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n HR Future - Remuneration for the global GIG economy - gig economy

Volume 2019 Number 8
  • ISSN : 1608-8506

Abstract

Lately, coffee shops are packed during work hours, malls seem to be filled with people shopping at 11 am on weekdays when they are assumedly meant to be at work, people are taking several vacations a year - but how do they get the leave? This refers to the GIG economy – a market system characterised by freedom, where temporary jobs are more frequent than full-time jobs and where contracting is the new way of work. Employees’ terms are “short-term”. The reality is that companies need to rely on the happiness of their employees to retain them and so that they will perform. Employees are therefore reshaping their reward which means companies should hop on board if they want to remain in the market. With technology permitting employees to work on a project-based or flexitime basis, this is becoming all the easier. Other than the freedom to work when they like and from where they like, employees will only stay at a company that offers them the rewards that suit them, which is important for companies to address seeing that the fight for the right kind of talent is waxing. Companies even seem to be adjusting their job requirements to grab the best talent. The Internet and social media have given the employee a step up by providing them with a benchmark from which to decide if a company is treating them well and where they could find better opportunities. That means if you want to attract and retain these individuals, you have to step up your game. It’s also important to note that there isn’t a set step-by-step guide on how to reward these individuals to best achieve these goals. With a culturally diverse workforce, employees have diverse reward preferences as well. Your best bet is to personalise reward for each employee and to have reward management strategies and systems that will be agile and have the ability to change as the workforce constantly changes.

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/content/journal/10520/EJC-17812166ed
2019-08-01
2019-10-21

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