How to Thrive in the Gig Economy?

The internet buzz word – gig economy has quickly evolved into a tour-de-force with regards to pulling in top talent. Today, about 45 million Americans partake in gig work – either as full-time self-employed contractors, freelancers, or “side-hustlers”. And that number is only expected to grow as enticements and securities for gig workers rise. Truth be told, recent findings from the gig economy report based on MetLife’s seventeenth Annual U.S. Representative Benefit Trends Study discovered:  20 percent of full-time workers have secondary work. And of those employees, 49 percent plan to leave their present employer for contract or freelance work in the coming five years.

This move may correspond with the way that burnout is on the rise among the present traditional full-day workers. In the present “always on” culture, workers are attracted to the gig economy by the appeal of increased self-care. Progressively flexible work schedules and expanded autonomy over projects guarantee a firmer work-life balance. These are powerful advantages for the 67 percent of full-time workers who’ve encountered burnout at work.

To keep pace with the gig economy, organizations must understand it. The following is a gander at how gig work is addressing employees’ enhanced focus on self-care – and how traditional businesses can, as well.

Who are Gig economy workers?

Financial experts and business analysts accept that the U.S. economy is moving from corporations to a world of “pop-up” organizations. Further, they call attention to that these pop-up businesses are controlled by “gig workers”. Gig – a term acquired from the music industry, where artists move from job to job (gig to gig), employed for a specific performance or a defined time, with little more connection with the venue. Currently, temporary job holders are treated as gig workers for eg:  Uber drivers, freelance artists, fitness coaches, and various types of independent contractors.

Types of Gig workers:

The Hobbyist: can be a retired person who wants to work as a driver.

The Side Hustler: don’t work full-time. Gigs are not a primary source for them.

The All-in Player: For them, Gigs are full-time employment.

How to Attract Gig Economy Workers?

For all-in players, gigs are treated like full-time work. Many are 100% committed, and others depend on the work to make a living even as they search for employment somewhere else. Legitimate wages and prompt payment, good policies that protect them, and remunerating financial incentives all have an impact on recruiting them. Employers are needed to take complete responsibility for this kind of workforce.

Although hobbyists and side-hustlers can generally jump ship, all-in players are more serious and often dependent on the work. Since these are the workers that will contribute most to the brand, it’s a smart thought to discover ways to improve working conditions for gig workers who invest the most time in the platform. As most of these jobs are contract-based, employers need to fulfill those terms which are mentioned in the agreement.

However, new legislations are being acquired that encourage the organizations to give giggers a few more advantages. This could be a better result for the gig economy and will make giggers have a feel of security in their job.

Thanks to the gig economy, companies can enjoy a lot of benefits with greater flexibility in workforce recruitment.