&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>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?

Hire anytime, hire anywhere. Hire exceptional.

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.