&nbsp;Consumerism, put simply, is the desire to acquire, own and consume goods and services in excess of one’s basic needs. Economically speaking, encouraging consumer spending is a key driver of economic growth. Consumers benefit from the utility of the goods or services that they acquire, and businesses profit from the increased sales. As a result, increasing consumption appears synonymous with economic health. Or at least, in the traditional sense.But, today’s consumers are changing. They are savvy, more knowledgeable and more socially-conscious. Instead of engaging with companies in a purely economic sense, they pursue communal, collaborative and social interactions with companies. They constantly reassess their priorities and the true value behind their intentions: Why own something that I have infrequent use for? Why accumulate possessions instead of experiences? Why earn a fixed salary when I can have various income options? Why work deskbound when I can work remotely?

&nbsp;This shift in consumer’s attitudes is what research firm Euromonitor termed as “<a target="_blank" rel="noopener noreferrer" href="https://blog.euromonitor.com/the-new-consumerism-redefining-ownership-values-and-priorities">new consumerism</a>”. And a big part of this new consumerism is very much about sharing, predominantly evident in the sharing economy and the gig economy.

<h2>Owning Versus Sharing</h2>With traditional consumerism, an individual pays the full cost of a good or a service and owns the exclusive access to it. Sharing, on the other hand, allows multiple people access to a good or service simply by bearing its usage cost, without requiring the individuals to own it. Examples in the sharing economy include Airbnb, ride-sharing platforms and co-working spaces.The concept of sharing permits consumers to consume what they need, while also allowing them to provide under utilized resources to others. This sustainable idea enables individuals to have a fair and equal opportunity to access resources, through sharing rather than ownership.&nbsp;<h2>Talent Sharing In The Gig Economy</h2>What about human resources? Can these be shared?If you haven’t already heard about the gig economy, or think that it mainly consists of on-demand delivery and transportation jobs, think again. The gig economy is rewriting the reality of the employment market, where individuals offer their skilled services on a part-time basis to companies. These individuals aren’t just your Uber or Grab driver, they also happen to be your highly-proficient employees who have now ditched desk bound jobs for remote working.This group of gig professionals provide exceptional skills that companies are struggling to find on the shrinking traditional labor market. They can be specialists in their own fields, or the much sought-after hybrid specialists who command a wider range of skill sets than traditionally required in their role (e.g. digital marketers). They present an opportunity for companies to get expert human resources quickly amidst a talent-strapped labor market, in order to adapt to a fast changing consumer landscape.

&nbsp;Today, as these white collar executives make the move from “employed professionals” to “entrepreneurial professionals” in the gig economy, they bring expertise and experiences that are shareable to just about any business in any industry.&nbsp;<h2>Gigging For The Best</h2>The gig economy is fast gaining clout. Thanks to technological innovations and the Internet which has produced a mobile workforce that can work remotely anywhere.Here are some reasons why companies are now looking for short-term expertise hire, and why workers are seeking varied work projects for better flexibility and experiences.&nbsp;<h2>Benefits of the gig economy for companies:</h2><ul><li>Expert hiring on demand</li><li>Easy access to talents with complex or hybrid skill sets as technology continues to evolve and expectations of job requirements change accordingly</li><li>Ability to scale teams up and down quickly for specific projects</li><li>Save on recruitment/ hiring costs and employment benefits</li><li>Save on office space costs</li></ul>&nbsp;<h2>Benefits of the gig economy for workers:</h2><ul><li>Greater autonomy in choosing projects, and deciding when, where and how long to work</li><li>Remote working provides greater flexibility in time management</li><li>Independence in how they do their work. The worker is no longer tied to a particular work culture or schedule that may hinder work progress</li><li>Ability to contract their services out to more than one employer at a time</li><li>Working with multiple employers simultaneously allows the individual to expand their skill sets and get more varied experiences</li><li>Greater variety of job opportunities in different industries offers better exposure and &nbsp;keeps things interesting for the gig seeker</li><li>Lesser risk of job insecurity with multiple employers</li></ul>&nbsp;Perhaps more than ever, sharing is becoming more significant than owning. The gig economy and its world of talent sharing have opened up new opportunities for both companies and gig seekers alike. Companies want an agile and scalable workforce to meet evolving consumer demands. Gig seekers want an alternative work environment with greater autonomy and more meaningful work. This collaboration of companies and talents may just be that winning formula to ride through today’s tough waters of uncertainty and redefine the future of work.

&nbsp;There’s a better way to grow. And it’s not the traditional way.It’s about rethinking traditional employment archetypes. Can we progress from an economy built on full time employment habitually enslaved by unemployment fears, to one where individuals have greater autonomy and are self motivated to do work that inspires them? And as a result, &nbsp;benefit the economy as a whole?You can’t own full time employees. But you can build a winning team with talent management companies. As businesses demand more, external talents are emerging as the sure forerunners of an agile workforce. At Chance Upon, we partner businesses to get a head start over competition by creating collaborative work between companies and the right talents.

<h4>References</h4>Marianna Sigala, <a target="_blank" rel="noopener noreferrer" href="https://theconversation.com/the-sharing-economy-simply-dresses-up-our-consumerist-tendencies-in-a-more-palatable-ideology-99090">The ‘sharing economy’ simply dresses up our consumerist tendencies in a more palatable ideology</a>, (28 Jan 2019)<a target="_blank" rel="noopener noreferrer" href="https://blog.euromonitor.com/the-new-consumerism-redefining-ownership-values-and-priorities/">The New Consumerism: Redefining Ownership, Values and Priorities</a>, Euromonitor International, (4 Apr 2016)Mark Scott, <a target="_blank" rel="noopener noreferrer" href="https://swiftmoney.com/blog/what-you-need-to-know-about-consumerism">What you need to know about consumerism</a>, Swift Money (24 Apr 2017)Judith Wallenstein, Alice de Chalendar, Martin Reeves, and Allison Bailey, <a target="_blank" rel="noopener noreferrer" href="https://www.bcg.com/en-sea/publications/2019/new-freelancers-tapping-talent-gig-economy">The New Freelancers: Tapping Talents In The New Economy</a>, BCG Henderson Institute (17 Jan 2019)Robert Longley, <a target="_blank" rel="noopener noreferrer" href="https://www.thoughtco.com/gig-economy-4588490">Gig economy: Definition and Pros and Cons</a>, ThoughtCo (15 Mar 2019)

“The consumer of today is shifting towards “The New Consumerism.”

“As professionals explore new labor platforms in search for flexibility and some form of entrepreneurship in an environment exacerbated by worldwide job insecurities, the corporate resource pool evidently shrinks.”

Consumerism has traditionally been all about ownership, and often in excess of one’s basic needs. Today’s consumerism is no longer about owning. Rather, it’s about sharing; and it looks set to redefine the future of work.

Hire anytime, hire anywhere. Hire exceptional.

Today’s Consumerism Is No Longer About Ownership.

<h2>1. “Freelancers have no ownership.”</h2>Woah woah. This sentence can be a real blasphemy to freelancers. Contrary to belief, freelancers or independent professionals have probably more ownership than your average office worker. Think about it, freelancers spend time searching for multiple gigs, and the last thing they want to do is to burn any bridges (income) at all. Successful freelancers know that their reputations score them jobs, and because of that, they care about the results and the journey in achieving shared goals with their clients.&nbsp;<h2>2. “Freelancing has no job security.”</h2>How do you measure your job security in your current employment? How many people you know personally have recently been retrenched? Covid-19 has brought down security walls and overthrown security blankets. There really isn’t any ‘safety net’ in being employed full-time. Seasoned freelancers can tell you that freelancing can bring you more security and possibly more income than your current career. It’s all up to you as an independent professional to put in the time and effort in building your clientele. And when you do, it is likely that you will create your own income ceiling and a sustainable business that will work for you.&nbsp;<h2>3. “Only those in the creative field can probably freelance.”</h2>Have you heard of the gig economy? Gig seekers aren’t just your Grab and Uber drivers. Highly skilled freelancers with digital aptitude and expertise in diverse fields are offering their talents for projects that demand specific skills. They include UXUI designers, UX researchers, developers, app developers, copywriters, UX writers, business consultants and legal counsels. If you have a skill, you most certainly can freelance! &nbsp;<h2>4. “Freelancers are the ‘in-between-jobs’ people.”</h2>Ditch the word ‘between’. The truth is that freelancers are the ‘in jobs’ people. As a freelancer, you can choose to work for multiple clients and multiple projects. Sure, projects do come and go, but if you work diligently at building a portfolio of clients and a reputation for yourself as a valuable talent, it makes it easier to keep the work coming. What will you choose? Being ‘in a job’ or being ‘in jobs’?&nbsp;<h2>5. “Freelancers will not bother to engage with my team on a project.”</h2>Freelancers are mature professionals with solid work experiences and the confidence to step into the world of freelancing. Most of them have worked for reputable companies and they understand the importance of teamwork and team dynamics. They are conscious that they are hired as an extension of a team to fulfill important projects, and team engagement is key to a project’s success. It is also imperative that companies adopt an inclusive culture for the remote freelancer through group sessions, meetings and discussions. Utilise the experiences that freelancers have to offer, sometimes they might just give fresh perspectives or offer breakthroughs in a project.&nbsp;<h2>6. “Freelancing is less stressful than a full-time job.”</h2>Hold your horses on this one. Working for oneself may come with perks, but freelancing can be stressful, especially if you are managing several projects, deadlines and dealing with multiple clients. While you may not have a ‘boss’ to report to, you will soon learn that you will have to work with groups of people with very specific ideas of how the project should be carried out. But if you thrive on challenges and manage your time and relationships well, then there will be little to stress over.&nbsp;<h2>7. “Freelancers only work on small projects.”</h2>Ask any experienced freelancer, and you will learn that the projects that they have been brought on board to work on are neither miniscule nor unimportant. Freelancers are hired because of a variety of reasons: Lack of manpower, lack of expertise, lack of time. And whose shoes do you think are big enough to fit all these criteria? Certainly someone with the experience, expertise, dexterity and agility to move mountains.&nbsp;<h2>8. “Freelancers are not as good.”</h2>Not as good as? Many have the impression that freelancers only do menial tasks, or that they only work a couple of hours a day, and thus are ‘not as good’. The fact is that freelancers have to hustle hard. They need to be on their toes and seek out opportunities, and when they land their gigs, they have to juggle multiple tasks and clients. Thus they need to quickly suss out what’s important and be as efficient as possible to meet deadlines (and expectations). They may not have an office presence, but they certainly don’t waste precious time in idle chit chat by the water cooler either.&nbsp;<h2>9. “Freelancers are cheap. Else, you can always negotiate down their fees since they are working on the side.”</h2>It is no secret that the best freelancers charge top dollar. Why? Because they earned that right to. They are experts in their fields, productive, efficient and they’ve worked hard. They come well recommended from clients who have seen them at work and benefitted from their collaboration together. They have diverse experiences having worked with clients in various industries. They know that reputation is the key to success in this business, and you can be sure they will guard both their reputations and yours well.As a good friend once used to tell me: “Cheap and Good cannot be Fast. Fast and Cheap cannot be Good. And finally, Good and Fast can never be Cheap!”&nbsp;<h2>10. “Can you give a discount since you are a freelancer?”</h2>In order for both parties to win, a discount is the least powerful tool to negotiate a deal. If you’ve decided on a freelancer, it’s probably not because he offers the lowest rate, right? More likely, it’s because the freelancer has got a good track record, comes highly recommended, does great work and most of all, adds great value to your project. Enough said.

Beliefs, like mindsets, can be hard to change. But some myths regarding freelancing are really so unreal that we just had to address them here. If you are still sitting on the fence on hiring freelancers or being a freelancer yourself, this article is for you.

10 Myths On Freelancing (Are You Even For Real?)

<h4>References</h4>Sebastien Floodpage, <a target="_blank" rel="noopener noreferrer" href="https://medium.com/@sebastien.floodpage/the-future-of-work-in-the-sharing-economy-utopia-or-dystopia-1e78d114120a">The future of work in the sharing economy</a>, (4 April 2018)John Frazer, <a target="_blank" rel="noopener noreferrer" href="https://www.forbes.com/sites/johnfrazer1/2019/02/15/how-the-gig-economy-is-reshaping-careers-for-the-next-generation/">How The Gig Economy Is Reshaping Careers For The Next Generation</a>, Forbes (15 Feb 2019)Bernard Marr, <a target="_blank" rel="noopener noreferrer" href="https://www.pawork.org/7-job-skills-of-the-future-that-ais-and-robots-cant-do-better-than-humans/">7 Job Skills Of The Future (That AIs And Robots Can't Do Better Than Humans</a>, Forbes (8 Aug 2018)<a target="_blank" rel="noopener noreferrer" href="https://www.wgu.edu/blog/who-is-gen-z-how-they-impact-workplace1906.html">Who is Gen Z and how will they impact the workplace?</a>, Western Governors University (27 Jun 2019)Kentaro Toyama, <a target="_blank" rel="noopener noreferrer" href="https://www.worldpoliticsreview.com/articles/28893/what-the-coronavirus-pandemic-means-for-the-sharing-economy-business-model">The Sharing Economy Will Survive the Pandemic. Is That a Good Thing?</a>, World Politics Review (7 July 2020)André Gonçalves, <a target="_blank" rel="noopener noreferrer" href="https://youmatter.world/en/pros-cons-gig-economy-27964/">What Are The Pros And Cons Of Working In The Gig Economy?</a>, You Matter (1 May 2019)Mastufa Ahmed, <a target="_blank" rel="noopener noreferrer" href="https://www.peoplemattersglobal.com/article/employee-relations/the-growing-gig-economy-is-great-news-for-businesses-24824">'The growing gig economy is great news for businesses'</a>, People Matters, (27 Feb 2020)Forbes Coaches Council, <a target="_blank" rel="noopener noreferrer" href="https://www.forbes.com/sites/forbescoachescouncil/2019/12/13/12-ways-the-gig-economy-may-evolve-in-2020-and-how-it-will-impact-the-business-world/#7f3f7f15527f">12 Ways The Gig Economy May Evolve In 2020 And How It Will Impact The Business World</a>, Forbes, (13 Dec 2019)Faiz Siddiqui, <a target="_blank" rel="noopener noreferrer" href="https://www.washingtonpost.com/technology/2020/05/18/uber-layoffs-3000/">Uber lays off 3,000 more staffers, shutters dozens of offices</a>, Washington Post, (19 May 2020)Bill Vix, <a target="_blank" rel="noopener noreferrer" href="https://moneyinc.com/what-is-the-sharing-economy-and-how-will-it-affect-the-future/">What is the Sharing Economy and How Will it Affect the Future?</a>, Money Inc

<h2>Hiring in a Coronavirus Climate</h2>The rising global unemployment trend may have cast an initial gloom over the job market scene, including the gig economy. But not all industries have taken a downturn. The pharmaceutical industry is seeing companies buzzing to find a Covid-19 vaccine, and a global need for personal protective equipment and cleanliness products is keeping manufacturers in operation. Online grocery businesses, e-commerce, remote learning and home delivery services are thriving as a result of lockdowns and social distancing measures. On the bright side, some sectors are still actively hiring despite the pandemic, and a large number of them are looking for extra help in the form of gig workers on short term hire to meet growing demands.

<h2>&nbsp;</h2><h2>Creating A Demand in The Gig Economy</h2>For many unskilled workers, the gig economy’s rosy appearance as an immediate and flexible way to earn income may entice many to rush into gig work, leading to an oversupply in the service-based gig market. As more workers fight for the same jobs, the increased competition will bring uncertainties in both income and gig-job stability. Workers may also incur greater expenses at their own costs (e.g. work supplies, medical, health insurance). Unless policies and laws are enacted to offer these workers with some form of protection, the service-based gig market will be perceived as one of worker exploitation, fraught with employee rights inequality.While there is still a massive market for unskilled work today, this will gradually cease as our society gets supercharged by automation. As AI and machine learning take over mundane tasks, the jobs of the future will require skills that technology currently lacks. These skills include <a target="_blank" rel="noopener noreferrer" href="https://www.forbes.com/sites/bernardmarr/2018/08/06/7-job-skills-of-the-future-that-ais-and-robots-cant-do-better-than-humans/#8d4d3976c2e9">creativity, critical and strategic thinking, empathy and communication</a>. Skilled professionals who possess such soft skills and those who seek life-long learning will create a demand for themselves.&nbsp;<h2>Empowering The Gig Worker With A Growth Mindset</h2>To stand a better chance at re-entering the workforce as gig specialists, the present-day gig worker needs an upgrade. Learning new skills is a first step for gig participants to increase their income, as their earning potential is no longer pegged to a fixed salary; rather, it is limited to how much time they are willing to work and more importantly, how much value they can create. Broadly speaking, enabling gig employability includes a growth mindset in these areas:<ol><li>Upskill and build new competencies around and beyond their fields of expertise</li><li>Take on a variety of projects that will hone those skills</li><li>Build a strong personal brand and network to ensure job opportunities</li></ol>Picture this scenario: If there were two UXUI designers standing before a hirer - one who is a full time employee working on a project for 3 years; and the other, an independent professional who has accomplished 12 gigs across various industries with different companies. Who will have a higher chance of being hired? Gig workers must have a growth mindset in order to create value that will be appreciated by hirers.

<h2>&nbsp;</h2><h2>Hiring With A Mindset Change</h2>The future work generation is evolving too. The next labour market drivers will be the <a target="_blank" rel="noopener noreferrer" href="https://www.peoplemattersglobal.com/article/employee-relations/the-growing-gig-economy-is-great-news-for-businesses-24824">Millenials and Gen Z</a>. The new generation hardly subscribes to company loyalty and they debunk the idea of a 40-hour work week. Instead, they want to create meaningful work that contributes to society and have a desire for personalizing their own experiences. They are the <a target="_blank" rel="noopener noreferrer" href="https://www.wgu.edu/blog/who-is-gen-z-how-they-impact-workplace1906.html">“side hustle” generation</a>.

&nbsp;The reality is that an abundance of skilled talents now lie outside of their work environment in the gig economy, with a preference to work on short term contracts.The gig economy certainly looks poised to create more job opportunities, but this requires a paradigm shift in the way hirers view gig talents.And in order for the gig economy to realise its full potential and create more job opportunities, perhaps businesses need to customize flexible job roles with ‘pay it forward’ elements that align with the new gig generation’s higher purpose.

“As the gig economy continues to burgeon due to greater demand and technological advances, creating new job opportunities lie in mindset shifts for both gig participants and companies alike.”

“For the gig seeker, the future of work in the gig economy boils down to one thing - having a growth mindset.”

“In the next decades, forward-thinking businesses need to adopt a mindset shift in hiring.”

Technological advances and changing consumer behaviour have contributed to the rise of the gig economy. Will the gig economy continue to grow? More importantly, can the gig economy create more jobs in a time of uncertainty?

What Does It Take For The Gig Economy To Create More Jobs?

<h4>References</h4>Mastercard and Kaiser Associates, <a target="_blank" rel="noopener noreferrer" href="https://newsroom.mastercard.com/wp-content/uploads/2019/05/Gig-Economy-White-Paper-May-2019.pdf">The Global Gig Economy: Capitalizing on a ~$500B Opportunity</a>, Mastercard Gig Economy White Paper (May 2019)Sameer Hasjia, V. “Paddy” Padmanabhan, Prashant Rampal, <a target="_blank" rel="noopener noreferrer" href="https://hbr.org/2020/06/will-the-pandemic-push-knowledge-work-into-the-gig-economy">Will the Pandemic Push Knowledge Work into the Gig Economy?</a>, Harvard Business Review (1 June 2020)Tazeen Fasih, Harry A. Patrinos, M. Najeeb Shafiq, <a target="_blank" rel="noopener noreferrer" href="https://blogs.worldbank.org/education/impact-covid-19-labor-market-outcomes-lessons-past-economic-crises">The impact of COVID-19 on labor market outcomes: Lessons from past economic crises</a>, World Bank Blogs (20 May 2020)Rachel Miller, <a target="_blank" rel="noopener noreferrer" href="https://www.startupdonut.co.uk/news/pandemic-causes-surge-freelancer-numbers">Pandemic causes surge in freelancer numbers</a>, Startup Donut (28 April 2020)Courtney Connley, Abigail Hess, Jennifer Liu, <a target="_blank" rel="noopener noreferrer" href="https://www.cnbc.com/2020/04/29/how-the-coronavirus-pandemic-will-impact-the-future-of-work.html">13 ways the coronavirus pandemic could forever change the way we work</a>,” CNBC (29 April 2020)“<a target="_blank" rel="noopener noreferrer" href="https://www.academia.sg/academic-views/labour-in-singapores-post-covid-19-economy/">Labour in Singapore’s post-COVID-19 economy</a>,” Academia, SG (2 June 2020)“<a target="_blank" rel="noopener noreferrer" href="https://www.rolandberger.com/en/Point-of-View/The-future-of-the-gig-economy.html">The future of the gig economy</a>,” Roland Berger (8 April 2020)Yuval Shalev, <a target="_blank" rel="noopener noreferrer" href="https://www.ere.net/the-pandemics-impact-on-the-gig-economy/">The pandemic’s impact on the gig economy</a>, ERE (17 April 2020)

The coronavirus pandemic has forced the global economy to its knees. Many companies are struggling to reinvent their business practices, with some already succumbing to closures. Covid-19 has certainly taken the world by storm and its sneeze can be heard reverberating across all industries, markets and livelihoods.Along with health and safety concerns, there are also widespread fears of job losses. Employees who saw full-time jobs as secure with health, insurance and employment benefits are now vulnerable to pay cuts, furloughs, no-pay leave, or worse, retrenchments. While policy makers globally are dishing out aid in the form of handouts and relief packages to help employers retain current employees, the hard truth is that not all jobs can be saved. This harsh reality has shaken employees’ belief in the security of the job market, and they are now beginning to realise that the ‘safety net’ of being employed full-time, can actually be broken overnight.Which brings us to the gig economy...&nbsp;<h2>What Is The Gig Economy</h2>The gig economy can be segmented into two broad sectors: service-based and knowledge-based. Service-based providers consist of the likes of Uber and Grab drivers, Airbnb landlords, personal errand runners, online marketplace sellers etc. Knowledge-based solution providers comprise highly skilled management executives, consultants, tech experts, engineers, most of whom possess some form of digital expertise.

&nbsp;According to a <a target="_blank" rel="noopener noreferrer" href="https://newsroom.mastercard.com/wp-content/uploads/2019/05/Gig-Economy-White-Paper-May-2019.pdf">Mastercard white paper</a>, the gig economy has seen immense growth in the past two years, having generated US$204B in Gross Volume in 2018, with over 50% coming from transportation based services (such as ride hailing, food delivery, personal errand services). This was before the pandemic struck. Today, within the service-based sector, ride sharing is already bearing the brunt of the coronavirus effect while food delivery services (deemed as essential services during the pandemic) are seeing a continual uptick in demand. While it is evidently clear that some businesses in the gig economy are doing better than the others, there is more optimism for sustainable growth for knowledge workers in the gig market.&nbsp;<h2>Knowledge-based Gig Workers - Knights In Shining Armor?</h2>Why are knowledge-based gig workers rising to the occasion in this crisis?The coronavirus outbreak has caught companies and industries off guard, and resulted in many displaced workers. Automation complicated things further. The emergence of COVID-19 in an age of artificial intelligence has accelerated the adoption of innovations such as robots, driverless cars and drones in replacing physical services such as cleaning, delivery and transportation.Elsewhere, as reported in <a target="_blank" rel="noopener noreferrer" href="https://www.cnbc.com/2020/04/29/how-the-coronavirus-pandemic-will-impact-the-future-of-work.html">CNBC Make It</a>, middle management positions are increasingly being eroded. Companies have had to let go of good, (and often) highly skilled talents with immense experience, as a consequence of drastic cost-cutting measures. A legion of these individuals are taking charge of their situations by entering the gig economy and using their industry competence and skill sets to forge a freelance career. This has led to an influx of high calibre talents with digital aptitude, expertise in diverse fields, and a higher propensity for remote working, all offering their prowess for temporary gigs that demand specific skills.Compared to service-based gig workers, this genre of educated workers are better equipped to cope with unprecedented events such as an economic shock. They are highly adept at using technology to seek out job opportunities and thus put themselves out on the market faster. They have ditched the 9-5 workweek for the flexibility of remote working. They identify with immediate pain points of companies and are quick to rebrand themselves as ‘digital solution providers’ to cater to the evolving needs of an information age. After all, their years of experience have probably given them an advantage in the areas of critical thinking, leadership skills and emotional dexterity - qualities that technology cannot replace. More importantly, they understand that in order to stay employed, they must be open to new opportunities; or better yet, create elbow room for themselves.&nbsp;<h2>The Need For A Speedy Recovery</h2>In its magnitude of destruction, the pandemic has taught companies a quick lesson on speed. To survive, companies need to adapt fast, embrace new ways of working and take a long term approach to labour woes. Instead of sidelining external talents, now is the time to woo this rising breed of specialised workers who can take on crucial projects and keep businesses up to speed, sans upfront costs such as health, insurance and other employment benefits that come with full time employees.

&nbsp;No one can tell when this coronavirus will finish making its rounds. It might take months, years or it might be something that we all have to learn to live with. Few businesses dare to put an accurate bet on where the pandemic will lead us.But one thing is certain. Rather than adopt a sit-and-wait approach, businesses are now understanding the urgency to plan for a recovery before the crunch hits hard. The pandemic is demonstrating that remote working may well be the future of work. Equipping current employees with digital skills becomes a pressing need. Companies that embrace technology, welcome distributed and remote working arrangements, and champion the use of outsourced talents may have a better chance of recuperating faster.The good news is that the proliferation of online platforms has made it much easier for companies to connect with high calibre independent professionals, who may even be open to seeking work outside their local geography. These platforms are built to combat some of the uncertainties of COVID-19 by offering companies a global talent pool and quick hiring processes for a ‘plug and play’ solution. From the workers’ perspective, these online platforms present flexible hours, work life balance, remote working arrangements and a selection of project-based work of which they can work on from the safety of their homes.The surge in supply and an increased demand for specific skills is presenting a dynamic gig economy for knowledge based workers. And hopefully, they emerge as a soothing balm to business recovery.

“While it is evidently clear that some businesses in the gig economy are doing better than the others, there is more optimism for sustainable growth for knowledge workers in the gig market.”

“Companies that embrace technology, welcome distributed and remote working arrangements, and champion the use of outsourced talents may have a better chance of recuperating faster.”

Amidst a severely battered job market, it’s worthy to take note of a new genre of workers that’s rising quickly from the pandemic, and how they might just be the balm to business recovery.

Why The Pandemic Is Sprouting A New Breed Of Workers.

Imagine your business as a DIY toy car, built on just four wheels and functioning axles. A push powers the axles and rotates the wheels, which rolls the car forward. In physics, we know this as kinetic energy — an energy a body possesses due to its motion.In business, companies exist to gain momentum and accelerate at some point. This involves investing in resources and capabilities for companies to make headway. By virtue of just being in motion (or business), there is a universal need to scale up, to move faster. The key to speed, lies in unlocking the elastic potential energy of your team.&nbsp;<h2>What is elastic potential energy?</h2>Back to the analogy of the toy car. To get the toy car to go faster, a stronger force has to be applied. A stretched rubber band holds a great force of potential energy to drive the toy car forward. By twisting a rubber band several times around the rear axle, elastic potential energy gets built up. Upon letting go, the rubber band unravels, spinning the axle in the process and pushes the car forward at a higher speed. This elastic potential energy from the stretched rubber band converts into kinetic energy which thrusts the object forward.While we delight in an accelerating toy car, the real question is: “How can you release that elastic potential power in your team, fast?”&nbsp;<figure class="image"><img src="https://cms.chanceupon.co/images/editor/images/18/original/growth-vs-scale.jpg?1598793679"><figcaption>3D: Tiffany C</figcaption></figure>&nbsp;<h2>Growth versus Scale.</h2>Before we unleash the power of elastic potential energy, it is imperative to define the difference between ‘growth’ and ‘scale’. The basic fundamental of business growth is when a business expands and invests significantly in additional resources (capital, human capabilities, technology) so as to increase revenue.Scale, by contrast, is when revenue increases without a substantial increase in resources. The processes that help a business to scale effectively can be executed with minimal effort; one of which is capitalizing on the tailwinds of the gig economy.&nbsp;<h2>What does it take to scale up?</h2>For small companies or startups, time and costs are of paramount importance. Take for example a startup embarking on a brilliant product idea. To get the idea into fruition, an internal team of researchers, developers and designers huddle together for an initial prototyping. As the idea progresses into product stages, more thinking heads are needed. Prototypes need to be tested with real users; UXUI designers need to be assembled; tech leads, marketers and salespeople need to be hired. Time investment, hiring and training costs escalate. Efforts to keep going can seem daunting.This reality has made an ecosystem of on-demand talents (or what we know as the gig economy) a key competency for businesses. The gig economy is based on flexible, ad hoc jobs or ongoing projects that can be fulfilled by independent professionals. These talents, often scrupulously vetted by talent companies for their prowess and competence, are then connected to businesses for asset sharing or short-term services. A whitepaper research by Mastercard predicts that the global gig economy will grow to a gross volume of $455 billion by 2023, suggesting a rapid boom of on-demand services in a fast changing employment landscape. This pool of ready talents represents a ‘rubber band powered workforce’ with elastic potential energy that can help companies scale quickly and achieve forward-moving objectives.&nbsp;<figure class="image"><img src="https://cms.chanceupon.co/images/editor/images/19/original/Embracing-Temporary-Talents.jpg?1598793738"><figcaption>Illustration: Eric W</figcaption></figure>&nbsp;<h2>Embracing ‘Temporary’ Talents.</h2>Perhaps the most obvious allure of hiring ‘temporary’ talents is the ability to build a responsive team swiftly. Companies can scale their workforce to augment existing teams, or fill in expertise gaps with the right talents to steer important projects. For instance, a tech lead who has been leading a crucial project suddenly decides to leave for greener pastures. While his role needed to be filled in haste, the process of hiring a right-fit employee is an uphill task, often taking months. The agility offered by temporary talents allows businesses to move faster and achieve targeted outcomes, contributing to higher efficiency and profits.The flexibility of engaging the services of talents on a short-term or ad-hoc basis for the sole purpose of meeting project needs could also translate to significant savings on employee benefits, retraining and other related overheads.Entering new market territories can open a torrent of hurdles commonly attributed to a lack of local market advice. By leveraging the gig economy, businesses have open access to a network of experienced specialists who can offer expert advice in the region; provide consumer insights to gain a better understanding of the market; and comprehend language and cultural differences.Above all, the gig marketplace is a thriving network of specialty workers across various fields. Tapping on this platform is akin to selecting from an extensive ala carte menu, where businesses zoom in on exact skill sets required and hire based on needs. In fact, one can promptly put together a combo team, dictate the contract period for which the talents will be hired and get expert value out of each team member.By harnessing the elastic potential of on-demand talents, these external specialists can quickly provide the required skills and capabilities to drive teams and businesses forward.

<h2>&nbsp;</h2><h2>Scale Sustainably To Go Further.</h2>Winding a rubber band to power up a toy car takes minimal effort, yet the elastic potential energy that is unleashed drives the toy car over a further distance and in double quick time.Gathering the speed and flexibility necessary for a scaling up while keeping costs down may sound like quite the feat. The gig economy offers businesses a quicker way to scale sustainably to remain competitive and relevant. It may take a little engineering effort to assemble a ‘rubber band powered’ team, but talent companies are here to help. The trick to beefing up this human capital competency is to know where to source for and plug into the right mix of complementary capabilities.

&nbsp;There’s a better way to grow. And it’s not the traditional way.It’s about rethinking traditional employment archetypes. Can we progress from an economy built on full time employment habitually enslaved by unemployment fears, to one where individuals have greater autonomy and are self motivated to do work that inspires them? And as a result, benefit the economy as a whole?You can’t own full time employees. But you can build a winning team with talent management companies. As businesses demand more, external talents are emerging as the sure forerunners of an agile workforce. At Chance Upon, we partner businesses to get a head start over competition by creating collaborative work between companies and the right talents.

“By virtue of just being in motion (or business), there is a universal need to scale up, to move faster. The key to speed, lies in unlocking the elastic potential energy of your team.”

“Above all, the gig marketplace is a thriving network of specialty workers across various fields. Tapping on this platform is akin to selecting from an extensive ala carte menu, where businesses zoom in on exact skill sets required and hire based on needs.”

How start ups and SMEs can rapidly scale and impel their teams to go the extra distance. Fast.