GigNow: Developing a network of contractor talent

The gig economy, also called ‘sharing economy’ gets its name from the shared model where each piece of work is termed as an individual 'gig'. It is a work environment where organizations hire temporary workers or freelancers instead of full-time long-term employees.  The rapid growth in the gig economy clearly indicates that this is the future of work, but it also raises the question on its acceptability and the readiness of the corporates to embrace it. 

Digital disruption resulting in a significant transformation in the business models is already driving the boardroom discussions, posing a challenge to the leaders, strategists and industry experts. This scenario is only going to intensify in the times to come. Some of the disruptive technologies, such as Artificial Intelligence (AI), robotics and automation, are not only bringing about the transformational changes across industry verticals but these are also re-defining the future of the global workforce, giving rise to the so-called gig economy.

A recent PayPal study has revealed that over 40 percent of India’s freelancing market has witnessed significant growth in the last 12 months, and also suggests that the rise in gig economy in India is largely fuelled by start-ups in the Internet and technology space. However, the gig trend is also seen making its way into some of the large established firms, where permanent jobs were given precedence over contractual roles, envisaging a huge demand for independent workers on a short-term contract.  Staffing functions are already re-looking at the workforce mix to be created for their organizations to stay afloat and to be future-ready in this new environment. They are realizing that the right workforce mix is imperative for companies to ensure a ready pipeline of specialist skills on contingent basis, at any stage of the business lifecycle. 

India is one of the largest freelancer markets in the world and is poised for growth. The mindset, in the region, is rapidly shifting from permanent jobs to flexi-working. Primary reasons that drive professionals to adopt freelancing are more earnings, flexible schedules and the freedom to choose who to work for, that also provides them with financial stability and security. They also like the flexibility of holidays, taking time off, and the ability to work from home. On the whole, being unable to get a full-time job is not the main reason for doing contingent work. For the clear majority, there is a conscious decision to embrace the gig economy. 

Keeping up with the market, EY is steadfast in managing this changing trend by responding to the forces of globalization and technology innovation with agility. We realized that creating an appropriate infrastructure to support a growing global contractor workforce requires investments in tools, teams, and processes. This led to the creation of GigNow — our platform that is built using agile methodologies which allows flexibility and frequent updates to meet our needs now and in the future.

GigNow is EY’s new and innovative approach to sourcing, matching and engaging contract workers. It is much more than a technology platform as it combines the engaging process with effective selection methodology to enhance the experience for both EY and contractors. This new platform allows contractors to directly access EY’s contract opportunities and find the assignment that allows them to have flexibility, make an impact, and grow as professionals. 

Regardless of how we define it, the gig economy will continue to grow as more organizations expect to make greater use of contingent workers. The natural question, then, is: Why? What’s driving the growing use of contingent workers? 

Evidence from EY’s survey of employers shows that organizations are using contingent workers to flex and bolster their capabilities. Contingent workers help employers control labor costs, and respond to the peaks and troughs in demands that come with seasonal trends. Meanwhile, access to virtual portals and other technology advancements have made it possible for contingent workers to gain access to job opportunities in ways that weren’t previously possible. Like any other shift in the marketplace, gig economy is also not free of the necessary evils, but with millennials craving for flexibility, control, and variety of work, it is surely for keeps.