A recent study predicts that 40 percent of Americans will work as independent contractors by 2020, mainly because of increased mobility. Communication is easier, meaning people can work anytime, anywhere (and for anyone). This is part of the growing trend called the ‘gig economy’. According to the U.S. Bureau of Labor Statistics, gig economy is not an official definition. It’s a term used to describe a workplace trend in which single projects or tasks are assigned as needed to freelance and contract workers (also known as gig workers). One in ten workers has joined the gig economy, and it shows no sign of slowing down.
What does this mean for your business? Much depends on the type of industry and your company’s flexibility. Here are some of the advantages and disadvantages of a gig economy:
Cost
Companies that hire gig workers can save money. They don’t have to pay for worker benefits, overtime or work space. However, because a freelancer may not be familiar with the ins and outs of your company or client, additional training may be required (which costs time and money).
Availability
The gig economy has no limits—workers may be operating in any time zone and at any time of the day. If you have global customers, this can be a huge benefit. But that can still cause scheduling headaches. If two people in opposite time zones need to be in direct communication, someone is bound to lose sleep.
Culture
Because workers in a gig economy are likely working remotely, they may feel detached from the company—even if they frequently work for it. Employers may have to do more to foster loyalty from gig workers and maintain their desired workplace culture.
Demand
Operating under a gig economy allows employers to hire workers as they need them. That means no more long hours during peak times and no layoffs when times are slow. On the other side, freelancers have the freedom to choose the jobs they want, making it more important for employers to maintain their competitiveness.
If you’re ready to start hiring gig workers, these recruitment giveaway ideas can sweeten the deal for prospects. Consider offering a company welcome basket. Start with a logo’d commuter bag. Add a branded travel mug, set of earbuds and a notebook with pen —everything they’ll need for a successful day on the job. You may also consider gifting repeat gig workers with company branded apparel to make them feel like they are part of the team. A logo’d polo or fleece jacket are nice options.
A gig economy offers pros and cons for employers. If this work environment is right for your company, show your gig employees the love with some recruitment giveaways. Happy hiring!