What Does 2018 Have In Store For The Gig Economy?

What Does 2018 Have In Store For The Gig Economy?

Over the years, contracting, gigging, and freelancing has been growing in popularity. Expert reports project continued growth in the foreseeable future as the American population welcomes the idea of having a side gig. Currently, about 35 percent of the working population in the United States are moonlighting as freelancers. In the next few years, 56 percent of the labor force is expected to have more than one job, and for many, freelancing is the way to go.

A vast majority of Americans under traditional employment would be more than willing to take up an additional job on top of their current one; this is according to an Upwork and Union report. According to Faith Popcorn’s Brain Reserve founder and CEO Faith Popcorn, millennials will have a significant impact on the gig economy.

Gigging Trends to Look Out For In 2018

To most millennials, the idea that one can survive on one job seems indefensible. This phenomenon is largely because most millennials come out college carrying large amounts of debt, and the sorry state of the economy doesn’t help. Here are some of the trends expected to hit the gig economy in 2018.

Developing Professional Networks to Source Talent

Companies will continue to expand their networks to source independent talent. Many organizations out there are facing a shortage of in-house skills to tackle business challenges. These firms are expected to increase their reliance on specialized skills provided by networked professional service firms. These services are comprised of highly specialized independent contractors who provide their clients with on-demand expertise.

More Roles for Freelancers

Traditionally, gigging is seen as a career for people with specific skill sets. Contracting has always been perceived as an option for IT professionals — project managers, programmers — and freelancing is thought of as a path for practitioners in the creative line of work including web designers, graphic designers, and editors.

Gigging is slowly making inroads into other professions, and companies are ready to welcome these changes. The gig economy is encompassing all types of roles in fields such as accounting and finance. Introducing or increasing the number of gigging positions in an organization will improve agility and responsiveness in the market. Accommodating gigging allows a company to source needed talent sans the burden of having to deal with paperwork and employment taxes.

Increased Adoption Virtual Reality and Other Technologies

As technology continues to grow, the definition of the term ‘employee’ continues to evolve. Experts predict that 2018 is the year that virtual reality will make its way into company boardrooms. Managers will be able to connect with remote employees, and gig workers like never before.

Big Changes in the HR Department

The career paths for traditional employees are quickly phasing out and being replaced with skill-focussed short term jobs. On-demand recruitment decreases costs and gives rise to more competition for flair. There will be major changes in the HR sector as the need for more speed and agility in the process of identifying areas of business that need attention and sourcing the necessary talent increases.

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