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The equipment leasing and finance industry noted this trend and has made recommendations, as outlined in its 2018 Industry Future Council Report, “Preparing for Radical Customer and Employee Change Between Now and 2030: Gen Z says: use it, but don’t keep it Strongly influenced by the Great Recession of 2008-2009, the members of Gen Z are price-conscious, risk-averse and heavily influenced by digital transformation. Business owners don’t want to spend money on technology that may be outdated next year; but they don’t want to rely on last year’s outdated technology either. The equipment finance industry will need to embrace change and its accompanying technologies in order to adapt to Generation Z. Understanding this shift in values and needs will help business owners and lenders from all generations work together for the best solutions.

The gig economy, once characterized by blue-collar contingent employees, has recently grown with online options: drivers working part-time for Uber, nannies for hire through Care.com, and repairmen contracted by online home improvement sites. Diane Mulcahy, author of The Gig Economy, notes that these part-time contractors have quickly infiltrated white-collar industries including health care, finance, law and technology. From the aspiring film director who supplements his income with advertising work, to the teachers who find supplementary summer work, the staffing industry has seen significant growth; finding ways to provide online options will help them to stay relevant. Though most traditional staffing companies have options that offer benefits including health care, paid time off and retirement, because gig workers who secure work independently are often considered contractors they are not technically employees of an organization.

In contrast to large international corporations, the numerous small businesses operating in this sector often have a hard time budgeting for state and federal compliance requirements. If you require a larger cash outlay for a new sensor system, vehicle, IT overhaul or piece of equipment, you may prefer asset-based lending (ABL), which allows you to use your existing rigs, pumps, haulers, or other assets as collateral for flexible lending arrangements. Because the oil and gas industry is highly regulated and operates in a complex global economy, many variables can affect operational costs; therefore, it is wise for businesses to develop trusted partnerships to help manage their capital-intensive financing needs. To learn more about our flexible financing solutions that can help you manage compliance and operational costs, call Crestmark at 888-999-8050.

A McKinsey Global Institute report on automation and employment estimates that about half of all the activities people are paid to do in the world’s workforce could be automated by adapting current technologies. Christine Hoffman-Hicks of Staff Smart told Staffing Success Magazine that she hopes staffing and recruiting could become more automated, linking employers and employees using a Match.com model. It’s important to recognize that different skill sets may be required for emerging jobs, but it’s critical to define those skill sets and train employees to be proficient in them. In demand skills for the present, and for the future A presentation about working in the age of robotics from the World at Work 2017 Total Rewards Association Conference and Exhibition reported that the most in-demand cognitive skills are: design thinking, predictive analytics, and global mindset.