The concept of gig economy has emerged as a new way of working and redefine the mechanics of corporate workplace. Interestingly the gig economy will comprise of half the workforce by 2020, and will rise to 80% by 2030. We are already seeing new age workers taking up freelance projects, assignments and part-time roles in different companies. Of course, pay is one of the big reasons for picking on these responsibilities, but there are many other motivations that are keeping such workers/ professionals ticking by such mandates.
However, a new subset of the gig economy tapping into the blue-collar sector has emerged in recent years, allowing the likes of hospitality professionals and manual labourers to get in on the game.
A few impressive examples to validate that we are getting increasingly ‘gigged’ are:
- You need to rent or own a home to monetise on Airbnb.
- You need a car to be an Uber or Ola driver.
- You need specialised education and experience to be a white-collar freelancer.
Several companies have recognised the absence of blue-collar opportunities in this new digital economy, and have set up shop to provide services for consumers and gigs for workers.
Picking up independent work is no more just the province of the creative and consulting workforce; an increasing number of understaffed businesses are scouting for diverse talent that are cross-functionally excellent and flexible. Which is a win-win: both the gig workers get paid as and when they work and companies gains access to talent when they need it and for the length of time they require it. Moving forward, a new set of transferable skills is crucial to sustain the growth of your career capital. Gigs give an enormous opportunity to be your own personal ‘Chief Operating Officer’ (CEO) of your business with an element of independence- however keeping up with all the compliance and insurance is around the gig work can be daunting.
While start-ups in the gig economy are less controversial and disruptive, large organisations like Facebook, Airbnb, Uber, Alibaba and Bitcoin are the drivers of the new age of work culture. Individuals get centralise work opportunities on these platforms instead of disrupting existing options for sourcing gigs (e.g. walk ins, cold calls and emails), freeing the worker from the stress of finding gigs and thereby allowing him/her to focus on doing the best on the jobs they take on.
At the launch of New World of Work presentation in the Tesla showroom in Sydney CBD, two years ago, the CEO of Pendragon Management, John Glover in his ‘The Future is Here Now’, he discussed the above and many other changes.
So, are you set to embrace the gig economy? Let us know about your thoughts on the comments below.