What Is The Gig Economy?

Economy is a free trading system where part-time and part-time employees are employed by independent contractors and freelancers instead of full-time and often part-time employees.

When you look at statistics, you can see how important it is for human resources to analyze and quickly determine how this new type of work can affect their industry. According to the Harvard Business Review, by 2023, the global music industry is expected to be $ 455 billion in industry. By 2020, two million new employees will join the United States. In fact, one in three American workers depends, in whole or in part, on their own work. Gallup estimates that about 57 million Americans are employed, according to Forbes.

“The rapid expansion of the music industry is one of the most important and enormous challenges facing human resource professionals,” says SHRM. “The key question is whether human resources can be flexible enough to bring about changes in the culture, plans, procedures and policies that were previously developed for full-time and new employees when many jobs included skills.” such as workers, freelancers, temporary helpers, companies, change agents, contract workers, freelancers or freelancers).

Here we are discussing about gig economy pros and cons:

pros of the Gig economy:

Affordable Labor

A full-time employee needs a salary and benefits. You will invest heavily in training and career development. If we provide a jobseeker, there is no need for the whole organization. You pay them for every service or hour you need it. They can often work indoors, or soon they will be in the office or at work.

Specific Skills or Talents

Sometimes a local professional needs a job or two, but not always. Being able to call contractor anything means that at the moment you need exactly what you need. You do not have to worry about perfect skills as you can use the prize full time.

Flexibility

Unpaid and compulsory employees provide flexibility. Even if you repeat the contract regularly with one of them, you only have to pay for the work that is actually done. You can contact them if the project needs more help or if your project has been identified.

Cons of the Gig Economy:

Employee carousel

It can be difficult to capture teamwork if you work with different people. Even if you work with a group of self-employed people, they are not bound by the same aspects of participation as full-time employees. This can be more challenging than defining a culture or helping team members work together.

Different relationships

Great government when working with full-time employees. The managers and supervisors are responsible for your work and often provide some form of monitoring to ensure success. With freelancers, you are your customer. They still work for you, but that will change the strength of the team.

This would be confusing for permanent employees who continue to work for the company but have no job security or traditional benefits. They do this for a number of reasons, including more freedom in their plans, being able to work for others, and having their own leader. As a result, the contract organizes your work better than the CEO. However, the CEO or company will end up being an unsatisfied customer, and an unsatisfied customer may resign at any time and not prove they are eligible to resign.

Lack of Routine

When working with a mixed group – full-time employees, freelancers, or people with disabilities – it can be difficult to create a solid program or program for the team. You can still do the job, but full-time employees may not be comfortable or even a little frustrated. They should stay in one place for a while, but free people are free to work in their own time.

Of course, there are pros and cons to the music industry. However, HR professionals cannot ignore the fact that there is social change in this profession, where people are given more freedom than in the process of organizing, working, and dealing with employees. We still have a lot to learn when it comes to risk economics.

“The number of online shows has increased dramatically in recent years – but there is still little knowledge about support for non-traditional staff,” says the Harvard Business Review. “While Gig users can benefit from greater flexibility and independence than traditional workers, they also face unique challenges: less job security, less money for job development and often the serious effects of isolation and difficulty finding objects and actions. “

In fact, many reports suggest that future HR managers will have access to financial benefits such as health insurance instead of paying for it as they would for a full-time employee. Companies can start supporting collaborative spaces to avoid breaking away from employees or the self-employed. The result is that changes are underway and HR managers are paving the way for this new operating system.