By Tom Taulli, Contributor |Entrepreneurs
Sept. 3, 2018 | Forbes
The rapid rise of the gig economy has been stunning. Companies like Lyft and Uber have achieved enormous valuations – and the growth continues to be robust.
Of course, none of this would be possible without smartphones, cloud computing and even AI (Artificial Intelligence). All of these technologies have converged – leading to disruptive changes.
To put things in perspective, about 35% of the US workforce and 16% of the entire population is a part of the gig economy. Yet this should be no surprise as gig economy workers have the benefits of earning money on their own terms, being their own bosses.
So what does this mean for companies? What are some strategies to consider?
“When the values of millions of bright, talented, driven, and entrepreneurial workers have evolved, so too should your hiring process,” said Woody Klemmer, who is the co-founder and COO of Laborocity. The company helps hire contract workers on-demand.
“The new generations of workers, who will soon be a majority of the workforce, value freedom, experience, technology, and having a job that is impactful. Companies must adapt to accommodate this mentality. A few easy ways to accomplish this include allowing employees to work remote, offering more vacation, and integrating new collaboration software, like Slack.”
If anything, the gig economy can be transformative for a company. “By utilizing the gig-economy, companies such as Amazon and Target have dramatically increased their workforce during periods of peak demand, such as the holiday season,” Woody said “As opposed to hiring full-time employees during that period, businesses no longer need to lay off employees and carry the accompanying financial burden. Instead, the gig-worker re-enters the pool and signs up for another job. This arrangement is particularly helpful for other industries, such as landscaping, moving, construction, and events where demand fluctuates throughout the year.” Read the full article.