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How Established Industries Can Leverage From The Gig Economy

The Pandemic saw an increase of freelancers and gig workers. The question is How can Established Industries Leverage From this opportunity?

What is the Gig Economy?

The Gig economy refers to an economy in which a large number of short-term contract employees perform specialized or time-sensitive work, these range from blue-collared workers like ride-sharing drivers, clean-room cleaners, security guards, seasonal employees, to professionals, developers, managers and even executives.  

What this means for any organization is the need for reliable, time-sensitive people to fulfill temporary or short-term assignments. This can potentially benefit the economy and industries depending on their needs. Gig workers are highly mobile and nimble, which can mean fewer over-time costs and better-quality talent than a regular full-time employee. Companies can tap into a big talent pool, spend more time developing talents, and own the competitive advantage they need to compete.

How the Gig Economy can benefit a corporation

Core competence is different from core competency. The gig economy allows companies to expose their core competencies, expose your brand and brand perception to new target markets. For example, you can use an on-demand model to collaborate with developers that specialize in mobile technology. This is much more cost effective than acquiring developers that you have to train. 

Advancement of digital channels like Digital marketing, IT and sales are undergoing exponential growth. All these technology systems require the expertise of real professionals. The gig economy is perfect for bringing that expertise from the outside to the inside. 

 

Steps of implementing contingent staffing process

  • Find clients who are already using the service you offer. Have an understanding of how to maximize the service your company offers.

  • Establish business processes on how to efficiently work with and service contingent staff

  • Establish policies, rules, standards, procedures and training on all contingent staffing activity. Explore legal issues

  •  Learn about your staffing options 

  • Talk to people who are already using contingent staffing to get best practices and information. This will help you increase the quality of your workers and increase your performance. 

 

How to set up your Gig Worker Talent Pool?

Establish current talent pools by using marketing research to identify the current market talent pool and also establish the appropriate resources to drive talent acquisition. To do this, look at your organization’s targeted competitors to determine the size, scope and salaries of their contingent labor pools. Their competitive advantage comes from the number of people working on projects with that organization. Not only will you learn about your current resources, you will see the demand for workers in your industry. Identify the top three to five companies and the different types of professionals or specialists they are looking to hire and determine who in your organization can fill those jobs.

In any organization, the ability to  maximize and develop contingent workers to support your core business will definitely be a big plus to your ROI when managed well. You can accomplish this by learning how to use gig workers in your organization by maturing how to build, hire, manage, and retain  top talent.

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