Technology and the gig economy: What’s next?

Despite ongoing battles to determine the classification of gig workers, with high-profile tribunals involving the likes of Uber and Deliveroo hitting the headlines, there’s no denying the rise of the gig economy, or the ‘human cloud’ as it’s come to be known.

With a workforce continuing to adapt and grow more agile, the transformative effect of the gig economy on the workplace and wider society cannot be understated. Technology and HR experts have predicted the gig economy will give rise to more collaborative networks and increased specialisation of labour. The big question is, how will current gig economy platforms evolve? And what tech trends are we likely to see emerge off the back of it?

More platforms, more opportunities

Although gig work is far-reaching, it’s so far been defined by the platforms that have made it famous, whether that’s Uber drivers, Airbnb hosts or Upwork creatives. However, its growing popularity means 2018 is set to be the year when general gig platforms emerge (think Google searches for gig working) where workers from multiple sectors will be able to log on and secure a gig. This increased accessibility means the world is on the cusp of tapping into an even bigger population of gig workers, whether that by teachers, airline workers or healthcare professionals.

Access to data and insights

We know freelance and contract work is nothing new, but the ability to secure paid work using an online platform has only been around for a handful of years. With that in mind, we have remained in the dark when it comes to gathering data on these workers, in terms of who they are and what they want. That is, until now. The more established the gig economy becomes, the more data and insights can be gathered to help us build a picture about these workers and, in turn, legitimise their place in today’s working world. As a result, we’re set to see an emergence of data organisations and software platforms that are dedicated to providing gig worker insights to businesses.

Tools for gig financing

Although gig workers bring a multitude of benefits to businesses, they can also make payroll more complex. Because a flexible worker does not have a fixed wage paid on the same day of a week or month, it can make cash flow forecasting extremely difficult for finance departments. It’s for this reason that investment in technology and automating processes is imperative to intelligently measure the amount of work gig workers are carrying out and provide data to enable finance teams to conduct accurate forecasting. We can expect to see new solutions enter the market to help businesses solve this challenge.

The gig working model is constantly evolving and presents both a challenge and opportunity for recruitment businesses looking to capitalise on this growing worker model. If you’re looking to engage gig workers, now is the time to focus on optimising your businesses processes, particularly in relation to finance and payroll. FastTrack360 cloud software moves candidates through each stage of business from job placement through time, bill and pay, streamlining your business to enable you to get results sooner.

Find out what we can bring to your recruitment business by requesting a demo today.

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