The "Gig" Economy
As a human resource professional, I'm always on the lookout for future trends and innovations in human resources and one of the biggest game changers coming up is with the "gig economy".
You join the gig economy when your income source is broken down into "gigs". Different from consulting or working in a temporary job, these gigs take place in multiple specialties and for multiple customers. Those that participate in the gig economy are not biding their time until they can get full time work, they are feeding their passions and skills sets and earning a living while doing it.
If you aren't convinced that the gig economy has arrived, just spend some time checking out LinkedIn profiles or looking through fiverr. You'll see large numbers of people who run multiple businesses in different verticals.
People are finding ways to earn income through a variety of sources and lessen their reliance on one employer. In Alberta we're even seeing adjustments being made to labour laws to try and adjust to this new way of being - misguided adjustments, but adjustments none the less.
So what does this mean to the workforce? A lot!
Everything from how we staff organizations, how we view career paths, our approach to retention, leadership and development and how we reward and recognize talent will need to change to keep pace with this new on-demand environment. Forget about trying to attract the younger generation with yet another fooseball table and beer Fridays. We need to radically rethink our approach.
Workers today, and not just millennials, want to feed their soul as well as their minds. They want to spend their time doing what they're passionate about and the gig economy gives them that freedom. Connect the heart and the mind and you'll have a committed talent pool. That talent pool may not work exclusively for you, but they will be committed to seeing you succeed.
Watch for my upcoming blogs where I'll break the elements down and go into more detail on how the gig economy will have significant impact on the workplace and how we as human resource professionals, will need to not just adapt to the new world, but will need to lead the change.