The Gig Economy Should be a 2018 Priority

The Gig Economy - Make it a 2018 priority
Photo by on Unsplash

Does your organization hire giggers? Should you? What about retention?

Gigging has been around for a long time. Sometimes called supertemps, freelancers, contractors or contingent workers, project-based work is on the rise. Gigs are project-based assignments, and giggers are part of a growing segment of the workforce (and the economy) that matches expertise and skills to an organization’s workforce need.

Talent pools are poised to become more fluid. Korn Ferry Talent Acquisition estimates that up to half of the workforce will be contingent workers by 2020. Their research shows that five years ago, a simple pay rise was enough to motivate employees but the workforce of today has more complex priorities. Culture and flexibility top the list of what motivates key contributors. Employees are consumers, and an on-demand economy is shaping the way employees look at their workplace experience.

The Rise of the Gig Economy – The On-Demand Workforce

Researchers at Ernst & Young (EY) took a closer look at the impact of technology as a disruptive force in accelerating the grow of the gig economy. Apps like Uber, Lyft, Airbnb, and Grubhub have made the on-demand economy part of life. Enabled by technology, on-demand apps are changing the way we live, think, communicate and work. Consumers want choices and flexibility, and their preferences are shaping the way they think about engagement in the workplace.

As technology creates new and more flexible ways to meet demand, gigging the workforce is a natural evolution of a sharing economy. The growing gig economy is creating new expectations and attitudes about work. HR teams and hiring managers at leading companies are seizing on the gig economy and more flexible work experiences to promote employee retention. Not sure how gigs and retention fit? It’s all about creating a workplace experience and culture in which your employees can thrive.

A Strategic Workforce Plan Includes Gigs and Giggers

All work projects aren’t long-term. Short-term “gigs” can be very attractive to long-term employees. The two aren’t mutually exclusive. Research shows that less than a third of U.S. employees are considered “engaged” in their jobs – meaning they are involved in, enthusiastic about, and committed to their work. Many employees simply need a change, a challenge – a new gig.

According to Gallop’s 2017 State of the American Workplace report, 51 percent of employees are actively looking outside of the company for a new gig – why not build a gig work experience inside your company?

Many of your company’s top performers will thrive in a dynamic project-oriented environment. Technology that powers a gig economy will also power your gig workplace.

Think Inside the Box

Companies have a laser focus on employee retention – and for good reason. What if a key to retention is the internal gig? Give your employees the freedom to choose – or launch – their own projects. Let top performers choose the team or project that is of most interest. Cultivate a culture of “intrepreneurship.” Harness the power of the gig economy inside your organization and watch engagement climb.

Not sure how to start? Our blog, “3 Ways to Spark an Internal Gig Economy,” offers tips on how to cultivate an on-demand culture of choices and flexibility. Technology solutions like vi’s employee integration and retention solutions keep your team engaged, inspired and gigging.

The gig economy should be a priority for 2018. Build a gig-focused culture and help your employees gig-hop their way to their career goals – internally.

Stop Losing Great People®

If you’d like more information about what intelligent, tailored employee retention and integration solutions can do for you, we’d love to help you. We can walk you through a demo, share customer success stories and case studies, and give you the resources you need to choose the right solution for your organization. We’re ready to help, contact us for more information or connect with us on Twitter and LinkedIn.