What is the gig economy?

Over the last decade, there has been a significant shift in how people live and work. The "gig economy" is changing how people perceive and perform work, and companies must be prepared to respond with innovative policies and programs.

Unlike in traditional employment, workforce planning in the gig economy is mainly focused on matching labour demand and supply. As the modern labor economy grows, it is critical for HR professionals to reconsider the way to manage and plan their workforce strategy. The advancement of technology also contributes to this adjustment, in which the HR team must be careful in recruiting talents.

Many talented people with expertise choose to be freelancers and are not willing to work as permanent employees, therefore the gig economy is posing challenges to HR today. Employee retention is one of the problems HR have to deal with and it is necessary to have a flexible strategy in hiring and manpower allocation to retain those expertises.

Why are companies and people working in gig economy

For workers

There are numerous reasons why gig work has grown in popularity among workers. The most commonly mentioned benefit is flexibility. The flexibility can be the length of work or location, which remote work is more common than ever before. Gig workers can plan their working time and where they want to work. For some gig workers, gig work is the second source of income, some occupations may have flexible or short working hours, thus, it is appealing for them to become gig workers.

For companies

There are motivations for employees to use gig workers. The main reason that encourages them to use gig workers is lower cost.

Unlike traditional workers, gig workers are often equipped with the skills the employees need thus allowing them to avoid the cost of onboarding, training, development, and employee benefits. Gig workers are a perfect fit for project-based or temporary works. Those workers who are highly skilled and in-demand would work for different companies as their expertise is needed. Because of the global talent shortage, independent contractors or freelancers may be hired to fill critical skill gaps.

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