How the Staffing Industry is Adapting to the Growing Gig Economy

Adapting to the Gig EconomyBy now, you’ve likely heard the term “gig economy”, but you may be wondering what it means for you and your staffing firm. The gig economy is a growing trend in which organizations contract with independent workers for short-term employment. Sound familiar? [more]

As employers, enterprise buyers, HR representatives and suppliers, there will undoubtedly be exciting opportunities and new challenges as a result of this changing landscape. Today, 44 million Americans are doing gig work, and the U.S. spent $792 billion dollars on contingent labor in 2015 alone. With the growth of the gig economy projected to continue in coming years, we’re following up our 5 Ways the Gig Economy can Help Your Staffing Firm Grow article with additional tips to help your staffing agency keep up with the coming changes:

Collaboration, collaboration, collaboration

In the evolving gig economy, the talent supply chain is more interconnected than ever. From hiring managers and intermediaries to suppliers and contingent workers, everyone must work together synergistically. Jobs are being redefined around the globe and talent is engaging through apps and online platforms in a way we haven’t seen before. The result is an intersection of technology and talent, where collaboration is an absolute must.

Be the best at what you do

In recent years, the workforce solutions ecosystem has transformed into a complex web of consulting, acquisition and process outsourcing. More than ever, it is important to carve out a niche within the staffing industry and fend off competition that could (and likely will) try to mimic your success. The best ways to fend off the copycats? Be the very best at what you do and look for ways to continually outshine your competitors.

Attract and retain the top talent

In the world of contingent/gig labor, you are only as good as your people. Today, there is a need for a people-first approach, not only in acquisition, but also in your ongoing talent management. Attracting top talent is just the beginning. Keeping those top employees around will be the true test in this growing and changing gig economy.

Forge the way with new business models

When it feels like you are fading into the background of a saturated staffing market, assert your sustainable competitive advantage with new business models. How did Uber gain so much success so quickly? It broke the mold to develop a revolutionary new business model that filled a void in the existing marketplace. By integrating the gig economy with the human cloud, you too can create a unique business model to stand out from the crowd.

If you’d like to discuss ways your company can adjust to the growing gig economy, please contact a member of our team. We can help you stay ahead of the coming changes, and prepare for future success.