The tipping point: Gig economy

The gig economy is empowerment. This new business paradigm empowers individuals to better shape their own destiny and leverage their existing assets to their benefit.

- John McAfee

This is the classic hustle between traditional and the alternative. It is a new paradigm; a by-product of a new generation (millennials) and a disruptive new world order – uncertain yet rewarding, flexible yet unstable, futuristic yet insecure. 

This is the Gig Economy. 

Reports indicate by 2020, 50 percent of the working population will be a part of the gig economy. Since the industrial revolution, this will be the biggest disruption in the workforce. A recent study by the McKinsey Global Institute “Independent work: Choice, necessity, and the gig economy”, reveals that “up to 162 million people in Europe and the United States—or 20 to 30 percent of the working-age population—engage in some form of independent work.” Technology has disrupted the workforce in some unprecedented ways. From displacing the workers to enabling increased productivity from remote workers, there are many pros to getting the contingent workforce.  However, although this accelerating pace of independent work could have tangible economic benefits (increased workforce participation, more opportunities for the unemployed, increased productivity), it has its own set of challenges related to benefits, income-security measures etc. 

Through this cover story, we bring insights and perspectives of thought-leaders and industry leaders on how organizations are reacting to such labor market changes; how employers generate win/win relationships with independent workers; the pros and cons of considering the contingent workforce; sourcing, engaging, and managing talent in this new world of work.