HR Analytics and Gig Economy in New Normal

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HR Analytics and Gig Economy in New Normal
40% of employees will not have traditional employee contracts as we know it now. Permanent employees will be replaced with freelance and contract workers in the next two years.

#GIGCODEOFWORK

Giggers already demolished the traditional employment system. As per Mckinsey “46% of existing jobs will either partially change or completely fade away by 2021”

40% of employees will not have traditional employee contracts as we know it now. Permanent employees will be replaced with freelance and contract workers in the next two years.

Millennium workforce prefers to be a Gigger over full-time employment thus businesses need to develop #GigCodeofWork.

Component of Gig Economy

The simple term, which is not covered under traditional permanent employment term as Gigger. Broadly classified component of GIG economy are Independent contractor, Freelancers and shared service provider (i.e. shared private car, Private residence)

HR needs to recruit a lot of new profiles, which are never existed before. Gig code of Work is impacting HR policy and a lot of work is going on to build a code of conducts according to the need of the time.

As we enter a new decade, it is pretty much evident that Giggers are the new talent pool. Fortunately, HR department is allowed to deploy an analytics model to hire Gig talent across the globe. HR Analytics is playing a vital role in the Gig market. Availability of professional and social data across the net thus selection process can be changed, adapted and scalable at lighting pace.

Disruption of GIG Economy

As always believed that Start-ups were early adopters due to their innovation mindsets but now Professional services and large corporates are driving the maximum demand for Gigs. As many as 71% of all gig projects were in large corporates and professional services firms vs compared with 52% four years back. Professional services segments have seen the highest growth for gig contracts.

Key Points

Top Functions in demand

  • Strategy
  • Technology
  • Marketing

Top Projects in demand

  • Short-term and not one-size-fits-all,
  • structured flexibly,
  • based on requirements.

Global demand

  • Over two-thirds of the projects were less than 6 months in duration.
  • Companies were roping in consultants for short bursts.
  • Giggers are playing a key role in corporate planning and strategy.

Hiring Trend

  • Professional Services– Firms are hiring to add deep domain expertise to client-impact teams.
  • Large Corporates– Mostly hiring to drive strategic priorities and transformation initiatives.
  • Startups– Hiring independent talent that they otherwise may not able to afford.
  • About 60% of projects require 20 hours or less a week.

HOT SKILLS IN TOP-TIER GIG ECONOMY

  • Strategy: Growth Strategy; Go-to-market; Program management support
  • Technology /IT: Data Analytics; Product management; Project management
  • Marketing: Brand strategy; External communication; Marketing strategy – digital + offline
  • Finance: Interim CFOs; Valuation and finance modeling; Business case development
  • Human Resource: Talent acquisition; HR policies including compensation strategy; organization development and employee engagement.

PEOPLE ANALYTICS

Companies are applying data to evaluate recruiting channels, identify skills gaps, and assess talent supply and demand. Currently, companies are primarily using analytics to measure employee performance and strategic workforce planning shows the findings.

HR Analytics – Gig Economy Future Jobs

Role of HR Analytics is very critical with the increasing share of Gigger in the organization workforce. Measure your gig workers’ engagement levels and disengagement drivers are more challenging.

  • Where do you find this type of talent?
  • What do you have them do?
  • What’s unique about their needs and work?
  • What makes them work again for the organization after their assignment is done?

Data Science at work

The workplace has more data points than it ever did. Data science at work, be it in the impact of artificial intelligence (AI), Machine Learning (ML), natural language processing (NLP) are the ways in selecting the most suitable talent from the pool.

Data Science has already entered HR selection process, but it will also soon enter other areas of HR from permanent employee to Employee on Demand (EOD). This is what can be expected in the immediate future of the Gig Economy.

GIG Economy Enablers – Predictive Analytics & Digital Platform

Data Analytics & Machine learning seems to be making inroads into every aspect and process at work. According to the PYMNTS.com research, 38.4 percent of US-based non-seasonal gig workers secure their projects through digital marketplaces.

The use of data analytics and machine learning help HR managers in finding the right talent to support organizational demands aim to hire gig workers for and cater to a varied business need. Not only can candidates be hired in accordance with the skills they possess but also be placed in roles where they can bridge the skill gaps the best while adding and gaining the most value.

With the help of Machine Learning and AI, HR associates need to be fine-tuned to understand the nature of work that business aim to hire gig workers for and cater to various business needs.

Analytics can assist with the talent search by calculating the business demands and when paired with Statistics, AI, and ML algorithms. These Recommendation engines will help them with the optimal match for the job opening.

Social digital platform data i.e. information from social media profiles along with professional skill sets i.e. educational credentials, a complete resume of Gig workers need to be analyzed to assist such systems with the recruitment process.

Conclusion

As per estimation, HR needs to evaluate 1000+ Gig profiles to select One Gig among the crowd. They need to evaluate more than 250+ data points of a Gig worker from extracted for social and professional behaviour. It’s can’t be possible to extract and evaluate 2.5+ Lac data points without Analytics. HR Analytics is the need of the hour as Gig Economy is the Future Jobs for the millennium.

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