With the pressure of a changing labor market and a precarious economic culture, a trend of freelance or self-employment has been on the rise and is becoming widely referred to as the “gig economy.” On a consumer level, a choice to take an Uber to work versus a taxi cab is one example of how people are utilizing this model. Within a corporation, it could be a decision to shift from using in-house IT to enlisting the services of a freelance software developer in order to create a new Web site.
In developing a talent strategy that draws upon the value of both full-time employees and high-end independent professionals from the gig workforce, companies can not only adapt to this future of work model, but also use it as a competitive differentiator.
What does the future look like for the gig economy?
Source: How the Freelance Generation Is Redefining Professional Norms, LinkedIn, 21 Feb. 2017.
The evolving work model is producing a ripple of talent and structural implications for many organizations. On one hand, some may feel the need to combat the growing popularity of the gig economy with a talent campaign that extends the full-time career benefits their organization can provide. Alternatively, some organizations have strategically embraced the gig economy as the new normal.
Actions for HR
In a world where workers are rethinking how they balance the flexibility that independence offers against the security of traditional employment, organizations must create a future of work that supports both full-time and gig talent. KPMG can help with the talent management, culture, and training shifts you'll need to make. Contact us today to get started.