The Contingent Economy: More than a "Gig"

The latest overused buzzword may be the "gig economy." I can feel the eyes rolling, but the truth is it's a part of our new reality. And while you might immediately think of the Uber or Lyft driver, or the temp across from you in the office, the definition covers a much broader set of jobs, which has created some misconceptions around what it means for managing your entire workforce.

In research from Princeton and Harvard Universities that examined the growth of "alternative work arrangements" findings show that independent contractors, workers provided by contract firms, on-call workers (your ride-share drivers) and temporary agency workers have climbed to nearly 16 percent of the workforce from 10 percent a decade ago. With 83 percent of executives intending to hire more contingent or consultant employees in the next three years, according to survey data from SAP SuccessFactors and Oxford Economics, this number will certainly grow, and grow significantly.

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