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3 Ways the Gig Economy reshaping the workforce

3 Ways the Gig Economy reshaping the workforce

Gig Economy pertains to both freelance and independent positions and can include those that are temporary and technologically influenced. Such jobs don’t follow the traditional conditions and terms as well as have little control over the payouts.

Unconventional work setups, having employment that is arranged using different part-time, temporary or freelance jobs, short-term projects and contracts have today become a commonality. And this differs from the regular 9-to-5 employment and it has greatly become a key part of the current economy. One major advantage of these jobs is the huge flexibility of timings and location that they offer.

Here are the 3 ways how the gig economy has redefining the workplace:

1. Benefits Customization

This brings about the importance of customization of benefits in order to retain employees in their workplace. Today, each employee has varying needs, so there has to be a provision that allows customization of their benefits. This a positive that non-traditional jobs offer employees, hence, they now seek out something related in their workplace.

These are times when Millenials choose the type of coffee they’ll take, come up with personalized playlists and even decide on the apps they want to install on their phones, but of these options, benefit customization is the most important to them. As a result, the roles of the employees are being redefined thanks to the gig economy.

2. Preference Of Holistic Wellbeing

There are people who remain skeptical about the gig economy jobs and its impact on the workplace aura. The ‘work-from-home’ idea is quite attractive, but, some parents will worry that such jobs don’t offer the stability needed in life and that such jobs don’t offer the regular benefits like a medical cover.

This has, in turn, had those working in the conventional workplaces wishing for their employers to cater to their holistic wellbeing requirement even more than ever before. Today, employees know that there are more employment options that are non-traditional, hence, they aren’t prepared to compromise on their holistic wellness in their real workplace. So, if it’s 7-8 hours a day they give to a company, the employees expect this to be returned with packages and special plans in the form of benefits.

3. More Attention On Employee Retention

More employers are now more focused on employee retention, thanks to the gig economy. Today, many employers consider that retaining their employees is a lot more important than increasing employee productivity and controlling health and welfare costs. Not only does this redefine the workplace but it also disrupts it. It is resulting in employees’ redefinition of corporate family and because certain demographics like those of single mothers are changing, it is anticipated that more employers will have to meet certain needs for their employees.

It is evident that gig companies have redefined the whole construct of what work is, how and where it can take place. But still, it is hard to tell that the gig economy is creating new opportunities for people who cannot find work in regular jobs. Thus, it is best that both employers and employees learn to take advantage of the opportunities that these gig jobs offer and accept them for the challenges they present.

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