The world has changed a lot over the last couple of decades and how we live our day to day lives has also been altered and upgraded according to the fast-moving technological realm. Even the corporate realm is not immune to these changes and the business world has seen quite some paradigm shifts over the past decade. While the economy is currently stagnant owing to the covid19 outbreak and the resulting lockdown, industry experts have been able to somewhat weather the storm with the help of technology and various innovative ideas and policies. One aspect that most businesses were struggling with is how they deal with the employees in general. Many companies have found it hard to deal with the current situation and have laid off employees and have put pay cuts in place.

During these unprecedented times, the gig economy would have been a preferred choice for companies and it would have helped them to achieve more flexibility when it comes to dealing with the workforce.  Simply defined, a gig economy is basically a free market system where it is very common to have temporary positions and businesses will hire workers to full-fill short term commitments. This allows the businesses to be freer especially during this pandemic situation. While there are a plethora of advantages that the gig economy offers to an organization, there are some that are way more important than the rest. Now lets’ take a look at some of the important advantages that a gig economy offers to an organization.  

• Be More Agile: As mentioned before, a gig economy will help companies to be more flexible and this flexibility is crucial to survive in a modern competitive market and more importantly in the current pandemic stricken corporate landscape that we have now. This agility will ensure that businesses can be less worried and will have more leeway when it comes to dealing with the workforce.  The current market situation allows companies to try out this and more than often it will help the company to cut their slack and streamline the HR aspect of their operations.

• Getting Expert Advice: While getting an expert advice may not seem like a surprising advantage, a gig economy will allow companies to get in experts and have their opinion when a need arises and there are added advantages owing to the fact that it is a short-term commitment. So, businesses will be able to full-fill their business needs with the help of an expert without the need to make it a fulltime or long-term commitment. As mentioned before, this gives added flexibility and agility to the company and that will help them to work much more efficiently and effectively especially in the current stagnant economic landscape.

• Other Benefits of Not Having Permanent Employees: If you are a person who runs a business that has a significant number of permanent employees, you will know about the things that one needs to look after when it comes to employee insurance and various other things. With gig economy, businesses need not hire permanent employees and that will help the business to reduce the cost of offering healthcare and other benefits to their employees.

While there are a number of other benefits that a gig economy will offer to an organization, these above-mentioned ones are the most visible and noteworthy ones.