you
there are positions

that you have to have
a master’s for, or a PhD,

and if those are
the positions you want,

then you kind of
have to check the box,

but I think that’s
really the question is,

not just the cost estimate,
not just the time commitment,

but that end result
on the other side of it,

what do you want to do with that?

And then if you have to get
the MBA, get the MBA

and if not, do it your way.

Today, we’re discussing your career
which brings us to our next topic:

The Future of Employment.

Let’s go to our next stat.

Nearly half of adults in the U.S. have
participated in the “gig economy”.

Alright, let’s start off really basic,
Nadira, what is the gig economy?

- It's all of us having gigs, right?
- Okay.

Like, it’s not the going to work
in a traditional environment

and staying there for thirty years,

and it actually used to be

that people were very concerned
that millennials were changing that

and that we wouldn’t
want to stay at companies,

but now that’s more the norm,
right, across the board?

Yeah, the way we
would define the gig economy

would be taking
short-term assignments,

not necessarily
a good thing for millennials,

because it gives
them a lot of options,

but it can be harder to build
a long term career

if you’re not with a single company
over a longer period of time.

But isn’t that semantic, right?

Because if you’re in a big city
and you’re good in your field,

if you have a number of 3-6 month
stints and you put them together,

you’re a consultant, right?

You’re building a career but you’re
doing it around the things that,

because you’re doing it, rather,
around the things that matter to you

and the kind of work
you want to do in the long term.

And sometimes, you also
need some financial stability

to work in the gig economy,
right, Neil?

The biggest problem with it is that
there’s seasonality, there’s trends,

there’s things that happen

that you can’t control.

If a young person
were to ask you right now,

should I work in the gig economy
or should I take a full time job?

If you don’t have
a lot of responsibilities,

you have fun,
you want to travel, see the world,

you’re not worried
about building a career…

- So it’s less financially secure?
- Yes.