The Rise of the Gig Economy

It’s the newest trend in a changing workforce, where people want to work on their own terms. The gig economy is expanding, and it will likely continue to grow. A gig economy is a free market system in which short-term engagements are prevalent, with businesses hiring independent contractors for brief periods of time. The word “gig” is a slang term for work that lasts a specific length of time. Musicians have used the phrase to define a live performance engagement since its inception.

Freelancers, independent contractors, project-based employees, and temporary or part-time staff are all examples of gig workers.

The online gig work market has expanded significantly during the last several years. With the introduction of Covid, remote work opened up a whole new world of opportunity for individuals who didn’t think they could work from home previously. Organizations are leveraging the plethora of gig employees and increasing their workforce by utilizing on-demand freelancers, which is a shift away from traditional office culture. Organizations risk being left behind in an era when conventional office norms are rapidly becoming obsolete.

From a Freelance or Gig perspective, the internet is full of possibilities and nothing is keeping you in one place or working with one company. Some people love the fluidity of this kind of work, but some prefer the consistency of a traditional work agreement.

The notion that costs, performance, and businesses must all develop linearly is no longer tenable. We’re seeing international firms embrace a freelancing approach to grow their business without expanding headcount or opening new offices. This also gives companies the advantage of looking farther than their office locations to hire experts, and it gives employees the option not to relocate to accept a job offer. Those who fail to take advantage of this chance may find themselves at a disadvantage.

According to the Actuaries Institute, the Australian gig economy is worth $6.3 billion today, up nine-fold from 2015-2019 and with a 32 percent rise in 2019 alone. The Actuaries Institute predicts that as many as 250,000 people may be employed by private transport and meal delivery, paving the way for other sectors to follow.

Some people believe that in order to accommodate gig workers rather than full-time employees in businesses, the role of human resources will need to transform.

Unlike a typical job application, human resources will not be required to be involved in every hire or onboarding process. Instead, the human resources department will need to take the lead and establish best practices for gig worker recruiting and how to manage a freelancer properly. The trend is only going to grow in popularity, as the nature of work changes and evolves.

This implies educating businesses and workers about the advantages of hiring freelancers, teaching employers and employees how to find freelancers, and giving rules for assessing success. Human resources will establish the team for success while not being involved in each individual hire by providing a structure for workers. This implies that employees may eliminate the time and expense of sourcing freelancers, particularly for small or specialized projects.

Freelancer.com is the world’s largest freelancing and crowdsourcing market, with over 500 million users and 1.5 million projects. It connects consumers and providers from all around the globe via 247 countries, territories, and regions across the globe. Employers can use the marketplace to hire freelancers for a variety of tasks, including software development, writing, data entry, and design through to engineering, science, sales and marketing, accounting, and legal services.

Taskrabbit is an app that helps you get tasks or errands done in your local area. You can use Taskrabbit to find a person in your area who can help you with things like grocery shopping, laundry, moving help, and more. The app is available in major cities in the US, UK, and Canada.

Whether you are a freelancer yourself, or a company looking to hire, there are many different resources out there to assist in finding exactly what you need for a variety of price points.

Employers will be on the lookout for more gig workers in the second half of 2022 and beyond, as global uncertainty grows worldwide.

Employers will be searching for on-demand gig workers that can handle high-volume activities or complete specialized projects within the firm. Gig workers who have appropriate talents for the project and a track record of success in the field will be sought after.

It’s also critical for businesses to seek freelancers with a good reputation, excellent feedback, and those who consistently complete tasks on time and on budget. It’s ultimately up to employers to set up gig workers for success, but there are a few things they can do to help. This implies offering them the appropriate brief for the job, keeping in touch regularly, and setting proper performance expectations.

That is not to say the lines are exactly clear between a gig worker and an employee. There have been many instances where a company and employee went to court to argue if the employee was a freelancer/contractor or actually employee status, so you want to be very clear from the beginning. There’s also the issue of compensation. It is simpler for highly educated individuals to negotiate valid agreements and hourly rates, but despite that, Uber has recognized that it pays its drivers less than the minimum wage at the bottom end of the gig economy.

With several recent court decisions stressing the significance of written agreements, they may be getting more apparent.

On-demand talent or professional gig talent are engaged to complete a given project or deliver a specific service. Not only do the employment contracts describe the job precisely, but the way that this group of people works is considerably different from that of an employee. The obligations and perks are unique, and so is the way that they work.

Werkling connects companies looking for top-notch on-demand talents, such as independent consultants and freelancers, with individuals who are similar interests. Werkling fosters a sense of community and belonging among those who have left the traditional work model by connecting them to others who share their passions.

Werkling helps those in the gig economy by providing resources, such as a knowledge base of articles on best practices and an online forum where members can ask questions and give advice to one another. The platform also offers a convenient way to search for and book gigs, as well as manage payments and invoicing.

Employers must be aware that employees’ work preferences are shifting. Flexibility has become a “must-have,” but employers’ flexibility alternatives may not always be enough.

Individuals in the creative industries are increasingly wanting to create their own life and career, collaborating across organizations and projects that highlight their abilities.

According to Upwork research, 20% of employees are interested in freelancing and on-demand work, whereas Werkling has discovered that 90% of on-demand talent would rather not return to the traditional employment relationship. The gig economy has revolutionized certain industries, including driver and courier occupations.

It is dangerous to believe that businesses will continue to need ‘talent exclusivity’ and must begin using shared talent solutions. It’s worth noting that employers don’t “employ” gig workers; they merely “engage” them.

In conclusion, the rise of the gig economy is beneficial to both employers and employees as it offers more flexibility for workers and a larger pool of talent to choose from for businesses.

However, it’s important to be aware of the potential pitfalls, such as unclear employment status and low compensation rates. With a little bit of planning and preparation, though, the gig economy can be a great way to find top talent and get work done quickly and efficiently.

The gig economy is here for those who want to partake in it, and those who don’t might be left behind.