Three ways to seize the gig economy in today’s workplace
The rise of automation and artificial intelligence is gradually taking up routine, mundane daily tasks from employees, giving room for the modern workplace to offer more meaningful skills-based jobs. In terms of talent acquisition, corporations nowadays tend to value flexibility when adjusting to fluctuations in business needs. This leads to the rise of an on-demand, freelance workforce that many now call “gig workers”.
High-profile businesses making use of this trend include Airbnb and Uber, which are largely credited with the expansion of the gig economy by connecting workers to part-time jobs or leased assets. Enabled by technology advances, the constantly evolving gig economy is bringing great changes to traditional human resources (HR).
Research shows that up to 162 million people, or 20 to 30 per cent of the working-age population in Europe and the United States, have been engaged in some form of independent work. Today, working a “gig” no longer means a lack of a “real” 9-to-5 job. Instead of being bound by traditional employment practises, gig workers cherish flexibility and pursuit of their passion, tending to engage in independent work by choice. In fact, part-time or freelance work appeals to people with different levels of skills from various demographics, from students and university graduates to people who are transitioning to the next stages of their lives, such as new parents, homemakers and retirees.
Though the gig economy is currently more prevalent in the US, Europe and India, it is expected to bring transformational changes to traditional HR practises around the world, where the gig economy and traditional economy will thrive together. Here are some steps corporations should consider when adapting modern employment practises in a digital world: