Article: Mastering gig economy recruitment & retention

HR Technology

Mastering gig economy recruitment & retention

Technological advancements, gig platforms, and inclusive practices are pivotal tools driving successful contingent workforce management, enabling businesses to thrive in today's rapidly evolving landscape.
Mastering gig economy recruitment & retention

In today’s continuously progressing recruitment network, a seismic shift towards a redefined business landscape has led to a surge in the Gig Economy and an unprecedented rise in remote work. This has actively reshaped the way businesses hire and retain workforce. Emerging as a transformative force, which is based on short-term contracts and freelance work, the Gig Economy has altered the landscape of contingent workforce management.

According to NITI Aayog, India is set to have around 7.7 million gig workers, a number expected to triple to 23.5 million by 2033. This surge is prompting businesses to recognize the disruptive potential and seek ways to effectively employ and manage contingent talent. Gig employee management is gaining significant traction across diverse industries, pushing companies to overhaul their strategies. This revamped approach utilizes AI to seamlessly integrate gig workers into the system, offering competitive advantages such as flexibility, expertise, and economic benefits. As a result, gig workers are reshaping dynamic sectors and revolutionizing business operations.

Seamless management of contingent workforce

Managing contingent talent in the Gig economy is the art of optimising and streamlining the use of non-permanent employees, driven by the unprecedented rise in the number of contingent workers that are members of an organisation’s overall workforce. Since these employees have different expectations from the traditional workforce, managing them can be complex. However, with the implementation of an integrated approach, enterprises can navigate through these challenges and unlock agility, and efficiency and add diversity into practice. 

Procuring and validating contingent talent 

The first step in optimising talent management involves defining project specifics and objectives when engaging gig workers. Assessing their profiles for alignment with project needs is crucial. Organisations can ease this process by leveraging platforms that facilitate drafting precise contracts outlining project scopes and expectations. Urban Company's success illustrates this strategy across diverse service verticals, expanding its reach across the country.

Developing excellent retention strategy

Employing Gig talent means nurturing lasting relationships beyond transactions. Open communication, visibility, recognition, and feedback build strong partnerships. Offering growth opportunities fosters loyalty and future collaborations. In tech and similar sectors, loyalty will be vital due to remote work freedom. Thus, to overcome this obstacle, employees need to have retention strategies that go beyond upskilling opportunities, work-life balance, and flexibility.

Inclusion with trust, diversity and values 

It’s no walk in the park to align organisational values with the surging amount of Gig workers, but the foremost step is to deliver tailored job offerings that provide both freedom and autonomy, laying the groundwork for trust building. The second step is to offer pay perks and necessary protection across multifarious demographics, by partnering with an organisation that promotes diversity in the workforce. Last but not least, businesses need to ensure compliance with laws and regulations to demonstrate a positive work environment that fosters a culture and values employees from all demographics, ethnicities, and religions.

Leveraging technological advancements

Enterprise-centric gig platforms have emerged as industry game-changers, easing the arduous task of seamlessly managing a contingent workforce. These platforms provide holistic solutions, managing everything from talent selection and training to management, deployment, and payments.

The intricate vetting process makes sure that the accessible talent pool delivers talent with the highest expertise and skills for each project. By leveraging technological infrastructure that is equipped with monitoring and reporting, organisations have access to both project and employee progress. The unwavering support delivered by gig platforms empowers businesses to capitalise on innovation, expansion, and core growth initiatives.

Embracing and empowering gig workers 

Supporting and caring about Gig employees can go a long way in solidifying an unparalleled business position. For instance, businesses can promote two-way feedback via real-time communication platforms between gig employees and management. Support gig talent moonlighting in a non-judgmental and open-hearted way, given that they do not work for your competitors. Encourage mental health support groups, update performance rewards and recognition programs to reflect today’s gig worker’s needs, and empower them to unleash their utmost mental, physical and emotional quotient.  

Moving forward

Successfully navigating through the realms of fluctuating contingent workforce management requires a stealthy strategic approach that prioritises the distinct needs and challenges faced by new-age Gig talent. The emergence and popularity of Gig Economy, provide organisations with a gracious opportunity to access specialised skills, flexibility and budget-savings. Thus, by binding to a well-integrated model, enterprises can forge strong relations with the pool of gig talent, stimulating them to flourish in the workplace which in return will help businesses achieve greater success in today’s rapidly evolving business ecosystem.

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Topics: HR Technology, #Work Culture, #FutureOfWork

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