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Innnovation Advice

Gig Economy Surges as Shutdowns Ease

Updated: Jul 7, 2021

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New Trend: Gig Economy Surging

As more businesses reopen, many companies may be looking to hire new employees to fill various roles. Even with the continued high unemployment rates, we also continue to see job openings staying at high levels. Hiring talent to fulfill these job openings might not be so easy in the post-pandemic era. Organizations are looking towards new hiring models to bolster their capabilities and control costs.

The pandemic has opened up a fresh lens for companies to support hiring temporary workers or “gig” workers to fulfill roles as they assess new hiring models.

  • Gig workers provide an opportunity to fill-in high demand resource gaps within the business

  • Many working in the gig economy are interested in temporary or short-term contract assignments

With companies still making careful hiring decisions, the flexibility of gig workers allows them to fulfill these resource gaps with lower risk while also supporting the business needs.

New Insight: Gig Works Fills Both Business and Worker Needs

In a recent Monster survey, 92% of respondents said they believe now is a good time to look into the gig economy to fulfill the open roles.

  • 57% said they would take some kind of gig job while they’re in-between jobs

  • 52% said they would like long term contract with flexible hours

  • 39% would want short-term contract or temp work

Gartner recently reported that 32% of organizations are replacing full-time employees with temporary workers. “It’s critical for business leaders to understand that large-scale shifts are changing how people work and how business gets done,” says Brian Kropp, Distinguished Vice President, Gartner. “Leaders who respond effectively to these HR trends can ensure their organizations stand out from competitors.”

New Action: Employers Adapt to Gig Workers

There are advantages for employers to contracting gig workers. Employers are able to flexibly modify the workforce based on business priorities and demand. It allows businesses to acquire talent they may not have in-house, within hours rather than months. With the gig economy here to stay, many organizations are adapting new practices in order to successfully manage their temporary workforce:

  • Create new governance models to manage a hourly-contractor workforce

  • Implement automation to support online recruiting, onboarding, timecard tools, as well as invoice management and frequent payments

  • Standardize tools to gather data and measure temporary workforce performance

Organizations who are bringing in a gig worker model will need to ensure they have the right recruiting, governance and leadership in place to compete for the temporary worker and ensure business success.

N3 Innovation can help you Capture the Opportunity. To learn more about Gig Workers, contact us today!

Now is the time to Invent the Future!

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