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Today, gig work has emerged as a new form of work in a world with advancements in technology alongside the COVID-19 pandemic dismantling the traditional form of work.
It has become undeniable that the growth of gig work, that is driving the gig economy, is likely to grow greater.
Gig workers turn to gig work because full-time employment may not suit them due to lifestyle choices or personal constraints. This group of people makes up the untapped labour market which consists of homemakers, students and seniors.
Thus, gig work becomes their alternative source of income.
There are concerns about the difference in bargaining power between gig workers and companies, and the lack of basic job protections.
However, businesses still recognise the sustainability of the gig economy to support the changing economy of today.
So what are the reasons behind sustaining the gig economy?
Flexibility
Businesses acknowledge that flexibility makes the gig economy desirable and is beneficial for them too. Gig work is attractive because of the autonomy that gig workers have that gives them the freedom to choose when and how much to work.
On the other hand, the everchanging needs of a business’s growth require various skill sets and talents. By engaging these gig workers, businesses would have more choices to choose whichever skillset they need.
Tapping into a wider labour pool
The loss of jobs due to the pandemic has left many to turn to gig work and at the same time, creating a demand for highly skilled workers to fill open jobs. More gig workers with varying skills and talents make up this labour pool.
This gels well with a business constant need for manpower as they are able to tap into this labour pool should they require a specific skill set for a limited period.Â
This helps ease the troublesome job hiring process in businesses and improves efficacy.
Cut back on hiring expenditures
As gig workers only have some financial security to fall back on, businesses could enable them to earn an income that reflects their efforts accordingly and competitively relative to market conditions to stay afloat.
However, to filter out quality workers, businesses may require the help of external hiring platforms where their services do not come cheap.
Sustaining the gig economy is not a one-man show by businesses only. A greater effort from relevant groups such as the government would facilitate a sustainable and beneficial gig economy in the long run.Â
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