You think the economy and talent acquisition world is crazy now?
Well, buckle up. Things are about to get even more exciting (and by exciting, I mean more caffeine necessary).
Welcome to the gig economy. A world where …
- side hustle has become a buzzword (45% of Americans have one) and
- your new recruit might just be an AI-powered bot.
Field of Talent is here to guide you through the labyrinth of the gig economy and adapt your talent acquisition strategy for a jobless future.
A shift to the gig economy
Once upon a time, jobs were like marriages – for better, for worse, for richer, for poorer, till retirement do us part.
Eh, not so much anymore.
The times, they are a’changing. The labor market now favors short-term gigs over lifelong commitments.
In fact, CareerBuilder says Gen Z stays in their jobs for only 2 years and 3 months, compared to Boomers’ 8 years and change.
Why the change?
A duo of villains (or heroes, depending on your perspective):
- Tech advancements
- Changing employee preferences
AI is the talk of the town. And rightfully so. IBM just announced they’re looking to automate thousands of jobs and reduce headcount by 7800 in the next 5 years.
25% of all jobs are expected to change as a result
t of AI in the next five years. But at the same time, the economy will get a boost from higher productivity.
So despite job displacement, we might see a wave of new job creation. And based on data collected by Side Hustle Nation, Gen Z and Millennials would love a new side gig.
The surge in temporary staffing
At Field of Talent, we help organizations fill their employers rosters with all-star workers. Even if the need is temporary.
Right now, we’re seeing a tremendous surge in temporary staffing needs.
Companies find value in having a flexible workforce that can adapt to the ebb and flow of business requirements. Especially in a see-sawing economy like today’s.
To put it in perspective, 75% of companies will adopt AI over the next five years, leading to a shakeup of jobs and workers.
This shift means more room for temporary staffing (and STEM skills) as companies try to fill gaps.
Gig economy recruitment survival guide
Now, for the million-dollar question:
How can you ride this wave and prepare your talent acquisition strategy for the gig economy?
- Embrace flexibility — It’s not just about 9-to-5 or a traditional office environment anymore. I’m not the first to tell you this. But it’s more than that. Embrace hyper-specific temporary projects, part-time roles, virtual assistants halfway around the world, etc. Flexibility will be the name of the game in the future.
- Replace fixed costs with variable costs — A full-time employee is a fixed cost you pay on a recurring basis. Think about how much you can save if you replace those fixed costs with variable costs – and bring highly specialized gig workers into the equation. Win win!
- Prioritize skills over titles — In the world of gig work, skills matter more than job titles. So it may be worth it to value your candidates’ skills and past experiences more than their future leadership potential, for example.
- Create a gig-friendly culture — But you can’t completely ignore culture. You want to make your organization attractive to gig workers. This includes respecting their autonomy, offering fair compensation and providing a welcoming environment and smooth on- and offboarding. Collaboration is huge.
- Re-think benefits — Traditional benefits might not cut it for gig workers. Heck, benefits period. If I were you, I’d consider benefits like professional development opportunities and flexible payment options. Because remember – these folks aren’t with your organization for the long-haul. What’s attractive to them isn’t attractive to a full-time employee.
Navigating the gig economy might seem like riding a roller coaster blindfolded at first.
The world of work is changing, evidenced by all the advancements in artificial intelligence and employee preferences. Change is the only constant.
Looking for a partner to help you fill gaps on your team? Field of Talent has been staffing organizations like enVista for decades.
In fact, we were able to fill several positions with contract-to-hire professionals faster than other recruiters who were working on the same positions as direct-hire opportunities. Boom!
Get a free consult here.
