COVID-19 provided us with alternative work methods. The GIG Economy’s demonstrated by its ability to maintain the economy. Future firms have the choice to incorporate a diverse workforce.
The USA Gig Economy presently employs 59 million people. These “alternative workers”—freelancers, gig workers, and crowd workers are anticipated to make up the bulk of the USA employment by 2027.
Because it gives access to a specialized set of talents and temporary processing capacity while lowering the resource expenditure it has opened up new possibilities.
Organizations will be able to maximize their return on talent investments by utilizing the appropriate resources at the appropriate time by incorporating the alternative, on-demand workforce into their operations.
GIG Workforces – Who Are They?
GIG specialists are also referred to as independent contractors, a short-term labor force that frequently works with on-demand platforms like Uber, Instacart, Gojek, etc.
They are essentially independent individuals that work flexible hours. These employees typically work as delivery drivers, taxi drivers, and door-to-door service providers for customers.
Some businesses favor gig workers because they don’t want to bind their workforce to the company. When there is a severe personnel shortage, these talented workers are excellent at filling skill gaps.
Why GIG Workforces Are Favoured By The Organizations?
The Pandemic has significantly improved the ratio of the gig economy. In actuality, it served as the main justification for hiring workers on short-term contracts. Also, it has been mentioned in a few news publications that experts left their conventional jobs to join the GIG Economy. Businesses find hiring gig workers appealing because it allows them to build an agile fleet of independent contractors prepared to react rapidly to market changes and fulfil consumers’ increasing expectations for an ever-quicker service.
How To Be The Part Of Flourishing GIG Economy?
- Offering flexibility and purpose
To remain in the trend it is essential for organizations and HR Professionals to adopt an agile and flexible mindset. The ability to work on their terms is one of the main requirements of the gig generation. Independent and gig workers frequently look for businesses that provide flexible geographic locations, fewer time constraints, and improved access to virtual technology.
The realities of the changing workplace can’t be accommodated by traditional approaches to workforce planning. Instead of focusing on people, companies require restructuring their workforce planning on skills.
- On-board people based on their performance metrics
Performance evaluation in the gig economy cannot use conventional techniques because gig employees need a feeling of meaning in their work. Instead of breaking down key performance indicators into individual activities and evaluating how well they were performed, performance measurement for gig workers needs to focus on value creation.
The new people’s performance measures will more and more rely on a system of support that enables gig workers to provide and receive feedback.
- Revise the policies and compensation benefits
Living from one pay check to another is challenging. Waiting two weeks to get paid is not ideal when these jobs call for less regimented hours. Because of this, it’s crucial for businesses adopting the gig economy model to provide rapid and hassle-free payment options on the workers’ preferred channels.
Another key thing that HR Professionals need to rethink is compensation. Offering compensation benefits to the GIG Workers can bring immense value to your company.
How To Thrive In This GIG Economy?
Companies will be in a better position if they can offer engaging experiences that will develop gig employees and their talents.
Launching an on-demand app like Uber and Gojek shall enhance your position in GIG Workforce. Businesses will be better equipped to manage and sustain labour expenditures and projects relating to certain abilities the sooner HR policies, organizational efforts, and programs are established with gig workers in mind.
Businesses must provide business managers early data on available skills and assist them in selecting which sort of labor to engage with when intending to fill a job in order to enable a flexible attitude on gig workers. Employers will need to devise plans to swiftly discover and retain the best talent if a rising proportion of the workforce continues to shift to the GIG Workforce.