The gig economy is disrupting traditional work models. According to Barry Asin, President at SIA, the gig economy always accounts for between twenty to forty percent of the workforce. Organizations presiding in an array of industries are continuing to explore the possibilities of introducing a contingent workforce. As a result, the complexion of hiring practices and workforce models continues to evolve.
In this episode of Yoh's Back to Work podcast series, our host, Joe McIntyre, and President at Staffing Industry Analysts, Barry Asin, discuss the gig economy, human cloud, staffing industry trends, and the intersection of talent and technology.
Industries Impacted by the Gig Economy
As it stands the human cloud is the largest growing section of the technology gig economy. The human cloud refers to all of the online platforms that assist job seekers find prospective employment, with limited help from a human. These positions usually comprise of knowledge based work that can be done virtually including (IT, marketing, creative) but continues to expand to include local work (assembly lines, hospitality).
Artificial Intelligence continues to be leveraged in the hiring process to tap into a talent pool. As a direct result, talent acquisition professionals within HR are transitioning to a consultative model on a temporary basis to prescribe best practices for companies that have introduced automated hiring models.
Healthcare has felt the waves of the gig economy. Many nurses are opting to work as travel nurses rather than existing solely in one hospital. Nurses have leveraged this flexible employment model to increase their pay.
How have Workforce Trends Shifted since COVID-19?
Remote and hybrid work models have expanded for organizations globally. Conversely, the traditional work model where employees work solely from the office is on the decline.
Barry Asin, described the current hiring landscape as a ‘talent crisis.’ Interview cycles have shortened for skilled labor. Talent is now in the driver seat, as they continue to leverage their coveted skillset to their advantage.
Executives are highly concerned about the prospect of remote work for new employees. Established workers have built connections, but new workers might struggle to learn by osmosis, leading to a decay of company culture and connectedness. Barry Asin, argues that there are alternative ways to stimulate company culture, although these concerns remain a recurring topic of conversation among executives.
Unemployment levels and claims nationwide are at an all-time low. The gig economy has a part to play in explaining this piece of information. Skilled candidates are leveraging their in-demand skills to work in their desired model and yield greater base pay in this transforming workforce landscape. Listen to the full podcast episode to learn more about the growing influence of the gig economy.