It\u2019s widely acknowledged that the gig economy is expanding. The labour market is becoming more and more characterised by a prevalence of short-term contracts as opposed to permanent jobs.<\/p>\n\n\n\n
So why are our top organisations hiring an increasing number of contractors?<\/p>\n\n\n\n
\u201cThe workplace is constantly changing\u201d, and it is all the more relevant in today\u2019s age and time.<\/p>\n\n\n\n
Nowadays, the younger workforce cohort lean towards a more flexible working environment alongside a rapid growth up the corporate ladder. In fact, a 2019 survey by International Workplace Group showed that 83% of employees across the globe prefer jobs that offer work flexibility over those that do not.<\/p>\n\n\n\n
This transference pushes companies to redefine their corporate culture, reform hiring strategies, and make room for a work arrangement inclusive of contingent workforce.<\/p>\n\n\n\n
But what exactly is a contingent workforce, and where does it stand in the \u201cnew world of work\u201d? Read on to find out everything you didn\u2019t know about this workforce.<\/p>\n\n\n\n
What is a contingent workforce?<\/strong><\/p>\n\n\n\n A contingent workforce is a labour pool of specialists hired on an on-demand basis for a fixed period of time. There are various types of contingent workers, such as independent contractors, freelancers, independent consultants, part-timers, as well as workers hired on an ad-hoc basis.<\/p>\n\n\n\n Contingent workers enjoy the flexibility and freedom to choose exciting short-term roles that target their specific skills in varying companies that they have passion to work for. Companies that leverage contingent workers typically have a contingent workforce management in place that oversees this workforce.<\/p>\n\n\n\n Growth of the contingent workforce<\/strong><\/p>\n\n\n\n Freelancers have become so prevalent over the years that Deloitte recognised \u201cmanaging beyond the enterprise\u201d as one of the biggest human capital trends in 2018.<\/p>\n\n\n\n A case in point here is the tech giant Microsoft, which has two-thirds as many contractors as employees (as per a 2019 Forbes report).<\/p>\n\n\n\n Further, contingent staffing will continue to ascend a sharp growth trajectory in the years to come. A 2019 Mercer report highlighted that 62% of Australian business leaders expect their existing workforce to include more contingent workers in the near future.<\/p>\n\n\n\n Additionally, 75% of this surveyed populace believed that the contingent workforce would demonstrate a significant impact in their industry.<\/p>\n\n\n\n Benefits of engaging contingent workers<\/strong><\/p>\n\n\n\n There are several advantages of accommodating contingent workers in a company\u2019s human resources, including but not limited to the following:<\/p>\n\n\n\n The growing gig economy has revamped the operations of companies in Australia as well as across the globe. It has a considerable effect on their organisational structure, hiring strategies, employee management and overall performance. It presents a range of opportunities for businesses and employees alike, creating a win-win situation for both.<\/p>\n\n\n\n After all,<\/p>\n\n\n\n \u201cOne thing that makes it possible to be an optimist is if you have a contingency plan for when all hell breaks loose.\u201d<\/p>\n\n\n\n \u2013 Randy Pausch<\/p>\n","protected":false},"excerpt":{"rendered":" It\u2019s widely acknowledged that the gig economy is expanding. The labour market is becoming more and more characterised by a prevalence of short-term contracts as opposed to permanent jobs. So why are our top organisations hiring an increasing number of…<\/p>\n","protected":false},"author":1,"featured_media":419,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[12],"tags":[],"yoast_head":"\n