HR in the Gig Economy

1. HR in theGigEconomy WhatistheGig Economy? At the dawn of the 2010’s, the world saw a rapid increase in the development of new technologies that changed the world as we knew it. Organizations across all industries started to leverage upon this technology to drive their business further forward into the 21st century. This has not only brought about opportunities for businesses, but for individuals too.In the US alone, nearly 16.5 million people are working in'contingent'or'alternativework arrangements'. Increments in such sorts of working arrangement have given rise to what we now knowastheGigEconomy.WiththeGigEconomy,HumanResourceprocesses

2. thathave servedcompanies fordecadeshavetobealtered. Increasingly,the worldeconomyishighlysusceptibletoexternalfactors,for instance, COVID-19. Situations like these have forced businesses to reconsider theiroperationsandassuchhas causedmanyorganizations tolook toward newer,mobiletechnologiestosurvive adverseworkingenvironments. Undoubtedly, there is a new need for greater, and more efficient management of resources andwithoutproper preparation,a once successful company may get left behind inthis new digital andon-the-goageofthe GigEconomy. Whatdoesthismeanfor HR Operations? Efficient AttendanceTracking As the world continues to digitalize, gone are the days of manual data collection andstorageasmorecompanieslooktowardsnewerandmoreinnovative measures such as biometrics. This means no more punch-cards, no more sign in- and-outsheetsandareductioninunnecessaryadministrationwork.This additionally helps companies reduce their carbon footprint, as consumers and stakeholders grow moreconcerned about measuresofsustainability. At QuickHR, we use our own state-of-the-artBiometric systemfor attendance tracking, overtime calculation and monitoring store traffic. With the Gig Economy, manyemployeesareworkingfromhomeoroff-site.Manuallydocumentingall

3. theseistough,nottomentionawasteofpaper,timeandotherresources.Bytheseistough,nottomentionawasteofpaper,timeandotherresources.By usinga Biometricfacialrecognition deviceno matterwhereemployeesare working, all data collected will automatically be transferred into the attendance & scheduling function in a HR System, fully integrated with other functions such as leaveand claims. Consequently,this means amore efficientwayofworking, bothfor general employees,managers and HR staff.Sucha method of tracking employee attendanceisundoubtedly thewaytogotokeepup withthe fast-pacedbusiness worldof the GigEconomy. FlexiblePayrollSystems In2020,itwas reported that there were 211,000 Gig workers in Singapore, up from 200,000 in 2016. Additionally, 80% of individuals from this group indicated that freelance work was their primary source of income. This suggests that slowly butsurely, the popularityoftraditionalworkis on the decline.Asa consequence,runningpayrollwill no longer be a straightforward process asaresultof increased arbitraryandcomplexworking arrangements. With moreworkers onthe go,HR mayneedtorunpayrollformany kinds of workers–daily-rated,shift-ratedor ona per-month basis. As aresultof thechanging landscapewithregardstowork scheduling, HR managerswouldhaveatoughertimecalculatingandprocessingthesalariesof workers, whichheightenstheriskofleavingemployees withimproperlyissued salaries.

4. This would leadtounsatisfied employees whilealsocausing additional contributions such as income tax and CPF to be made more complex. This has resultedinmanycompaniesturningtowardsvarious forms of flexiblee-payroll systemslike QuickHR . Suchsystemshavemanymulti-facetedfeatures whichallow formultiplepay-runs tobepunctually andaccurately processedregardless of employmenttype,while also possessing automatic inclusion systems fora smoothCPF and IRAS submission. Possessing suchfeatures,payrollrunswillbe madeallthesmoother toquicken operationsabout the workplace. Inevitably,withthe riseoftheGig Economy,companies areseeking more efficient methodsof managing payrollruns and salary issuances. Thisreduces time spent onlower-leveloperational HR activitiessuch asdata entry, andfrees up timeforthe HRteam tofocus on morestrategicplanning to growthebusiness,especially importantinthis age wherebusinessconditionsare highly volatile. RobustHiringProcesses Inthiseconomicdownturn,many companieshave frozen or reduced hiring greatly. This has resulted in a greater number of applications for each job role. In addition,inrecentyearstherehasbeena reducedemphasisonformal qualifications, and a match of work experience, with a greater focus on soft skills ofcandidates.Howthen,canyoustillefficientlysortthroughcandidatestofind

5. onewhowillbe a great addition toyourteam? Toaidyourrecruitmentefforts, there isaneed toutiliseaquickfire,yetaccurate and consistent methodofhiring the best applicantsviaApplicantTracking Systems,(ATS). ATSarenowmoreimportantthanever,withrobustfeaturesthat can helpfilterfor the best hires possessing the most relevant skillsets and qualifications. Once these applicants are selected and hired, ATS make the onboarding process easy, automatically transferring all necessary data to an organisations’ employee database. Efficientandquick, these systems are equipped withthe necessary facetstosimplifytheonboardingprocess. In the Gig Economy where everyone is on the go, organizations are always on the lookout tosnatch upthe best talent toempowerthemselves via amore skilled andeffectiveworkforce. Thus,itis necessary totakeaction now andutilizeanATS,likeQuickHR’s,to maintain a strong market position amidst uncertain nature of business environments. GoingwiththeGig Thechangesbrought aboutbytheGigEconomyhave unquestionably revolutionized the way the business world operates. As the world continues to move away from traditional operations, Human Resources also has to move with the times and adopt the newest trends and technologies to drive their business furtherforward.

6. Itisonlybyembracingchange can theytruly maintain a competitive edge. In preparing for the Gig Economy, do consider QuickHR, an award-winning HRMS. With a biometric systemfor attendance tracking,flexible payrolland a robust applicant tracking system, you'llbe able toautomate yourHR processes and the let the software do the heavy lifting thus allowing you to focus on the things that trulymatter. Once again, we hope that you've enjoyed a good read. And remember, Think Now, ThinkFar,Think QuickHR. * Get in touch with us at https://quickhr.co/ to find out more about our state-of- the-artHRMS solution!