Fortune 1000 companies and suppliers providing extended workforce talent management in the emerging Gig Economy converged at Staffing Industry Analyst “SIA” GigE 2018 Conference in Dallas last week. The way companies and contractors align themselves to get project and short term work gets done is constantly evolving.
This new evolution goes by many names, the sharing economy, gig economy, on-demand and platform economy. 15% of companies are engaging talent via the many emerging channels and more workers are participating in some aspect. It’s estimated by SIA’s 2018 research that the Gig Economy is a $3,700,000,000 global enterprise. The new way of engaging an on-demand workforce is growing. Estimates vary but it’s widely agreed that 17% of the USA workforce participated as a freelancer, independent or B2B worker in 2017.
We’ve listed here some of the key take-away’s from the conference for all who are involved in contingent or on-demand talent engagement.
- Gig platforms are disrupting traditional contingent workforce engagement channels
- Contractors can be pre-validated and ready to begin a project or assignment very quickly
- Online staffing and B2B engagement are leading growth in the talent supply chain
- Companies and their workforce management partners are embracing talent pools
- Talent pools can be either closed company-centric managed or open to all
- Governments are paying attention to Gig engagement to ensure proper compliance & taxation
- Leading legacy Talent Acquisition firms are embracing collaboration with the emerging platforms rather than competition
- Talent is being identified in almost every country around the world to fulfill roles
- Concerns that the Gig Economy is driving down pay rates to certain classes of workers with increase labor completion from abroad
- Blockchain is chaining the way companies identify talent
- AI is playing and increase role in talent acquisition with intelligence and algorithms
- Compliance when engaging a Gig worker is key as enterprises don’t want to risk miss classification
CXC Global for the past 26 years has assisted companies with contractor workforce management that allows for proper classification and risk mitigation. The Gig Economy is upon us and as companies engage global freelance talent directly or via online platforms, ensuring proper set up and timely compliant engagements of this new category of workers will be the key components to risk avoidance.