Council Post: Why And How To Use The Gig Economy To Your Advantage

HR Executive and Co-Founder of Gig Talent, a modern talent agency connecting organizations with elite HR consultants and coaches.  

The gig economy. The freelance revolution. Elastic talent. The sharing economy. The collaborative economy. It has been referred to by several different names. Whatever you want to call it, gig talent is on the rise and has proved to not only be a successful talent strategy, but it now makes up a significant part of the total U.S. workforce. About 1 in 10 workers are considered gig talent and rely on gig work as their primary source of income, according to the Gig Economy Data Hub.

The Advantages Of Hiring Gig Talent

Staying ahead of the curve as an organization is crucial in this fast-paced environment. With less concern around the corporate working environment and more focus on the implementation of specialized needs and tasks, those companies that leverage gig talent benefit from a diverse pool of flexible workers, reduced costs and the ability to scale quickly and efficiently. With each day bringing new challenges as we navigate through an evolving workforce, the long-term solutions and benefits are closer than we think.

Remote Work: We know that one of the most common advantages of working in the gig economy is flexibility. Specialized talent can be found all over, and those businesses that are actively shifting toward this collaborative economy are at a big advantage. As organizations continue making remote or virtual work the norm, outsourcing gig talent is at an all-time high and is now easier than ever to access and implement. Plus, a lot of independent talent is used to working in a virtual environment already. Think about the needs of your organization. Whether it be executive coaching to assist leaders in times of change or creating a marketing video for a new product, we have the technology in place to carry out tasks not only remotely, but also efficiently. In a simple sense, it’s about gaining flexibility while expanding your talent pool.

Reduced Cost: With unprecedented changes and economic uncertainty being an everyday reality, organizations are looking for new ways to save time and money. Hiring expert gig talent for interim needs can help in both of these areas and also reduce ramp-up time, especially when working on specific tasks and projects. Employee benefits alone account for approximately 30% of employee compensation, not to mention the large amount of time spent onboarding and training a new employee. Without the annualized ongoing costs of an employee, you allow room for elastic talent. During these times of change especially, leveraging gig talent to deliver on your strategies while maintaining flexibility with cost creates a huge competitive advantage for your organization in the long run.

Ongoing Support: As the rapid change of pace continues to affect businesses, the focus on implementing new solutions and strategies that align with organizational goals is a must. Employing gig talent not only creates new strategies to meet business needs now, but also helps with a fresh perspective for the future. Think about the importance of your organizational culture. Working on creating a great culture isn’t a one-and-done project or conversation; it’s a continuous effort that shifts with the organization. Hiring expert gig talent for project-based tasks can be not only a simpler process, but also much more effective. Skilled gig talent can jump in quickly and start assessing and addressing needs. The sooner concerns are addressed and appropriate measures are taken, the sooner company culture can begin to speak for itself moving forward. 

Challenges With Hiring Gig Talent

As companies are figuring out how to integrate gig talent into their overall talent strategy, there are challenges to figure out. Some of these include managing culture when you have a representation of consultants among your employee base and ensuring managers are adept at creating a clear scope of work for gig workers so that there is clarity around roles and responsibilities. Finally, although gig talent isn’t necessarily a long-term commitment, it is very important to invest the time into ensuring that whoever you bring into your team is both highly competent and will bring the right attitude to their work. I encourage leaders not to skip this important step to ensure you continue to build and support the desired culture within your organization.

As new strategies, frameworks and structures continue to emerge, organizations have the ability to use the gig workforce to their advantage and strategically plan for the future. Although we can’t predict what the future will look like, it’s clear that changes in the way work is done will continue, and the gig economy will continue to grow. In order to build a successful organization and create a strong culture, leaders can gain a competitive advantage by tapping into the deep pool of talent that exists in the gig economy.

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