A report from The Economist Intelligence Unit
The struggle to balance cost, flexibility, risk and productivity
in a gig economy
Market disruption requires new ways of thinking about your workforce. Semi-permanent gig talent pools are now the norm for their many advantages, yet managing them can be a challenge. Together with the Economist Intelligence Unit, this report checks in with 200+ decision-makers to examine trends and implications in managing a gig workforce as a strategic asset.
Report from The Economist Intelligence Unit Sponsored by:
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Why a gig workforce?
More than six in ten respondents expect the use of contract labor to grow over the next five years.
Given this new reality, what is the right blend of work arrangements for your organization?
Workforce productivity was the most agreed-upon topic in the study. Nearly 80% of respondents are under strong pressure to increase workforce productivity.
Gig workers make up 20% or more of the workforce at nearly 60% of the companies surveyed.
Flexibility is key, as almost three-quarters (73%) of respondents
are undergoing some type of transformation. And two-thirds are being forced to adapt to a more volatile business environment.
A solid strategy for managing your workforce can
help you answer important questions:
• Which of our roles should be gig-based?
• How do we manage risk?
• How do we know which partners to use?
• How do we control costs but still get the right expertise?
• How should we vet workers?
• What about onboarding?
The use of gig workers holds opportunity and hazard.
There are tradeoffs to be made and companies must consider how to manage gig workers in a way that fits with existing processes, culture and management workload.
Every company surveyed relies on gig workers to some extent.
The most common model for managing gig workers is to assemble them into teams managed by FTEs.
A few lookouts to consider in using gig workers:
• They’re not a plug and play
commodity, especially certain roles
• Skill and culture fit are critical
• Onboarding requires a thoughtful
Only 1% of respondents have no formal workforce augmentation strategy.
Organizations have a number of motivations, but the top ones reported:
(% of respondents)