5 Ways to Reimagine Your Business in a Gig World

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27/06/2017

According to Oracle, 40% of the employees in your company will be on some form of temporary contract by 2020. Brexit is irrelevant in the context of this worldwide shift to the shared economy and the changing shape of employment thanks to the confluence of the fast pace of technological innovation, increasing customer demands and evolving expectations of the work environment. Here are our top 5 questions to ask yourself.

How attractive are you? Look in the mirror. Employers compete for talent now more than ever. Key word being ‘talent’. Do you understand why skilled individuals want to work for you rather than your competitor and do you study yourself in a 360 degree mirror and spot the flaw in your appearance? Up the stakes on your Employee Value Proposition (EVP) fast as an integral part of your brand positioning, and work on your pulling power. Interviews cut both ways.

20th or 21st Century business model? Sharing economy approaches have famously blown apart traditional markets. Uber for taxis. Airbnb for hotels. LendingClub for investment banks. The list goes on. It’s likely your marketshare will go to a company that does not sit in your current competitor set. Whether you subscribe to blue ocean thinking or something more incremental, keeping close to customers and anticipating needs and wants is key. As is the ability to adapt your business model to go where your customers lead.

Who’s in charge of your data? Technology can be daunting and expensive to deploy, and yesterday’s bright new thing is today’s white elephant. Understanding your customers is the life-blood of any organisation and if the information is in the hands of your IT department, do you know what your marketing, sales and commercial teams see? Martech encapsulates the future need. Get plugged in.

How diverse is your workforce? Tony Steadman, Principal, People Advisory Services, Ernst & Young LLP said: “the [survey] responses suggest that organisations are welcoming gig workers as a part of their growth and change management strategies. This gig economy looks very different than the traditional picture of seasonal workers or workers who provide common services to consumers.” Are you shaping your business with this new type of diversity?

Do you have the gig mindset?  The gig economy speaks to accountability and affordability. It’s a world of purpose, without space for tail spend, but it’s also a place without smoke and mirrors, making the employee minutes and office square footage work for their place in the budget. A more flexible workforce supported by remote access technology helps answer society’s increasing issues of economic and environmental sustainability.

At gigCMO we help you answer the difficult questions facing your business in this new gig world.