The Income Reengineering Process states:
The Income Reengineering Process is the real time, collaborative and interactive economic research into how to apply the internet and other information technology to aggressively and systematically integrate entrepreneurship and wealth focused principles, processes and compensation models into the mainstream workplace to the point where we make the Income Reengineering Vision a reality in the mainstream workplace.
As illustrated in the diagram, the Income Reengineering Process is the transitional bridge leading the workforce away to the old industrial age paradigm of hourly wages and salaries toward the new information age Empowered Employee Compensation Model (EECM). The engine of the Income Reengineering Process is the Social Production Online Work Environment (SPOWE) noted below.
With this SPOWE system, people can work part time online, earn and build wealth using the same primary resources associated with the Empowered Employee Compensation Model (EECM). This online activity also serves data feeding the economic research associated with the Income Reengineering Initiative with the ultimate goal of proving or disproving the feasibility of the Income Reengineering Vision.
Here’s the play by play on how it works:
- Play #1: First, we use the power of the internet and social media to introduce and teach the SPOWE system and the income reengineering initiative and vision and bring on thousands, eventually millions of people from all walks of life and professional disciplines to help support, crowdfund and bring the vision to life. Entrepreneurs positioning themselves as Staffing Partners will lead the way in this promotional and educational effort. This activity originates under the marketing and promotion umbrella Future Millionaires Online (FMO). However, as we move into Play #2 and beyond, all activity takes place under the organizational banner Income Reengineering Business Development Network (IRBDN). IRBDN is a membership based organization who’s mission is to conduct the necessary research required to bring the Income Reengineering vision to life to the fullest extent possible;
- Play #2: As people come aboard, they position themselves professionally in the SPOWE system to collaborate on business project part time. The objective of these projects is to form new co-owned enterprises where people can work online part time and build wealth. These enterprises are 100% owned by the part time workers. Note: co-owned enterprise is at the foundation of the Empowered Employee Compensation Model (EECM);
- Play #3: Each participant contribute professionally to online worker enterprise activity as an independent contractor, consultant or entrepreneur and they contribute within their field of expertise or field of interest. They earn income in the form of productivity based compensation, ownership equity and residual income equity benefits as defined earlier. This compensation is possible because this is peer to peer where people collaborate among themselves independent of traditional corporate control;
- Play #4: All worker owned enterprises are crowdfunded by members of the Income Reengineering Business Development Network (IRBDN);
- Play #5: Entrepreneurs and professionals who choose to contribute professionally as Originating Partners will brainstorm and write the business plans required to crowdfund, run and staff these worker owned enterprises;
- Play #6: When the system is in place, anyone can simply show up for work part time online as an independent contractor, consultant and/or entrepreneur, work within their field of expertise and earn income according to three compensation models. Ownership equity and residual income equity benefits are wealth building benefits, which mean people can work online part time and build significant wealth over time. This is especially true with residual income equity benefits where people continue to earn income for a specified period of time even after they no longer work on a given business project;
- Play #7: With this level of extra income and wealth coming in part time, it will be easy for people to use a percentage of this income to paydown bills, build-up savings and generally build a financial foundation leading away from paycheck to paycheck dependence;
- Play #8: As people build up their financial foundation, many will say to themselves why continue to work for a mere wage or salary when I no longer have to. When this happens, many will seek full time employment where they can earn income in form of productivity based compensation, ownership equity and residual income equity benefits;
- Play #9: At this point, the economic fruits and business development activity from this online peer to peer system will expand beyond just online and into the mainstream business sectors where people can work for one of these worker owned enterprises full time. Also around this time, the virtual income machines will come online where people can IMMEDIATELY get funds to pay down bills, build up savings and transition quickly into full time employment with one of these worker owned enterprise.
- Play #10: Over time, traditional companies and corporations will find it hard to find and keep qualified workers willing to work for a mere hourly wage and salary. As a consequence, companies will aggressively consider integrating similar wealth focus compensation into the workplace. This will be a WIN-WIN for both employees and companies:
- Individuals/Employees: What better way to convert your workplace skills, education and work experience into a profitable business than to do it within a comfortable 8 to 5 environment using the facilities, assets and business relationships of an established company or corporation?;
- Companies/Employers: What company, corporation or employer wouldn’t welcome the notion of having highly motivated and productive employees who are willing and financially able to work independent of an hourly wage or salary in lieu of a pay structure tied to real time productivity, results and a percentage of company profits. This is especially true considering that fixed payrolls often represent over 60% of operating expenses?
The bottom line: This transition will happen naturally as people use the internet and the virtual income machines to build wealth and establish a strong financial foundation leading away from paycheck to paycheck dependence. To this end, a critical part of the research is to field test, evaluate and modify, as applicable, play #2 thru play #6 and ultimately the virtual income machines as we seek to move the ball down the field toward reaching the vision or it’s natural economic conclusion.