Why Gigs Matter
The workforce is at an inflection point.
Workers have new attitudes about why they work and how they wish to work. At the same time, the labor market is the tightest that it has been in 20 years. Businesses must make adjustments if they intend to compete.
Alternative Workers Now Essential for Organizational Success
In its recent report, Creating Value and Impact through the Alternative Workforce, researchers at Deloitte called on organizations to think about how they can use gig workers and other members of the alternative workforce as part of their talent strategies. “Economic and social forces suggest that alternative workers are now essential for organizations to be successful in the future,” the report says.
Just how tight is the labor market? There were 0.88 workers per job opening in October, the most recent month for which data is available. That’s down from a high of 7.99:1 in December 2010 and well-below the 2.84:1 average ratio since the U.S. Chamber of Commerce began calculating the data in January 2001.
At the same time, there are lots of people working or interested in some aspect of the gig economy. U.S. Chamber of Commerce CEO Tom Donohue made gigs a prominent component of his State of American Business address on January 9.
U.S. Chamber of Commerce Priorities
As some states move forward with policies that effectively abandon long-standing definitions of who can be considered an independent contractor, he warned, the kinds of innovation that have revolutionized sectors of the economy could screech to a halt. Addressing the growing patchwork of state and local rules surrounding independent contractor status is among the U.S. Chamber’s policy priorities for 2020. “At stake is the flexibility and the independence that have made side gigs or second jobs an important part of how millions and millions of Americans support themselves and their families,” Donohue said.
The growth of the gig economy supports new choices for workers and consumers. Wise business leaders view both as opportunities to grow.
Ready to Learn More?
The Ultimate Gig is a research project with the mission to provide insight into the relevance and growth of gig economy opportunities. Order the Ultimate Gig special report today!