News articles on gig workers working multiple shifts have been all over the internet last week. Unemployment in the U.S. has raised to a level not seen since the great depression. It's been observed that gig workers have been facing stiff competition from recently unemployed workers who are also clamoring for jobs. All of this has happened while the risk of contracting the coronavirus on the job looms in the background.
A report by ASSOCHAM (Associate Chamber of Commerce and Industry of India) puts the annual growth rate of the gig economy within the country at 17 percent, and predicts that it will reach $455 billion by 2023.
Given the unemployment landscape the world is facing, we need to acknowledge and plan for the reality of a rapidly expanding gig economy internationally.
As various countries start to recover from massive unemployment, the new normal may pave a shift away from full-time jobs to side hustles and multiple gigs, experts predict.
The time has come to accept that the gig working model is emerging as a norm in economies the world over. The focus has shifted away from hiring for the long term in order to expand on temporary gains and meet the demands of the current business landscape. The competition is fiercer than ever before.
Silver lining for gig workers
With continuing economic tensions, small businesses are struggling to stay afloat. Many are already relying on short-term internet gigs to stay profitable.
The IT industry was one among the very first to adopt a remote working model. Despite the fact that IT firms have frozen hiring, they have been looking for freelancers to ideate quickly and work on multiple projects as customer requirements change on short notice.
The increased rate of digitization and technology adoption is proving to be able to create more jobs and foster economic inclusion. While contingent or temporary workforces are growing to include agencies, freelancers, and gig workers, digital platforms are facilitating this change.
The emergence of domestic and international freelancing digital platforms will also prove to be a game-changer, especially for the expanding knowledge economy.
The disruption of stable jobs in the Covid-19 era is pushing the employment landscape towards a transitional phase by replacing older models of work with a new model that's digitally connected with highly-skilled freelancers. This movement has been welcomed wholeheartedly by employers eager to fill the emerging skill gap.
Key-takeaways:
- It is time to embrace gig workers.
They can help you fill in the skill gap and provide demand-driven support for your business. - If you're looking to build an agile workforce, adopting cost-effective staffing and managing software tools is crucial to your success.
- Post-pandemic, these trends may continue as we shift toward a more uncertain gig economy that relies heavily on the internet.
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Zoho Workerly is dedicated to ensuring that you and your team feel supported, and remain equipped to adapt to the rapid changes in the current economy.
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