How to Avoid Losing Talent to the Gig Economy

November 7, 2018 | 351 views

How to Avoid Losing Talent to the Gig Economy

How to Avoid Losing Talent to the Gig Economy

Over half of women with children prefer to leave their traditional jobs after having children, according to a commissioned survey by Urban Sitter, Baby Quip, and Ruby Ribbon. The reason why might not be all that surprising. These women want to spend more time with their children.

 

What is different than in past generations is that these women aren’t leaving the workforce. They’re simply leaving the demands of a traditional job. Technology has opened up new doors for women to dive head first into the gig economy and earn a living doing a side gig. Side jobs allow women the flexibility they need to achieve the illusive work/life balance so many people strive after.

 

What does this mean for you as an employer? You’re at risk of bleeding talent to the gig economy, which, according to Forbes, will only continue to grow. By 2020, it’s expected that half of Americans will be freelancers. If you’re concerned about your talent pool leaving, here are a few things you can do to hang on tight to your best people.

Give Them a Reason to Stay

Contrary to popular belief, people don’t switch jobs because they get bored or want to scratch a new itch. They do so because the benefits aren’t aligned with their needs and expectations.

 

Side gigs are different. In the Urban Sitter, Baby Quip, and Ruby Ribbon survey, 25% of respondents noted having had a side hustle for over 10 years. 60% of the women surveyed also said they planned to continue their side hustle for at least five more years. Clearly boredom isn’t a factor. It’s lack of benefits that are keeping talented workers in traditional job settings.

Give People More Control Over Their Schedule

Women aren’t the only ones who appreciate flexibility in the workplace. Gig workers are 8% more satisfied than their peers that work in traditional jobs when they have more control over their schedules, according to a study by Villanova University. As an employer, you can replicate this happiness by giving your team more control over their schedule. Although you might offer the comforts of a traditional job, you can simultaneously offer the benefits of freelancing too.

Pay a Fair Wage

Freelancers have long been thought of to be inexpensive laborers. That’s no longer the case. As the gig economy grows so does the amount freelancers charge. These people are making more money and don’t have the restraints that go along with a traditional job. If your business wants to keep people on board, you’ll have to pay a competitive wage similar to what they could earn by stepping out on their own.

Offer Flexible Work Conditions

Flexible work conditions don’t just come in the form of time. It comes in the form of location. Where people work best varies from person to person. Some people thrive in an office setting. Others thrive at home. By offering flexibility to let people work where they feel happiest, at least most of the time, will help keep your talent engaged with their work. In turn, they’ll be more productive and happier on the job giving you better results and better retention rates.

Adapting to the Modern Workforce

Adapting to the demands of the modern workforce isn’t always easy. Still, if you’re able to make some adjustments to how you operate your business, you will have a stronger chance of retaining the people who make your company tick.

 

 

Author Profile Jon Forknell is the Vice President and General Manager of Atlas Business Solutions, Inc., a software marketing company specializing in employee scheduling software, including ScheduleBase employee scheduling software, and other business software solutions. In the past, Jon has been recognized by the U.S. Small Business Administration as a SBA Young Entrepreneur of the Year. Atlas Business Solutions was named as one of Software Magazine’s Top 500 Software Companies in 2004 through 2007, and 2010, 2013, 2014, 2016 and 2017.

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