Haven’t tapped into the gig economy? Here’s what you’re missing.

Colleen Shifflett
Colleen Shifflett
July 29, 2021

According to the Freelancers Union, most Americans will be freelancing by 2027. (And this prediction came before the pandemic changed the way we work.) If your team hasn’t tapped into the gig economy yet, you might want to start soon. A lot of major enterprises like Expedia, Walmart, and Facebook are already in the game. 

Hiring From the Gig Economy Increases Flexibility

When you hire someone full time you better be sure that the position, as well as the person, are a good fit. Even when you choose the right person for the job, it’s possible to realize after a few months that the position that was created wasn’t a good long term decision. 

When you hire someone from the gig economy, you can set the terms and compensation up in a way so that you only pay for what you need. You typically also have some degree of flexibility over time if anything needs to change. And when they’ve completed the commitment, you have the opportunity to focus your budget with a new freelancer to work on something else if the job is done. 

The Gig Economy is Saving Businesses Money

Since benefits make up on average 30% of an employees compensation, tapping into the gig economy for skilled workers can makes sense economically. Although you will need to keep in mind that their hourly rate needs to help them clear medical costs and some time off, not having to pay benefits does mean a lower cost to the business. 

Try Before You Buy

Occasionally, gigs go so well that both the worker and the company are ready for a more serious commitment. Using the gig economy not just to get work done, but to evaluate a good addition to the team can make it easy to hire someone full time when you’re ready. 

Companies are also putting culture first, and looking to lead with values. When you hire someone who’s already been working for you on a contract basis, you know if they’re a good match for your team. 

Get Access to Specialists

You’ve got some great employees at your company. They work together like a well-oiled machine and have processes down cold. What they might be lacking is a variety of experience. Freelancers get to get under the hood of tons of businesses, which gives them the gift of insights that employees that have only worked for a handful of companies in their career won’t have. 

Contractors and freelancers have seen everything, and are quick to identify patterns so that you can avoid costly mistakes they’ve seen other companies make. Their process has been developed through a great deal of trial and error and they leverage this in the way they tackle your project and help it run smoothly. 

Starting a practice of leaning into the gig economy can take some time. There will be legal and administrative issues to review, but competition to attract the best workforce in the future should be a motivating factor in getting started.

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