How is the gig economy reshaping the world?
In this highly competitive marketplace, it is hard for the younger people to stand out and get work opportunities for placements, internships, and apprenticeships. Thanks to the gig economy that is helping the students gain ‘real life’ experiences via project-based work, freelance work, and short-term daily contract-based work.
With the help of short-term work contracts, students can benefit from the gig economy by working along with their studies. It adds beneficial experience to the CV, builds a strong portfolio, and helps you to stand out in the job market. The gig economy provides a plethora of work opportunities so that students make the most out of their spare time outside studying.
Due to the gig economy along with the technological advancements the world is an oyster. It allows students to work remotely for companies across the globe from their accommodation or school campus. With the growth in the gig economy, students and graduates are swayed by self-employment’s element of autonomy and creativity.
To be fully self-employed, students who get into the gig economy need to be adaptable. They need to continuously build, expand, and upgrade their skills to succeed in the gig world. Here are some skills that students need to succeed in the gig economy:
- Learn from failure: To be in pace with the changing marketplace, students experiment and learn from their failures.
- Be your best employee: Students need to be their boss to deliver the best results.
- Know your finances: Gig work often comes with uneven cash flows. Therefore, as a gig worker you need learn how to manage expenses.
- Sell your strengths: As a gig worker you should know how to sell your services. Don’t just deliver your project but be your own sales, branding, and marketing.
“Gig economy helps in the professional development of the students.”
Gig economy and the future of work
Are you confined to nine-to-five jobs? The reason why professionals are leaving their traditional roles is because of the thrill to work at one’s own comfort and pace and to be one’s own boss. With the growth of the gig economy, there are new trends in the HR world that are shaping the world. There is an increase in the importance of identifying and hiring the right candidate, training, onboarding, evaluating and redesigning the structure for the benefit of the people who are part of the gig economy.
The emergence of the gig economy is recognized as the beginning of a new era in employment. The emerging new trends have made professionals branch out more options. It has transformed white-collar jobs and redefined the way professional services were perceived. However, with the disruption caused by COVID-19 and technological tumult, the roles across industries have created a brunt in the employment landscape of the country. With this, professionals are more inclined towards skill-based work which is flexible and adds to an additional income. Hence, adding to empower the economy of the future.
With the rise of the gig economy, more people are opting for entrepreneurship as a career path. This job scenario allows people to work remotely, independently, and with flexibility. As we move towards the new normal, here are some key trends that will underpin how the gig economy is reshaping the world:
Sometimes, gig workers lack commitment towards the organizations. This may be due to working for multiple organizations at the same time or limited interaction with the team/ organization. In this case, the HR practices need to be redefined with the focus on engaging the gig workers. Be it in the form of a departmental meeting, any company event, or extending perks and monetary benefits to them- the organization should make them feel that they are a part of the organization.
The gig economy exists because of technology. With the emergence of technological platform, gigsters can now connect and get projects easily. The platforms have made the process easier than the traditional word the mouth recommendations. Digitization has paved the way for a more defined evaluation of the gigsters through feedback and ratings given by the customers. Using automation and AI in organizations will change the process of work delegation to independent workers. The traditional direct selling companies are using these technologies to hire gig workers digitally. They are even working on providing training sessions to the gigsters to enhance their competencies and skills.
We think about freelancers and designers when we talk about skilled people in the gig economy. Although these specialists are a part of the gig economy there are also agile and hardworking millennial gig workers in it. Most of these workers opt for jobs that are entrepreneurial in nature. Direct selling has played a vital role in uplifting economic growth. It offers employment opportunities for professional who wants the flexibility to supplement household income. Today, when the old employment landscape is witnessing disruption, the trend for the gig economy is booming the graphs.
Policies for the gig ecosystem
The gig economy is a new emerging model that has policies and regulations that are more focused on the traditional employment model. However, in this current situation, it welcomes more opportunities for companies, internal and external stakeholders, and government authorities to update the benefits and systems.
The rising trend of the gig economy will bring an impact on the employment landscape. It will bring a work-life balance and will add an opportunity for people to identify and utilize their skills and expertise to their maximum benefit.
Onboarding is one of the major areas for gig workers. HR managers need to prioritize and redesign a different onboarding strategy for the gig workers. They need to invest more in their training and should devise ways to evaluate their performances and provide feedback to them at regular intervals of time. This will have gigsters a commitment towards the project or the organization that they are working with.
As the gig model becomes more established in businesses, companies, and policymakers should also look at expanding their horizons for the gigsters. The organizational landscape is tended to be evolving with the changing demographics, skilled workforce, increased mobility, and technology. With this, the gig economy will continue to grow as companies move from experience to skill-based hiring.