If your company/business pursues #costsavings, #flexibility, #agility, #nostrings, and #highlyskilled workers, the gig economy is for you. Irrespective of the name you wish to assign to this type of economizing, the notion of work and worker has most definitely undergone a paradigm change. In the USA alone, it is predicted that by the year 2030 gig work/workers would form about 80% of their economy. Businesses across the world are applauding this shift and the working population is certainly curious / interested. The gig economy globally offers the second highest number of work opportunities – putting it in perspective this translates to the fact that a 1/3 of global workers operate within this economy and transactions poised to rise from $204 billion to $455 billion in the year 2023! These figures corroborate the fact that there is at least a 90% adoption rate in companies that love this concept.
Why Gig Work is Popular?
Today, work sensibilities and people mindsets are demanding a different kind of effort to attract and retain them. People would rather choose the kind of work they want to engage in, prefer working on varied assignments with flexible hours, and receive payment akin to full-time roles. This may seem ‘unfair’ from a business perspective, but unless a company is able to offer a unique and positive work experience, it will become harder to attract and retain top talent. While an air-conditioned environment, free food and beverages, and other such perks might be a good start, but do not suffice. People seek companies with ethical business practices, values, and a culture that is respectful. With digitization, transparency is a given whether companies want it or not – hence they must comply with public consciousness or face the consequences. Gig work/workers are therefore, becoming more popular and it seems as though companies are enjoying this too.
Why Companies Love Gig Workers?
- The gig economy is popular not just for the ‘big boys’ but also for smaller businesses, since it enables them to compete with giant competitors using the same technology that made the bigger companies what they are today. Companies such as #Gigmos connect service providers with customers and companies, automate the communication, optimize tech and customer support, and integrate payment with all of this on a single platform. This in turn allows small and medium enterprises to not only stay competitive, but also attract some of the best talent available in the market. The gig economy bodes well for small businesses since they can work with the bare minimum number of staff until they need a bigger workforce to compete with their massive competitors. This is when they can employ some of the best talent – offering a good project and payout – and #Gigmos makes this task a lot simpler and structured.
- Loving gig work/workers is also a result of the massive positive impact it has on the bottom line – there is a reduction of up to 20% in labor costs due to employing short term/gig workers. Companies, especially the smaller ones, are able to save on headcount, full-time payroll, and other benefits that full time employees receive. In addition, their full time employees who are hired for specific tasks are not burdened by additional work, which in turn prevents burnout and attrition. #Gigmos for example, enables companies to find skilled and experienced professionals for their short term assignments, while providing companies with top tech and customer support. As an AI enabled platform, Gigmos.com is secure and easy to use.
- The gig economy enables and supports flexibility – not just for the most significant contributors (92% are millenials) but for every age group. Flexibility is sought after and much loved by all – smartphones and other mobile devices ensures connectivity all the time. By affording importance to gig workers, employers gain the edge because of the speed, innovation, and top line services they can include in their business. In addition, with the number of people working within this economy, companies have access to a much larger pool of specialized, diverse, and skilled candidates.
- There are several industries/companies that undergo seasonal ‘highs’ – during which even with the entire workforce pressed into service, they are unable to meet customer/service demands. There are several jobs that spring up especially during the holiday season, and these jobs require people to undertake these temporary roles. With the gig economy, companies can hire the required number of people required for the project alone. Perfect example of the benefits of hiring gig workers!
- There are times when despite the most rigorous hiring process, candidates and companies realize the ill-fit of the ‘relationship’, but might need to continue for a while before ‘breaking the contract’. One of the most compelling components of the gig economy is that both the workers and the companies can work together in an attempt to ‘test the waters’. This is especially useful when hiring for creative roles such as writers, graphic designers, and others. With time, if the ‘relationship’ shapes up, companies and the workers would be better placed to discuss different working possibilities. Win-win for both!
Technology and top line tech support have ensured that anyone can be part of the super exciting gig economy ecosystem, with smart devices. Scheduling appointments, negotiating wages, work discussions, and all other essential communication for a particular assignment has become accessible, easy, and secure. This economy seems to be the future of work across every industry and job sector. #Gigmos can help you know more – connect with us.