The Developing Flex/Gig Economy

It is more than a trending buzz-word.

The flex/gig economy continues to take shape as more workers are open to contract work. For previous generations, multiple job changes were often frowned upon, but today many companies see a diverse professional background as a benefit.

In 2016 contingent workers made up 38% of workers globally. A recent study by the State of Contingent Workforce Management found that about two/thirds of all businesses blend full-time employees with external workers “to better leverage talent as a business differentiator.”

Multiple workforce trends are presenting changes and challenges for procurement organizations. For example:

  • Generational Changes
  • Globalized, Remote Workforce
  • Targeted Job Searching
  • Higher Expectations
  • Advanced Technologies

Fortunately, opportunities to adapt and be proactive are on the short horizon. Because more people are now open to working as contractors and consultants in the growing “flex/gig” economy, today’s procurement organizations have more talent options to deliver value and meet stakeholder demands.

Procurement leaders are seeing the possibilities of leveraging a blended workforce to meet fluctuating project needs per stakeholder demands, as well as to optimize strategic and tactical functions. When procurement executives need to quickly add talent to meet peak demand in a certain category, hiring contingent talent to fill the gap is an attractive option. This can be done in a matter of weeks, versus perhaps months with a full-time role. If the role becomes a consistent and long-term need, the hiring manager has a chance to evaluate the person as a long-term fit.

For more on building a flexible, world-class procurement team in today’s fluctuating talent marketplace, check out our latest whitepaper, Proactive Talent & Management.

Interested in learning more from ProcureAbility experts? Click here to visit our whitepaper library.

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