The gig economy is playing an increasingly significant role in national and international business operations. The benefits of a project-based working style are attracting more and more workers and companies, with its flexibility and lower operational costs.
A recent survey of the global gig economy valued its size to an estimated 4.5 trillion USD. There’s hardly any country and sector that hasn’t taken up gig economy, and the survey reached an important conclusion that “forward-thinking organizations must embrace the gig economy.”
How will gig work evolve in 2020? Its size and importance are set to boom with technological advances which will impact individual and corporate working styles. Given below are ten predictions of what to expect:
Rising growth in part-time hiring
An ongoing shortage of employed talent, as well as employees’ desire for more control over their time, will mean that more full-time jobs will become part-time. A 2017 survey showed that gig workers would comprise 34% of the US workforce by 2020. This growth will be accelerated by economic ups and downs as well as more apps such as those for ride-hailing, home-sharing, software coding, and more.
A boost in productivity
A study done in the UK showed that the average office worker spends less than three hours of a working day on productive jobs. The gig economy is poised to overcome this waste. On-demand jobs minimise distractions and frequent breaks. As workers will be selected based on expertise, efficiency will also increase, and aspects such as employee burnout will be reduced.
Better collaboration and agility
Part-time professionals will work within a network that is focused, rather than a hierarchy. This new network is going to lead to increased coordination in task management and handling of deadlines. Process automation and worker management systems will complement such efforts to enable further cooperation with off-site work. Oracle’s People Soft Human Capital Management and Kronos’s cloud-based system are some examples.
Digital project management
More and more projects will be handled online. The planning, organizing, motivating and delivery will be web-enabled and delivered via screens or connected devices. New technologies such as AI and machine learning will become more prevalent, to streamline resource management, reduce project risks, and prioritize tasks.
Flexible work schedules
The 9 to 5 grind will no longer be standard. People will work on their own time and will be able to perform efficiently, for above-average results. This ties in with the millennial mindset of finding purpose, and achieving the right work-life balance for better cohesion and satisfaction.
All kinds of businesses will benefit
It’s not just software and technology that will gain from the gig economy. Sectors such as marketing, education, food delivery and more are already benefiting from it. In 2020, technology has fuelled more industries to come on-board, such as consulting, travel, home rentals, healthcare and fashion.
New business models will emerge
There will be a focus on consumer needs, with frictionless processes and personalisation. For example, there could be a team of brand ambassadors located in various regions. This new model will allow customers to contact a person acting on behalf of a business, and not a full-time customer service representative, at any time of the day, rather than within specific working hours.
A makeover for HR policies
Policies of onboarding and integrating a flexible workforce will have to be smoother and quicker. Performance evaluations, too, will have to reflect the contributions of gig workers. Swift recruitment, agility in training, a reframing of retention policies, and ensuring a cultural balance are all a part of this change.
Talent spotting made simple
Increasingly, the best workers will be matched to gigs through filters and online platforms. Professional sites such as TalentOnLease, for example, work with the bench available with companies for contract or temp IT projects on offer.
Government support and policies
More policies will be discussed and put into place that safeguards the rights of gig workers. For example, the Indian government has proposed changes which would ensure gig workers get life and disability cover, health and maternity benefits, old age protection and many more benefits. The further adoption of policies that boost infrastructure is also on the cards. The UK government has also commissioned a wide-ranging study on how work will change, and the systems needed, such as the growth of 5G networks.
With all these changes, the gig economy is all set to get a significant step-up in 2020. A younger generation of workers will demand more flexibility and agility in working style, and organisations will seek to boost productivity and lower costs with flex-staffing.TalentOnLease is playing a significant part in the gig economy by making available the right resources at the correct cost and time. It is a single platform for clients and partners to collaborate for mutual gains. Check it out today to discover how to make the gig economy work for you in 2020.