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Trending- Workforce

The Gig Economy: Rise of the Independent Workforce

 

‘20 – 30% of the working-age population in the United States and the EU engage in independent work.’ Many companies are looking to the blended workforce, comprised of full-time employees and independent workers, in reaction to the rising health care costs. Many workers are seeking independent employment due to the flexibility of working schedules and autonomy of work performed.

Emergence of the independent workforce can also have positive economic impact according to a recent independent work study. ‘By supplementing unemployment, stimulating demand, and raising productivity. Consumers and organizations could benefit from the greater availability of services’ by independent workers.

The digital market is also expanding as platforms are evolving to connect buyers and service providers. ‘Online marketplaces are used by 15% of independent workers. But the rapid growth of the largest platforms suggests we have only just begun to see their impact.’

While the number of independent workers is expected to increase in the upcoming years, there is still much work to be done to manage the benefits of this innovative workforce. Organizations will need to leverage technology to efficiently utilize talent and independent workers will need to continuously develop differentiated skills. 

Source: McKinsey, Gig Economy