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Why Companies Should Embrace the Gig Economy

8 months ago by Luigi Muscat Filletti
Person using an Apple laptop

As the growth of the gig economy continues to increase, one is not really left with many reasons to wonder why - flexible working hours, customisable schedules and the greater possibility of remote working are just the first impressions which gig workers benefit from.

This can be particularly noted in the Millennial workforce, one which is exceedingly displaying an interest in gig working. The evolving attitudes of Millennials towards work and the workplace mean that this segment of the economy is setting the tone for the adoption of gig working contracts across companies in all industries. This is especially so for professionals in Tech, a sector which is continuously merging with a multitude of industries.

‘The evolving attitudes of Millennials towards work and the workplace mean that this segment of the economy is setting the tone for the adoption of gig working’

Even more so now, as Blockchain and Crypto set up their move to Malta, companies will find themselves with decisions to make regarding the investment of such technologies throughout their operations, internally and externally. Expertise in these areas of Tech however, are scarce and costly to maintain. Professionals specialising in these fields are increasingly in demand and are highly valued not only in their work, but also in their salary expectations, thus making it more challenging for SMEs to acquire such talent. The good news, however, is that this range of professionals are also accessible through short term, contract-based acquisitions, or simply put, gigs.

‘The good news, however, is that this range of professionals are also accessible through short term, contract-based acquisitions, or simply put, gigs.’

Therefore, companies should grasp the chance to lure the expertise required by reaching out to such professionals through gig working opportunities. Many individuals following careers in Tech in Malta already choose to practice freelance work. This is indeed becoming more popular amongst Millennial workers. A reason being is that this segment of workers is able to select their most favoured offers from approaching clients whilst also undertaking their own side projects in the meantime. This extended sense of liberty is one which is craved by Millennials, who seemingly do not strive particularly for a work-life balance which separates their professional and personal lives, but rather one which seamlessly blends them together.

‘This would be the ideal indication for a company to invest in the gig workforce, which would allow the company to bring in talent for short-term projects which do not demand full time commitments.’

Maltese companies can certainly benefit from this segment of the working population, offering them the working flexibility and task ownership which they request. Consequently, the digital age is bringing along with it opportunities for companies to up their digital presence and effectiveness. This might result in companies wishing to pursue a handful of side projects over a period of time, some of which might not have urgent deadlines, or are just conceptual. This would be the ideal indication for a company to invest in the gig workforce, which would allow the company to bring in talent for short-term projects which do not demand full time commitments.

‘In its simplicity, the working mentality here is to focus on one’s strengths, and where assistance is needed, call in fellow professionals.’

Besides providing both the company and gig worker valuable industry connections, the company will also experience greater cost efficiency, by setting up a contract between them and the gig worker based on pre-determined criteria such as consistent updating of project suggestions, progress and completion - this would imply that good communication between parties throughout the duration of the term should be maintained to ensure understanding and vision alignment.

Moreover, by outsourcing talent in this way companies will also be able to excel their productivity rates too, freeing up extra concerns of employers as well as current employees who do not possess the skills in place to tackle certain tech-based tasks, instead handing them over to gig workers who specialise in those areas. In its simplicity, the working mentality here is to focus on one’s strengths, and where assistance is needed, call in fellow professionals.

‘Maintaining exceptional employer branding practices …

… to uphold a great brand image in the eyes of employees, whether full time or freelance.’

This would in turn generate more freelance career opportunities amidst the widening of the skills gap, making it even more practical for companies to approach the gig workforce to satisfy project needs. By establishing a close working relationship with their gig worker, greater opportunity may rise down the line, which could potentially see the company offering full time employment options should the need arise. This once more points fingers towards maintaining exceptional employer branding practices to uphold a great brand image in the eyes of employees, whether full time or freelance.

‘The gig workforce remains a feasible option for Maltese companies to expand their talent network and engage with professionals from diverse backgrounds and work experiences’

What is certain however is that the gig workforce remains a feasible option for Maltese companies to expand their talent network and engage with professionals from diverse backgrounds and work experiences, providing them with Tech job opportunities and lasting connections to enrich skills, encourage growth and by so doing, develop talent which directly contributes towards company success.