How Does The “Gig Economy” Improve Business Profitability?

So what is the “Gig Economy”? Well simplistically it is people doing more than one job at a time – also sometimes referred to as “side-hustles”. Some businesses have times of the month where they are very busy and other times where they are very quiet. If you employee full-time staff they probably end up working overtime during the busy period and playing solitaire during the quieter times.

More and more people are happy to have more than one “part-time”/contractor job to maximise their earnings. In part this was further driven by the high unemployment numbers in our country and by the Covid pandemic which made people “rethink” the way they work.

Due to various circumstances some people might prefer to only work for a couple of weeks per month e.g. a semi-retired person who still wants to keep herself busy now and then, a student whose studies only take up half of his time or an entrepreneur whose business keeps her busy for only a certain time of the month.

These are three real-life examples of people we recently appointed, happy to pay a premium for their time, meaning that their hourly rate is significantly higher than the normal hourly rate of a full-time employee. However, the efficiency benefits are massive!! We only pay people for when we need them and they are happy to oblige. Our salary bill is 50% less than what it would have been had we employed full-time staff.

For this reason part-time workers will become more and more popular and will be able to charge a premium for their time. They also get better experience by dealing with a wider variety of businesses which in turn improves their skill and marketability.

The Gig Economy is growing , is here to stay, and as a business that prides itself in the level of service offered, quality of work delivered, and culture we’re delighted to participate!

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