A global talent crunch, an ideological shift towards greater work/life balance and the need for an on-demand workforce. The combination of these emerging trends has been driving the growth of the gig economy for the past decade. Add in the COVID-19 global pandemic, and it’s clear to see why the gig economy has disrupted traditional workforce models and will continue to transform the face of tomorrow’s labour market.
Where traditionally businesses have focused on recruiting and retaining employees, our latest research shows that prior to the COVID-19 pandemic there has been a rapidly increasing adoption and acceptance of contractors in our workplaces. To keep pace with dramatically evolving market conditions employers need access to talent on a more flexible and on-demand basis. While at the same time, workers have sought greater control of their careers; from the hours they work to the values they seek from an employer.
Whilst there are challenging times ahead, economies will recover and in order to survive and thrive businesses will need to be agile. What the labor force looks like post COVID-19 is unclear but it will inevitably include both traditional employees and gig workers. The challenge for employers will be to ensure that all stakeholders feel engaged having both the flexibility and security they need. A people approach based on equality and meritocracy will be vital to the ongoing success of a business.