The hidden benefits of the gig economy

an estimated 7.6 million Americans to be regularly working as providers in this segment by 2020. Often, this segment receives negative connotations, focused on low wages, minimal worker rights,  and at-will employment. However, there’s another side to the story. employee productivityFigures from the Labour Force Survey (LFS) and the ONS suggest that easier routes into self-employment have led to rising participation in the labor force, especially for those who have historically struggled to get into work. According to LSE, the gig economy has made it easy for workers to control when, where and how much they choose to work. In addition, the flexible nature of gig work offers benefits to employers, as they only pay when work is done, and don’t incur staff costs when customer demand is not there. In addition, the Resolution Foundation suggests that the gig jobs that have seen the highest rate of growth over the last decade are in typically high wage sectors. There are many benefits to this expanding industry that conversations in the media often miss. The disruptive changes offer the potential to boost growth and deliver more opportunities for both workers and consumers. The rise of self-employment has focused debate about whether employment regulations and practices are keeping pace with the changing world of work. While many of these challenges are not new, the fact that this economy lives and thrives, for the most part, in a digital word is. Many companies and governments are still navigating this minefield. With more and more of the workforce working with/for multiple companies but maintaining independence, we’re often asked what this means for the safety and protection of companies – what role will employment screening play? No doubt, it will be more important than ever. Here are a few areas to consider:

Regulations

This is a brand new landscape and regulations are struggling to keep up. Companies such as Uber and Lyft have faced a multitude of lawsuits over the last few years as local governments try to understand who plays what role in ensuring the safety of the consumer using these products, as well as precisely what that responsibility looks like.

Resources

More fluctuation in staff will also mean that companies need to commit more resources to onboarding, turnover processes, and training.

Reliability

Despite popular belief, there is no federal database that background screeners can use to run a holistic pre-employment background check. Screening companies need to look to various local, state, and federal databases and points of contact to verify different areas of someone’s background. More than ever, companies must be able to trust their screening partner to deliver rapid turnaround times, accurate information, and committed customer service support in order to leverage their independent workforce. Get in touch today to learn more about how MYB can help your business in the gig economy.]]>

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