Tips About Gig Economy You Need To Know

The growth of the gig economy should not be surprising to anyone in the business world. For companies, gig work boosts both accessibility and affordability, allowing businesses to grow their profits without adding significantly to their carrying costs. For workers, the gig economy allows for an unprecedented level of flexibility while also increasing employment opportunities. When positions need to be filled with skilled and motivated people, gig work is an option that clearly qualifies as a win-win.

“One of the hardest things for employers to do is properly match their bench of talent and their capacity with their pipeline of work and projects,” says Jessica Vann, CEO and Founder of Maven Recruiting Group. “The worst thing you can have as a business leader is a whole bunch of idle employees who don’t have enough workload to actually keep them occupied and justify their cost. The gig economy creates a situation where employers don’t need to be constantly managing employees, yet can still have them available when new projects arise.”

The work that Maven does highlights another benefit that the gig economy brings to employers. When talent is needed, gig placement companies and platforms provide a readily available source for vetted workers.

“Most of the platforms that give employers access to gig workers have done some level of screening,” Jessica explains. “That dramatically accelerates the interview process for employers. It circumvents the need for sorting through resumes, doing background checks, and negotiating pay, which means work can get started much quicker and with less administrative burden. And when projects wrap up, the gig is over. Companies do not need to worry about layoffs, downsizing, severance packages, or any of the other issues associated with letting traditional workers go.”

Because gig work often involves remote work, the gig economy empowers employers to fish in a much larger talent pool. They get global access to talent without the human resources headaches that would come into play with traditional employment models.

“The gig economy makes it possible for companies to outsource talent that is motivated to do the work, and there are a lot of talented people across geographic barriers,” says Jessica. “Hiring gig workers is a way for companies to tap into the talent pool of the entire global economy without having to navigate international immigration laws, travel and work visas, and international payroll and taxes, to name just a few of the complexities that can come into play when engaging with international workers.”

An additional benefit of an international talent pool is greater affordability for employers.

“When we embrace a completely remote work model, we eradicate global barriers,” Jessica explains. “When you do that, those seeking jobs are literally competing with the entire world. At that point, supply and demand comes into play. With more supply, there is more competition for work, which means the compensation that companies need to provide decreases.”

Companies that employ gig workers are also released from the pressure of providing professional development opportunities for those positions. Such programs, which are a benefit that is often extended to full-time employees, can carry heavy financial and administrative costs.

“With traditional employees, companies must consider how they will continue to stimulate those workers and keep them on a satisfying career trajectory,” explains Jessica. “With gig workers, companies are free from those concerns. The process is more plug and play, which is really appealing for the employer.”

For employees, the freedom and flexibility that gig work offers definitely tops the list of benefits. They can build their schedule around other obligations, contributing to a more healthy work-life balance. The global nature of gig work means workers also have a much wider range of employment options to choose from, meaning they can be more selective about the work they take.

“The gig economy gives people the power of choice,” says Jessica. “They can allocate their time to what feels most fruitful and enjoyable for them, seeking out opportunities to create income and monetize hobbies and side hustles.”

Maven Recruiting Group provides recruiting and placement services for both permanent and temporary positions. Maven differentiates itself from other recruiting and placement options by prioritizing touch over tech. By focusing on human connections rather than automated processes, Maven ensures that workers’ passions and personalities are properly placed. Maven partners with employers, taking the time to understand what makes companies unique so that they can help to land their client’s elusive A-list candidates.