Using Flexible Financial Talent in a Gig Economy

Due to changing business strategies, the gig economy is playing a more substantial role in how companies find top talent. As a result, organizations have to adapt to utilizing an evolving workforce to reach company objectives. Here are some ways your company may benefit from using flexible talent in a gig economy.

What a Gig Economy Is

A gig economy includes workers who take on freelance projects to either supplement their income or replace their need for a full-time job. Workers come from varied backgrounds, from service workers to top executives. Baby boomers who can’t or don’t want to completely retire; Gen Xers who want flexibility to pursue personal interests like raising children or caring for aging parents; and millennials seeking an independent work style are attracted to a gig economy. Due to advances in technology, work can be completed remotely at any time.

Gig Economy Benefits for Companies

Because your labor costs shift from fixed to variable, you may be able to save money. Also, you can contract with gig workers who possess niche skills you may need for a set time but not on an ongoing basis. Since gig workers don’t receive a salary or benefits, you can access talent you may be unable to afford on a full-time basis. Furthermore, you can assess a gig worker’s skill and cultural fit before deciding whether to hire them full time, if needed. Plus, gig workers begin quickly contributing to your organization because they don’t need much training, if any. As a result, gig workers increase your company’s productivity, allowing you to take on additional projects and improve your bottom line.

Accessing the Gig Economy

You can contact local or global intermediary organizations that make it easier to find, vet and contract with gig workers. You can also contact retirees and former employees who fit well with company culture, understand your organization’s processes, are highly productive and left for greater flexibility. Former employees may be interested in contracting with you as gig workers.

Managing Gig Workers

There are many considerations to make before deciding whether to hire gig workers. You should establish similar financial controls for both employees and gig workers to effectively measure how they contribute to your bottom line. Work with your legal department to create a plan for ensuring compliance while contracting with gig workers. In addition, manage your employees and gig workers in a similar manner, such as communicating clear objectives, providing purposeful work, showing respect and giving recognition for achievements. Create a plan for maintaining company culture among gig workers, such as viewing them as partners rather than vendors.

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