---
title: what does the gig economy mean for your organization?
description: The gig economy has made it so that there’s never been a better time to outsource. But before bringing in the freelancers, you need to know what’s at stake.
image: http://workforceinsights.randstad.com/hubfs/GCS/Blog/The-Gig-Economy.jpg
---

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## [what does the gig economy mean for your organization?](https://workforceinsights.randstad.com/hr-insights/what-does-the-gig-economy-mean-for-your-organization)

Posted by [Yvette Rogier](https://workforceinsights.randstad.com/hr-insights/author/yvette-rogier) on Jul 11, 2017, 7:42:48 AM

Find me on:

[LinkedIn](https://www.linkedin.com/in/yvetterogier) [Twitter](https://twitter.com/YFR_)

You may be reading this on a laptop right now. Or like me, maybe on an iPad, or your cell phone. 

And while the act might seem so normal to you now, if you turned back time a few decades, I’m sure people would be amazed at the technology we wield so indifferently today. 

Just think of the capabilities of these amazing machines: they allow you to research an infinite number of topics on a whim, order a handmade product that would have normally been completely out of reach, and even talk to an entirely random person on the other side of the world. 

Though the internet and our smart devices have revolutionized how we spend our free time, who we maintain relationships with, and what we buy, it’s also changing the way we work. 

Thanks to the internet and increasingly powerful mobile devices, the prevalence of self-employed workers is on the rise. And if you are running a business, the shift towards a gig economy can create both opportunities - but also challenges for your organization.  

### **What is the Gig Economy?**

You’ve probably heard the terms “freelancers,” “self-employed,” and “outside talent.” 

In essence,[the gig economy](http://insights.randstadsourceright.com/h/i/296156304-the-gig-economy-is-bigger-than-you-thought-so-what-can-you-do-about-it) is a way to describe the ever-growing shift towards workers choosing self-employment over the traditional 9 to 5 at a single company. 

This laissez-faire market is usually dominated by short-term contracts wherein the workers complete a specific project (or gig) and the employer pays the freelancer for the job. There is (usually) no promise for more work after the project is finished and both parties are free to go their own way upon completion. 

As mentioned earlier, the growing gig economy is due in part to improved technology. Depending on the type of work involved, many freelancers today are able to work entirely over the internet. Communication with clients, completing the work, and delivering the product can typically all be handled simply through a laptop or connected device. 

What’s more, the benefits of a gig economy lifestyle is increasingly more attractive - particularly for younger generations. Freedom to make your own business decisions, flexible hours, unlimited growth potential, and an unusually high rate of job satisfaction ([84%!](https://www.ipse.co.uk/news/national-survey-finds-job-satisfaction-soaring-amongst-uk-freelancers)) are all widely agreed upon perks of being a freelancer. 

It’s no surprise, then, that there are somewhere between 20 - 30% of Americans are working as freelancers, while in Europe 15% of workers identify as independent  according to a [McKinsey study](http://www.mckinsey.com/global-themes/employment-and-growth/independent-work-choice-necessity-and-the-gig-economy). Beyond that, freelancers are also adding an impressive $715 billion annually to the economy with their work.

And while being a freelancer is one thing, employing one is entirely another. 

![The-Gig-Economy.jpg](http://workforceinsights.randstad.com/hs-fs/hubfs/GCS/Blog/The-Gig-Economy.jpg?width=773&height=452&name=The-Gig-Economy.jpg)

### **What a Gig Economy Means for Businesses**

Businesses today are faced with a choice: either take advantage of the growing gig economy or find a way to stay competitive without it. This is a topic that comes up frequently with my customers, so I decided to take a look at some of the pros and cons of using freelancers at your company. Keep in mind that the magnitude of each changes dependent on your business. 

- **Pros**

- **Cons**

With the rise of the on-demand gig economy, there will be a significant impact on talent markets everywhere, and will impact your business whether you are in Mumbai or Berlin. Your talent strategies should fully embrace this change, as long term, it will help your organization become even more agile. As long as you develop a sound plan, and understand all risks, you will be able to leverage this talent pool to add value to your workforce.

 Topics: [workforce planning](https://workforceinsights.randstad.com/hr-insights/topic/workforce-planning), [flexible workforce](https://workforceinsights.randstad.com/hr-insights/topic/flexible-workforce), [gig economy](https://workforceinsights.randstad.com/hr-insights/topic/gig-economy)

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