The gig economy is a major market force that has been accelerated by the COVID-19 pandemic. In March, life and work as we knew it completely transformed. The COVID-19 pandemic impacted thousands of businesses and millions of workers around the globe. Businesses and entire industries not only had to adjust, but reimagine new business models. Restaurants were forced to adapt to a takeout and delivery approach overnight. Education moved online. Hotels had to temporarily shutter their doors.
While nearly every business is experiencing fluctuating staffing demands, hiring additional full-time workers to cover part-time needs does not always make financial sense. The good news? There’s a better way.
In response to this uncertain environment, companies are turning to gig marketplaces to hire contract, temporary and part-time workers, in lieu of full-time workers.
What is the Gig Economy?
The gig economy consists of freelance workers looking for more flexibility in schedule and type of work, businesses in need of short-term labor or specialized skills for projects, and the companies that connect the freelancers and businesses, including app-based technology platforms.
The gig economy first gained popularity as a result of the 2008 recession, and is now experiencing a resurgence as we head towards another economic recession on the heels of a global pandemic.
To learn more about the gig economy, download our latest eBook: The Future of Staffing.
Workers across industries are able to pick up flexible and temporary shifts on their own terms, to supplement or re-create their income, even in the midst of an economic crisis.
The Face Behind the Gig Economy
It’s no surprise that millennials, the largest working generation in the U.S., are driving the modern gig economy. Over 50% of gig workers between the ages of 18 and 34 report freelance work as their primary source of income. But what may be surprising is the number of baby boomers seeking flexible work after retirement.
Today, with record high unemployment and millions struggling to make ends meet, there is a diverse group of workers entering and driving the gig economy.
Key Benefits of Hiring Gig Workers
Businesses who leverage temporary workers experience many benefits. They can quickly grow and shrink their workforce, access specialized talent and expertise, and save time and money by reducing overhead and associated costs that accompany hiring full-time, W2 employees.
Hiring gig workers allows you to expand your candidate pool to the rapidly growing millions of talented and experienced workers who are now freelancing.
Technology Enables a Fast, Affordable Path to Temporary Labor
Gig economy platforms, like GigSmart’s Get Workers app, drive convenience and efficiency.
Technology connecting two-sided marketplaces is a core driver of the gig economy, making it easier for qualified workers and employers to find each other. This maximizes the time spent on actual work, rather than the administrative or redundant tasks leading to that work. Why not cut out the middleman and be your own boss?
The Future of Staffing
Are you wondering how to effectively staff your business while dealing with the unique circumstances of COVID-19?
Whether you’re ready to take the next steps in supplementing your current staffing with temporary workers, or you’re just interested in learning more about the gig economy, download our eBook today.