5 Things We're Learning About the Gig Economy
Over the past few decades, the way people lived and worked has evolved faster than ever before. With the adoption of new technology, dramatic changes have occurred in our daily lives, including our worklife. The gig economy, and temporary work, have increased in popularity. According to a new Bankrate.com study, 48% of millennial workers supplement their income with a side gig. After all, being able to work where you want, and when you want, has never been easier thanks to smartphones and accessible automated management systems.
Here are the 5 things the gig economy is teaching us about the future of work, and what our workforce is looking for in the future:
1. The Gig Economy is Important to the Larger Economy
The gig economy is a $3.7 trillion business. Technology is allowing more people to chart their own destiny and define how they want to work. For their part, companies are increasing efforts to cut costs by hiring more temporary and independent contractors to feed the demand of their markets.
2. Side Gigs are Growing in Popularity
With 29% of all workers in the U.S. having an alternative work arrangement as their primary job, side gigs are becoming a staple in people’s finances. The workforce is looking not only for flexibility, but diversity in opportunities that allow them to streamline their work lives in order to achieve more. While Uber and Lyft are top of mind when it comes to thinking about the gig economy, there are now opportunities to find jobs as pet sitters, sell artwork, staff events, and much more.
3. The Human Cloud is Growing
People are powering this economy and the human cloud has evolved, where talent and jobs are sourced and managed through exchange platforms. With Human Cloud spending reaching an estimated $82 billion globally, it is now the fastest growing segment of the gig economy. Online staffing platforms now facilitate matching up the available marketplace of workers with businesses that need their services.
4. The Gig Economy Should be Automated
In order to thrive in the gig economy, it is imperative to carve out competitive advantages through increased efficiency and productivity. Whenever possible automation should be used to streamline processes so that you can focus on creating relationships and growing your business.
Here are the four main gig economy functions you should be automating:
- Talent Onboarding & Management
- Client Management/CRM
- Gig Management
- Back Office & Payments
5. Tools that Automate Business Processes Help You Compete in the Gig Economy
Automation simplifies event staffing needs and facilitates a uniform way of conducting business. The small things like email alerts are replaced by notifications within the software, reducing missed inquires and opportunities. The picture below shows how a centralized system can change the way you do business:
Today's organizations need information at their fingertips in order to differentiate themselves from the competition, and reduce the cost of running a business. The sharing economy is creating a battle for talent - making it harder to book jobs when you need them. This changing workforce is forcing companies to be nimble and proactive, rather than reactive. The pace of the staffing world requires every team member to react quickly to the real-time changes businesses face daily. In order to compete effectively, companies need to attract high quality talent, increase billing accuracy, pay their talent quickly and accelerate turnaround time on proposals. Are you ready to be a leader in the gig economy?