The increased number of layoffs, furloughs, and business closures resulting from the economic aftermath of the COVID-19 pandemic has left many people without a steady income source.
The gig economy was already getting crowded with freelancers, but now the high unemployment rate has established freelancing as the new norm. On the other hand, employers are also more interested in hiring independent contractors instead of full-time staff.
It has been predicted that by 2021, the world will see more gig workers than traditional employees.
Now, as the gig economy continues to grow, new tools and technologies are being released to accommodate the gig workforce. Read on to learn how the gig economy is revolutionizing the tech industry.
What Is the Gig Economy?
The gig economy refers to temporary and flexible jobs that hire freelancers instead of traditional employees. Now, the gig economy includes independent workers, companies that work as intermediaries between the consumers and gig workers, and the consumer looking for a specific service.
The Rise of Gig Economy in the Tech Industry
The new gig economy is majorly driven by technology, allowing people to work on several different projects at once. The following are some ways the rise in the gig economy is changing the tech industry.
Emergence of Blockchain Transparency
Many enterprises now rely on blockchain technology, where they hire an independent workforce to maintain efficiency. Although the term ‘blockchain’ is usually linked with cryptocurrencies, it also offers the workers and clients complete transparency into the work process.
Blockchain transparency ensures that the freelancers get credited for their skills and talents to build their credentials and get hired. It also paves the way for a faster payment mode, making it more valuable for the freelancers.
Cloud-Based Solutions
Cloud-based software and applications have supplemented the supply-demand feature of the gig economy. With these solutions, the gig workers can access their work from anywhere, anytime.
Not only this, it allows enterprises and businesses to match with the right freelancers for their projects. Cloud-based solutions even offer the gig workers to choose the clients they want to work with.
B2B Transactions Held Through E-Commerce
In this gig economy era, business buyers are more likely to buy tech products through e-Commerce than a trusted partner. This is because the workforce has become multi-dimensional – the gig worker cannot go back to one job.
Development of Bespoke Apps
Most businesses backed by the gig economy rely on their specially crafted apps to serve their needs. These apps require talented app developers to analyze the unique workplace management needs of the employers and employers alike and build relevant apps that deliver on all counts.
This paves the way for more innovations that, in turn, gives birth to more opportunities for all the gig workers.
A Change in Channel Partner Ecosystems
Previously, the vendors built their partner networks through multi-level partner programs that incorporate marketing tools and servers to drive qualified partners.
But with the rise of the new gig economy, the vendors will assess the partners based on their skills in sub-industries, sectors, segments, customer size, etc.
The partners will also have to take care of their on-boarding, certifications, incentives, and co-selling opportunities.
In Conclusion
Although the workplace has been undergoing digitization for quite some time, the recent economic downturn due to COVID-19 has necessitated the use of digital platforms to ensure that business goes on as usual.
The workplace of tomorrow requires better-than-ever communication and coordination – the most critical elements that shape a company's success.
Definity First can help you build this modern platform. Call us today to learn more about our Sharepoint Intranet services, and how we can create an integrated digital workplace for your freelance-powered business.
