Global tech hubs have enabled innovation-savvy people to acquire “side hustles” as a secondary revenue stream, where work is performed in front of any-sized screen. Previously it’s been considered a little different from “gig” work, as it’s continual and the technology is designed to keep a steady workflow with workers locked into working more.
While the work is different than coaching basketball camps on the weekend or painting houses in your neighborhood for extra cash, these engagements still pass through corporations of every size that possess financial structures. They are not the friend who will pay you cash. As more and more workers access “side hustles” virtually, local governments are keeping a close eye and watching the platforms to ensure workers are compliant and paying their share of tax.
For Americans in need of, or simply wanting, a little extra income, Silicon Valley has increasingly provided the answer: There’s an app for that, and according to a study, a sizable portion of young millennials continue to take advantage.
A full 28 percent of those ages 18 to 26 have a so-called “side hustle,” or secondary means of earning income, a higher proportion than any other age group, according to a study released by the consumer finance site Bank rate.
What is the “Gig” Economy and why is it important? It is the idea that people take jobs on a contract or freelance basis and may have several jobs or “gigs” going on at the same time. It’s important because it is the way of the future and here is why.
THE CHANGING WORKFORCE
The makeup of the working world is changing quickly. The events of 2020 have ramped up the speed of change. In an already changing workforce, companies have had to shift gears and adapt to stay afloat. Many more workers are now working remotely and happy to stay that way. More people have turned to the gig economy to supplement their income or while in between jobs.
As of January 2021 there were 4.66 billion active internet users worldwide – 59.5 percent of the global population. Of this total, 92.6 percent (4.32 billion) accessed the internet via mobile devices. We reported on this in 2016 when there the number had surpassed 3 billion.
The number of smartphone subscriptions worldwide today surpasses six billion and is forecast to further grow by several hundred million in the next few years. China, India, and the United States are the countries with the highest number of smartphone users. A massive jump from the predicted 2 billion back in 2016.
Millennials were the largest generation group in the U.S. in 2019, with an estimated population of 72.1 million. Born between 1981 and 1996, Millennials recently surpassed Baby Boomers as the biggest group, and they will continue to be a major part of the population for many years.
KEYS TO ATTRACTING THE BEST TALENT
Businesses are catering to all generations now due to increased diversity in the workplace . Understanding what their workforce wants and what drives them will help companies to attract and retain the best talent. Here’s what Millennials are looking for:
- To be understood by their employer.
- The opportunity to learn and grow.
- They want to be highly engaged.
- They want to make a difference.
- The authenticity of your company.
- Flexibility.
TALENT PLATFORMS
Today’s corporate workforce is becoming more agile and blended with a combination of full time employees and contingent workers. The contingent category includes the rapid growth of freelance and independent contractors in addition traditional contract and temporary workers. To capitalize on these shifts, companies’ talent acquisition strategies now include a combination of direct sourcing from various talent pools (internal & external) and online platforms, as well as traditional in-house recruiting.
With the known shortage of highly skilled and specialized talent, access to talent has become even more of a hot topic, and recruitment firms and talent acquisition professionals are now able to source talent from more avenues than ever before.
Many companies are turning to online platforms to find their talent, or developing their own talent pools to draw on to meet their requirements. Direct sourcing enables companies to meet their talent deadlines and reduce time to fill, which in the end, reduces spend and bottom line.
On the flip side, many workers now look to job boards to find their next gig. For example, if you are ready to take a new step in your own career as an HR specialist, HERE you can find current job listings throughout the USA.
ACCESS TO TALENT – SOURCING CHANNELS
Many organizations have migrated to a hybrid contingent workforce talent acquisition model that combines MSP / Internal Recruitment / Cloud Platforms / Talent Pools. Talent pools are defined as Public (shared pools) and Private (internal to one company)
Pools are being developed by adding former full time workers, silver medalists for full time roles, campaigns to have contractors register within pools, previous contractors who had successful ratings, full time and contractor worker referrals and interns.
IC CONTRACTOR COMPLIANCE
Independent contractors are registering with platforms and public / private talent pools to market themselves to companies. It is critical to ensure any contractor engaged as independent or self-employed has been fully vetted, in order to mitigate risk and avoid costly fines.
Background checks are country specific and need to be conducted for all workers being engaged, wherever they are located.
Today’s contractors are willing to pre-certify their compliance, enabling registrations for increased selection and faster onboarding.
CXC COMPLY
CXC Global, since its inception in 1992 has maintained a focus on compliance, enabling companies to engage talent compliantly, both locally and internationally, in keeping with local in-country laws.
CXC Global’s proprietary global independent contractor compliance platform CXC COMPLY, now offers companies global IC and Corp to Corp vetting and workforce classification with indemnification. CXC COMPLY was developed in the Salesforce cloud environment, allowing full integration.
Key functionality includes:
- Worker Classification
- Vetting
- Right to Work
- Global Contractor Payments / Payroll
Get in touch with one of our team to book a demo of CXC COMPLY.