How do Businesses Benefit from Gig Economy Work...

In this digital age, the global workforce is constantly evolving. Today, almost one-third of the total workers identify as independent or as freelancers. According to the Associated Chambers of Commerce and Industry of India (ASSOCHAM), India’s gig economy will grow at a compounded annual growth rate of 17 per cent and end up reaching a figure of 3.3 lakh crore rupees in the next two to three years. The pandemic has ended up accelerating the potential of the gig economy to grow even faster. Even just a decade back, doing a side-hustle used to be frowned upon by the majority. But in these current times, it has almost become a necessity to survive. Nowadays, even firms and businesses are slowly moving towards this model. They are recognising the merits of the gig economy and trying to use it to maximise their potentials. So, here are a few ways how companies benefit from having gig workers at their disposal. Saving Costs Hiring gig workers will end up being much more cost-effective as compared to having a full-time staff. Businesses can cut on their expenses, which include insurance costs, paid vacations, retirement plans, or spend on onboarding processes of new hires. They can avoid incurring costs concerning the infrastructure, like spacious offices, computers or any other essentials required in the workplace. Business owners can also avoid paying taxes for gig workers, save money on administrative costs, employee benefits etc. Thus, by hiring temporary workers, a business can save these expenses and use them to invest in itself. Access to Seasonal Workers Managing and getting access to a dependable workforce can prove to be challenging for any business regardless of its size. It has now become even more troublesome owing to the pandemic. Numerous businesses require seasonal workers especially during busy seasons to fill in and assist wherever and whenever needed. The gig economy allows companies to get rid of middlemen i.e., temp agencies. These agencies charge high fees which take a big chunk out of the company's savings. Flexibility in Scaling Workforce Another very important merit for a company would be - flexibility in its operations. With professionals and temporary workers at their disposal, a business scale up or down its workforce according to prevailing conditions in the market. The ability to react efficiently and/or quickly is a major and often the deciding factor for a business’s success or doom. Company’s Employees can Focus on High-Value Work Now that companies can outsource various menial tasks to the part-time and temporary workers, the company’s employees can divert their focus on their main job which they excel at. This will greatly improve the efficiency of the existing employees, lower their workload, increase motivation, save their time and effort which can be then directed to another task. Conclusion In conclusion, the gig economy has forever disrupted the way we work, who we work with and even where we work. Companies that can adapt to this new work culture, that focuses on flexibility and work-life balance, can attract more talented potential employees to work for them. Technology continues to revolutionize the way people do business. And judging by the potential increase in gig workers, the future of business seems to revolve around the gig economy. Companies need to be prepared to make the necessary changes to attract all segments of the labour market, including millennials, Generation Z, and Generation X. By remaining flexible and innovative, as well as adapting to the current trends, a business will be able to take advantage of the opportunities of the gig economy. Vsiti us @

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