Global Megatrends Insight Highlights Series | Page 5

2The gig economy
Flexible working is becoming more popular
almost everywhere around the world. In
the UK, 5 million people earn some – or
all – of their income from the gig economy.
Employers are recognising that in a rapidly
changing global economy, agility is key. Rigid
models of workforce organisation are giving
way to more fluid structures that emphasise
having the right skills on demand. Meanwhile,
individuals are seeking greater variety and
autonomy, now often approaching careers
as a portfolio of gigs, rather than a linear
succession of long-term jobs.
Before the end of the first quarter of
2020, flexible working options, such as
compressed work weeks, remote working,
and flexible hours were increasingly expected
by employees. Since then, COVID-19 has
changed the manner in which most gig
economy driven organisations operate, from
no contact deliveries to increased numbers
of employees working from home – with 8
million people currently working from home
during the Coronavirus lockdown. While
many workers around the world are yet
to return to their offices, some of the big
companies are already talking about making
work-from-home permanent such as Google,
Facebook, Microsoft, Mondelez, Nationwide
and Barclays. Reducing their real estate
footprint would not only cut their costs but
also help make flexible work the new norm in
the post-COVID world.
The COVID-19 emergency has exposed
a number of shortcomings of the current
gig economy system. Companies must be
more proactive in promoting flexible work
options so that employees are not afraid
to use them whilst also providing a higher
level of assurance through a more defined
social contract. The result will be improved
employee experience and wellbeing, higher
productivity, and a greater ability to attract
and retain talented people.