How the Gig Economy Can Benefit You and Your Business

The gig economy can provide benefits to all parties involved in the talent supply chain. Find out the benefits to individuals and businesses.

Gig Economy Benefits

The rapidly expanding “Gig Economy” is not simply a change caused by economic conditions but rather a swinging mindset to what work truly is. The emergence of on demand services fueled by technological innovations has allowed for the extraordinary growth of the freelancer market. Organizations and individuals alike are looking to the Gig Economy to provide more flexible engagements, remote accessibility, seasonal workforces, and access to talent globally.

According the US Chamber, “Gig Workers” are independent contractors or freelancers who typically do short-term work for multiple clients. These engagements are generally project based, temporary positions, or hourly/part time relationships. Organizations are recognizing the true potential in the adoption of the Gig Economy for specific areas of their business, while individuals are growing more keen towards the flexibility that it allows.

BENEFITS TO BUSINESS

For businesses, there are several ways to find value in the gig economy:

  • Cost Reduction– the use of contingent labor for many businesses can decrease their labor costs – health care or other benefits
  • Remote Working– Access to talent outside of your geographical presence, less reliance on traditional workspaces and unnecessary real estate
  • Access to talent “on demand” – ability to scale workforces based on demand, and hire experts who would not be required on a regular basis or in a full time manner

BENEFITS TO INDIVIDUALS

For Individuals

  • Work Flexibility – No more traditional 9-5 work schedules. Individuals can make their own schedule, and decide when and how the work gets done.
  • Ability to support multiple clients simultaneously – Individuals can provide services for multiple end-clients while having the freedom to pursue opportunities at their own leisure.
  • Be your own boss – At the end of the day, working in the Gig Economy allows for you to work for yourself and manage your work life more creatively to your personal preferences

SUMMARY

It’s clear to see that the gig economy can provide benefits to all parties involved.  Finding the best talent is still a challenge for many businesses, however talent platforms are now making it easier to match task to talent.

Engaging talent once identified is the next step in the talent supply chain and comes with its own set of complexities.

CXC Global works with companies worldwide to enable compliant contingent workforce management and engagement of workers domestically and overseas.  Our proprietary compliance platform CXC COMPLY puts contractors through robust checks to ensure they are being engaged in alignment with country or state specific laws.

CXC acts as the Employer of Record (EOR) enabling companies to hire anywhere, without having an established entity or presence in that region.

CXC take pride in the speed and efficiency of our service. We enable our clients to hire anyone anywhere – compliantly and provide global payroll management solutions for some of the world’s leading tech companies, start-ups and enterprises.

If you’d like to know more about the gig economy and how we assist and educate businesses around the world to adapt to and compliantly engage their extended workforce, please get in touch.

 

 

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