Alright, so let’s say we all agree with the problems we’ve read about so far. Now what?
Should we wait for DoorDash, Instacart, Uber, etc. to wake up one day to realize this? Or should we wait for 50 states to individually debate and pass new legislation to address this?
NO and NO
Gig companies will not do this voluntarily until they’re forced to see the value we described in previous posts.
State governments will likely take too long and many will get it wrong in trying to address this, with significant negative consequences (think about what happened in California with AB-5).
But we’re not satisfied with idly standing by and waiting. We have a better plan.
Companies in any industry have one fundamental thing in common. Their #1 priority is to look out for the interests of their shareholders. Naturally, we all want these companies to operate in a way that is sustainable because as gig workers, your livelihoods could depend on it. BUT, we’re not satisfied with gig workers being viewed as secondary stakeholders.
So in trying to solve this, the answer became quite obvious.
What if we could turn every gig worker in America into a shareholder of these companies?
At first glance, the idea seemed impossible, or at least impractical. But being as stubbornly focused as we are, we forced ourselves to find a way to do this.
Owning stock* — or shares — in companies like Uber, Lyft, DoorDash, and Grubhub (the 4 that are currently publicly traded) changes the equation. As a group, gig workers could represent a huge voting block, and they could earn additional economic benefits from being owners in the companies that they’re helping power.
This idea was too good to pass up. So that’s what we’re doing.
Through Moves and our partnership with Bumped Financial, gig workers will be able to earn stock in these companies. And the cost is on us.
Why would we do this? Again, we’re in it for the long term. We see a gig worker who owns stock as a gig worker who will stick around. For us, that means we get to hold onto you as a Member for longer. And that’s valuable.
But the idea doesn’t stop there.
Ok, now you own some stock. That’s awesome. And we want you to be able to continuously accumulate more stock. So if you continue working in the gig economy, and these companies continue to perform well, your interests become economically aligned.
But there’s also power in numbers. Gig workers stand in the millions. And as a group, you’ve never been organized before.
We see our ability to leverage that collective power and voice to force change that is mutually beneficial and sustainable.
Owning stock is a unique thing. Not only do you get an economic stake in the business’ performance, but in practice, you’re an owner of the business — even if just a small one. And owning stock means you get a say in how decisions are made.
Now, what do we get if we coordinate millions of small owners? We get a voice. A voice that can’t be ignored, and a voice that can demand change.
That’s where we come in. Moves will stand on behalf of its members to represent that voice. And we’ll do this through every legal mechanism available to stockholders.
Every year, public companies, including Uber, Lyft, DoorDash, and Grubhub, are mandated to have Annual General Meetings of their stockholders. At those meetings, stockholders can put forward proposals and force companies to make changes.
For the first time ever, we’re working to give gig workers a voice that can be heard at those meetings.
And that’s just what we have in store in the coming year. Read more about our long-term vision, where we go from reacting to the powers of the gig economy to turning workers into that power.