The gig economy, sometimes called the shared or contingent workforce, has experienced rapid growth over the past few years. With estimates suggesting that these freelancers, consultants, and temporary workers could make up at least 11% of the workforce in Europe, it’s evident that businesses must adapt to this new form of employment. This article will delve into three crucial ways the gig economy is changing the landscape of business and offer actionable strategies to help companies benefit from this trend.
The Shift in Employer-Employee Relationships
Gig workers bring a unique set of skills and flexibility to the workforce. Due to their capacity to work from home or across multiple organisations, they often develop broad skillsets that make them invaluable assets. For employers, this creates an opportunity to reduce overhead costs, such as healthcare and facilities, without compromising on service quality.
Actionable Strategy: Employers should aim to build robust relationships with freelancers by including them in corporate communications and celebrating their achievements. This fosters loyalty and makes freelancers feel integrated into the company culture.
The Importance of Reliable Payment Platforms
Getting paid on time is a critical concern for freelancers. Recent surveys suggest that up to 74% of freelancers would leave a marketplace due to payment issues. The costs of onboarding and training new freelancers make it financially inefficient to allow valuable assets to leave over something as preventable as payment delays.
Actionable Strategy: Implement intuitive, reliable, and transparent pay platforms. The transparency and timeliness in payments can significantly reduce the turnover rate among gig workers, ensuring continuity and retention of talent.
Leveraging Online Talent Platforms
Platforms such as Skilloverse, and LinkedIn have revolutionised the way businesses connect with potential freelancers. However, these platforms aren’t just for recruitment; they can also be utilised to boost productivity among gig workers.
Actionable Strategy: Businesses should make the most out of these online platforms by not only recruiting talent but also motivating them post-recruitment.
The gig economy is not just an employment trend but a transformative force that is redefining the rules of business. By nurturing relationships with freelancers, ensuring reliable and transparent payments, and making smart use of online platforms, companies can adapt to this change more seamlessly. As the gig economy continues to evolve, businesses need to be agile, embracing the challenges and opportunities it presents.