The gig economy has been changing the way we look at work and hiring. Gigs are essentially freelance, part-time, and short-term projects that offer great flexibility to workers and professionals. Employers and businesses benefit from the gig economy to get assignments completed that are time bound and have specific requirements or recurring tasks with measurable results. This flexible model of working offers a unique set of benefits for both parties. As more job seekers enter the gig economy, organisations now have a diverse talent pool at their disposal to work on a wide selection of projects. The growth of this trend in India is evidenced from a recent 2018 PayPal study that shows one out of every four freelancers are from India, and the market has a potential to grow from $20 billion to 30 billion by 2025. India was also estimated to have over 15 million freelancers in 2015, a talent pool that continues to grow. Now, job seekers are also more willing to give this on-demand model a shot for a whole multitude of reasons. The freedom to choose when to work, where to work from, and what projects to take on is appealing to freelancers. Earning an extra income, gaining more work experience, and diversifying their skills by working in multiple industries adds to the charm of the gig economy. For businesses, the ability to recruit talent on-demand for part time projects keeps them agile and reduces unnecessary hires. By tapping into gig economy, a business can use freelancers to get quality and timely work done across various verticals that will contribute positively to efficiency and the bottom line. Evidence of the growing need for the gig model is seen in Deloitte’s Global Human Capital Trends survey, which shows that 88 percent of companies believe in the importance of redesigning their work model. Here are six perspectives on making the most of the gig economy for your business. 1. Are all your bases covered? You’re doing great. The last few quarters have been the best ever. Pause for minute. Success can sometimes lead to lethargy. In today’s connected world, consumers will end up crossing paths with your business from various touch points. What are those first experiences like? Remember, a first impression is everything in our digital world. Is your website mobile friendly? Has your blog been updated recently and is your content SEO-friendly? What’s your online reputation like? If the answer to any of these basic questions is “I’m not sure” or worse “No”, you need to look at an upgrade. You can easily tap into the gig economy for the expertise to get these tasks done on an assignment basis. 2. Why build another team? A bloated workforce is a recipe for disaster. Not to mention all the costs that have been sunk getting there. Before you look at a big addition to your business, think like a startup. A solid cost-benefit analysis coupled with a lean approach should de-risk any potential blunders. You […]
