Continuing from last week's discussion on compensation and pay equity, it is essential to address the substantial issues surrounding the fundamental labor model of the conference industry. There are striking similarities to the US restaurant industry, where the structural economics are inherently flawed. The federal minimum wage stands at $7.25; however, for tipped workers, it is only $2.13. This legislative framework essentially permits restaurants to transfer the majority of their significant labor costs to their customers. Although the law stipulates that restaurants must compensate for the difference if tips do not meet the higher federal minimum wage, the entire industry predominantly relies on customers bearing this operational cost.
The parallel with the conference industry is evident: the labor is predominantly funded by others. Conferences heavily depend on speakers for the majority of the programming, yet typically do not compensate them for their time. It is assumed that in a corporate setting, the employer covers the speaker's time, and speaking at a conference enhances both personal and corporate branding. However, this poses a dilemma for individuals who are unemployed, self-employed or work as freelancers. Accepting an invitation to speak under these circumstances would essentially mean providing free labor to the conference organizers, as there is no corporate entity subsidizing their presence.
The question of "Why Should I Work For Free?" is a valid one. While it is not suggested that anyone should work for free, individual circumstances play a significant role in decision-making. If someone is in a well-paying corporate job with an understanding employer, speaking at a conference is a straightforward decision, with the company covering expenses. For others, it can be helpful to evaluate the situation through a different lens. Considering the ticket price of the conference and the overall content and value of the event can help to contextualize the decision. While the speaking opportunity may not be financially compensated, the value lies in the free ticket and the learning opportunities offered by attendance.
The worth of your time at a conference depends on various factors—access to a specific demographic, the potential for repurposing content, credibility enhancement, and the expansion of professional networks. The economic model of the conference industry may be flawed, but the opportunities for access and exposure are significant. Therefore, when considering speaking engagements, it is crucial to weigh all these factors and intangible benefits alongside personal ambitions and boundaries before making a decision.