The gig economy can be defined as a free market system, where employees become independent contractors and are often referred to as freelancers, project-based workers and temporary or part-time hires.
According to Fortunly...
it’s estimated that by 2023, 52% of the US workforce will participate in the gig economy, at least occasionally.
It’s hard to imagine what the workforce will be like compared to now and seeing as how that change is less than 4 years away, organizations should start to think about what this means for their current employees and their company.
While this shift to the Gig Economy will be a change for many industries, the Field and Contract Service markets are among the top 8 that will have the greatest impact due to the nature of their on-demand workforce being easily contracted to others, in the Gig Economy, who’re available to get the job done.
We're already starting to see this shift in Field and Contract Service organizations as more employees migrate to the gig-economy. Unless these companies can compete with the changes to come, especially considering how inherently variable the trends are, they will miss out on a valuable portion of the available talent pool.
Field and Contract Service companies need to focus on two things with the upcoming rise of the Gig Economy:
- Providing the right tools to their employees so they want to stay at their current job.
- Remaining competitive in the market so their work isn’t outsourced to those in the Gig Economy.
In order to adapt to work in the Gig Economy and remain competitive in the market, your organization should consider asking questions like…
- Are employees reporting their time accurately? And are employees getting paid accurately?
- Are workers taking meals and breaks as required by law?
- Do you have tools in place that empower workers to deliver a great service experience?
- Are you creating schedules that put the right technician or agent with the right skills in the right place at the right time?
And as you're answering these questions and identifying what changes can be made over the next few years in order to remain competitive in the market remember that employees are looking for...
- Flexibility – one of the biggest reasons an employee will leave an organization is to have increased work/life balance and a more flexible schedule.
- Technology – make sure you’re offering the right tools for employees to be able to do their job effectively and quickly to remain competitive in the market.
Making these changes now will help your organization prepare for the future. If you’re interested in learning more about how your organization can prepare for the Gig Economy, check out this episode from Workforce Institute Radio as Joyce Maroney, executive director of The Workforce Institute and David Creelman, CEO of Creelman Research, explore the continued rise of the Gig Economy.