How executives can prepare for the continued boom in the gig economy
The odd-job economy is a rapidly growing market of workers who provide self-employment or work on short-term contracts. Examples of gig workers include, but are not limited to: Uber and Lyft drivers, pet sitters, virtual assistants, freelance writers and writers, and much more.
If you have a traditional job, you have probably heard your colleagues, at some point, refer to their âsecondary crushâ, which most often involves working in the concert market. That market was on the rise even before the pandemic hit in 2020, with an estimated 40 million Americans reported as gig workers in 2018 and 2019. During the pandemic, and after millions of people lost their jobs, the market concerts is now in full swing. According to the same study, it has been predicted that more than half of American workers will be self-employed by 2023.
How can leaders understand and plan for this change? How can companies better understand the reason for this phenomenon?
Job flexibility and what the gig economy can offer
Why do you think people in traditional jobs still have âsecondary fussâ? The answer is probably obvious: they are not making enough money in their current main job. This is one of the many advantages of the concert economy. People can still keep their main sources of work while separately generating income elsewhere. More importantly, they are able to generate this additional income at their own pace. It depends on the time and energy they have to do it, and they are not dependent on a rigid schedule.
Which brings us to flexibility, something many Americans don’t have access to in their traditional workplace. The pandemic certainly didn’t help; as offices and schools closed or went online, many parents were forced to become full-time employees and home school teachers. In addition, many parents have been forced to quit their jobs to care for their children. Gig jobs allowed flexibility in which people in those circumstances could generate income, pay the bills, and continue to care for their families.
But millions of Americans who weren’t parents, or even single, still yearned for this kind of flexibility. Concert workers are also known as self-employed workers, which arouses curiosity about the alternative: to be dependent and what it means. If you are not currently self-employed, you probably have a traditional 9 to 5 job or an industry job where you are “dependent” on an employer, a fixed and rigid schedule, and more, all leading to a lack of autonomy.
Concert work and competition
While the demand for working together has increased during and after the pandemic, competition has also increased. People who work in the concert industry, especially as their only source of income, now have to compete for actual concert opportunities. This means that millions of Americans will still fight for the sense of security they once felt when entering the concert market. The work on stage grows exponentially but also evolves; people now have to work twice as hard on their brand, skills and visibility on social media in order to be seen and valued. more nuanced mindset in this area. Self-employed workers take their jobs as seriously as traditional jobs. It is not advisable to consider working together as âeasyâ work; it’s not just about seizing an opportunity that comes your way. It’s more like investing in yourself as a business, which is quite demanding, especially if it’s a single source of income. Not only that, but people generally take competitive work seriously; some people thrive and enjoy a competitive mindset. If you’re a talent leader worried about the tsunami of turnover and the loss of people to the odd-job economy, you might want to consider making your workplace more competitive. in a user-friendly and secure manner.
How leaders can foster creative, engaging and flexible environments
Maybe your organization already relies on freelance workers. Or maybe you are leading a team of talented full-time employees who are essential to the success of your organization. The odd-job economy is not something to be taken lightly – as mentioned before, people make entire careers and manage to put their talents to use in an independent arena in which they are in total control of their destiny.
But the traditional workplace still exists, and you might want to learn more about ways you can keep your workplace not only a viable option, but attractive to those considering taking the other route. Here are a few things to consider:
- Pay attention: One of the main reasons people decide to quit their jobs is because they don’t feel valued as a unique and valuable part of the team. Boredom and lack of appreciation play a huge role in this; many workers feel like they are struggling with a spreadsheet, when they know they are talented in other areas. Pay special attention to your employees, what are their interests? What do they like? Do they seem disengaged? What are they good at outside of their role? Do the job to give them more opportunities within the organization and give them more ways to improve their resumes.
- Offer career growth: One of the downsides of working in concert is that it doesn’t offer much career development. The odd-job economy doesn’t necessarily have the same kind of hierarchy that exists in the traditional workplace. Career progression isn’t always about money either; it’s also about developing expertise, and that’s something a parcel workers want for themselves. Make work more meaningful for your employees and show them that you take them just as seriously as the people you take their productivity.
- Give your employees more autonomy and purpose: Another disadvantage of working in concert is that it does not offer exactly the same safety and benefits. For example, some concert platforms require a certain level of engagement in order for concert workers to continue to seek opportunities. And, of course, they don’t necessarily work behind an organization that offers great 401k benefits, among other things. Concert workers aren’t always their own boss, really, they rely on customers, great reviews and testimonials, and good online visibility. Look for ways to engage with your employees, give them reliable feedback, and genuinely listen to their flexibility needs. Make sure your employees don’t feel like leaders and managers want to keep them, and show them that they can be trusted completely to fulfill their responsibilities, even if it means taking non-business approaches. conventional working atmosphere.